Judaism And Early Christianity Essay

Judaism and Christianity forms part of the Abrahamic religions where Islam is the third. They both believe in ancestral background of Abraham where they believe in the great covenant between God and Abraham. However, Judaism and Christianity posses both similarity and differences. They both follow suit the bible as the holy book. However Christianity has Sunday as their worship day while Saturday is for the Judaism. They both depict a close relationship in theological and historical backgrounds. However they posses substantial distinctions which emanate from the nature of their religious response. The basic similarities born to the Christians is because it came from Judaism. Its breakdown from Judaism however led to a totally different religion though sharing some specific characteristics. As much difference as occurring between the two, they are almost the same believing in the biblical teachings and a divine supernatural being. An important opening comparison between the two is that they belief in Abraham as their founding ancestor. To the Judaism however, they have a basic belief of all the religions as being God’s children whom therefore brings a sense of equality to them all. They have the believe of God’s love for his people but does not campaign on sole conversion towards Judaism for them to have salvation. In the same however, it welcomes those who wish to join this religion without hesitation of what would be their current religions background. (http://www. catholiceducation. org/articles/apologetics/ap0007. html) Generally, both can be argued as monotheistic which means the believe in one powerful God. However, as much as monotheism is a similarity of God, a difference exists between the two on the nature of this God. To the Judaism, God cannot be broken down into other parts. They thus believe in a sole and a full God. However, Christians have the sense of Trinitarian where God exists in God the father, God the son and God the Holy Spirit. Therefore, though sharing the perception of one God, a sense of incompatibility arises when the existence of God as a whole according to Judaism has a subdivided personality according to Christians. To Judaism, idea of one God brings the essence of unity and the unique nature of his force towards the cosmos. To them (Judaism) God is the sole creator of everything. They refer Trinitarianism as weakening the essence of God’s unity /oneness. (Diane, 1992) However, a contrast of view exists between the two in their view about Jesus. To the Christians, they have Jesus has a Central pillar in their religion. He is part of the God’s trinity. He is the Son of God and gives the revelation of God through the flesh. To then, the belief that Jesus is the incarnate God who existed in flesh and came to save the sins of man through his death. However, a different point of view exists in Judaism about Jesus. To them, Jesus was just a mere Son of God but existed like a general human being to them. He has no power of saving human souls and therefore did not rise from his death. He had no power of absorbing man’s sins. Forgiveness is what removes man’s sins but not atonement of Jesus. To the Christians however, he came to replace the dominant Jewish law which however is contrasted by the Jewish. A contrast also sexists in their view of Jesus as the Messiah. This is true to the Chriatianity. However, the Judaism has the view that Messiah will be unique human being who will bring liberation towards human piece. To them, Messiah exists only when the whole worlds gets into peace. However, Jesus’ era on earth could not provide this. To the Jews however, a different pedigree of understanding about Jesus as man exists. (http://www. catholiceducation. org/articles/apologetics/ap0007. html) A conception into the traditions of the original sin and the doctrine of a free will elsewhere exists between the two. To the Judaism, original sin is a mere mythology. They reject the aspect that people are born with sins, which can only be removed whenever they believe in Jesus in his sacrificial death. To the Christians, salvation is the only way in which human sins can be washed away. However, the Jewish has the view that man is never good nor bad at birth. Consequently, they possess both good and bad inclinations at their birth. However, to them is the aspect of free will from which they choose how to model their conceptions. Their morality is built on ethics, which grants them the opportunity for choosing what best to do at specific times in time. (Diane, 1992) A similarity and difference in life on earth and after death also exist. To both, lives after death is a consequent reality. To the Jews however, an importance should be attached to improving life on the earth, which is important in improving the status of the world. However, they never count on the importance of life after death. They argue on death as a component towards giving life its overall meaning. They belief that whatever life is taken after death is to the best interest of God. They however lack of a clear sense of hell and heaven. To the Christians however, life is death is real and is modeled in response to what extent a person had when a life. They belief on life after death for those who went after God’s teachings while a life. (Richard, 1983) It clear that monotheism, Abrahamism and biblical understanding are the basic ideologies that the two share in common. However, they a plugged into different understanding of how their sacred lives are undertaken. Reference Comparing Christianity & Judaism. Retrieved on 10th May 2008 from http://www. catholiceducation. org/articles/apologetics/ap0007. html Diane, W (1992) Christianity & Judaism. Blackwell Publishers Richard, W (1983) Christianity and Judaism. The Deepening Dialogue. Ridge Row Press

Henry Viii, the Tyrant of England Essay

All throughout history, many important figures have contributed to the growth and development of the world in several aspects including the economic and political advancement of their corresponding regions. However, many of these great leaders have achieved this goal through various contrasting ideologies, as seen with the rule of Henry VIII in England during the 16th century. Henry VIII, also known as Henry Tudor, ruled between 1509 and 1547 during which he was â€Å"regarded as England’s most important monarch† (Mcenegart). While King Henry is credited to playing a vital role in the development of England, the methods by which he achieved this title can be considered questionable due to controversial actions he had taken during his rule; Henry is still criticized to this day for his dramatic reduction of the nation’s economy due to expensive warfare and expansion, and his extensive spending to ensure his place as the king (Mcenegart). I believe that King Henry is an extremely tyrannical yet effective leader in history because of his active role in the development of England and the social strife and economic conflicts he brought to the complex civilization. Biographical Information Henry Tudor existed during a crucial event in history with the secession from the Roman church, and was born in Greenwich England on June 28, 1491. As a child, Henry Tudor was a very enthusiastic student and enjoyed learning. His father, Henry VII, enrolled him to learn various languages including Latin, Spanish, French, and Italian while at the same time required him to study mathematics and music. In his leisure time, Henry Tudor enjoyed hunting numerous animals, and took part in physical competitions including wrestling and jousting in which he was regarded as being able to draw â€Å"the bow with greater strength than any man in England† (â€Å"Henry, VIII†). However, in 1502 Henry’s eldest brother died due to tuberculosis. Arthur Tudor was the rightful heir to receive the throne after his father; however Henry then became the eldest son to Henry VII and was next in succession to inheriting the throne (Mcenegart). As a result, Henry Tudor was forced by his father to marry his brother’s wife, now a widow, named Catherine of Aragon, the first of many Catherine’s he would soon marry (â€Å"Henry VIII.† Great 105). Shortly after on April 22, 1509 the ruthless yet notorious father of Henry Tudor passed away, allowing Henry Tudor, now more popularly known as Henry VIII, to receive the throne as the youngest and first uncontested Prince to ascend as the King of England (Mcenegart). Leadership Qualities Throughout the rule of the new King of England, many leadership qualities Henry possessed soon became apparent and served as a crucial example of how he was to lead the citizens of England. After the death of Henry VII, Henry Tudor claimed the throne and immediately became the next ruler, Henry VIII of England. In the early years of his rule, Henry quickly discarded his father’s trusted chief ministers, Edmond Dudley, and Richard Empson who he had executed for treason in 1510. Henry then primarily focused on foreign affairs in which he supported Spain but acquired a detested view of the French, and soon conjugated with Spain in their efforts to invade France in 1512 by distributing troops to help support the war effort; this in return lead to the victory of the Battle of the Spurs in 1513 and the acquirement of the cities Tournai and Thà ©orouanne. The War of the Holy League then concluded with the marriage between Henry’s sister Mary Tudor to Louis XII of France, comp leting the treaty between the two regions. Following this marriage, â€Å"Henry received the papally bestowed title, ‘Defender of the Faith’ as a reward for writing the Assertion of the Seven Sacraments, a criticism of Lutheran doctrine† (â€Å"Henry, VIII†). In the later years of King Henry VIII’s rule, he began to focus less on foreign affairs and gradually increased his interest in the English Reformation. In 1530 after several negotiations, Henry realized that the secession from the Roman Catholic Church would be the only way to achieve what he desired politically and socially. As a result, he created an independent church that would â€Å"declare his marriage to the guiltless Catherine null and void†, seeing that she could not produce the desired male heir that king Henry so desperately required, and one that would end his marriage without question to his authority (â€Å"Henry VIII† Great 106). Throughout his rule, King Henry found himself married to several wives including one marriage to Anne Boleyn who gave birth to Princess Elizabeth, the future Queen of England, but was still unable to give birth to the desired male heir that would take the throne following King Henry VIII’s rule. After the birth of Elizabeth, Anne Boleyn became â€Å"a shrew of a wife† and was accused of adultery and witchcraft, by Henry himself, and was executed later that year (â€Å"Henry VIII† Great 106). Following the death of Anne, Henry was soon married to Jane Seymour, who for the very first time was able to create a son that would serve as the male heir for the throne; however, Henry’s wife quickly passed away due to natural causes during childbirth. As was expected of the King, Henry accused his following three wives, Anne of Cleves, Catherine Howard, and Catherine Parr, of adultery in which only Catherine Parr was spared (â€Å"Henry VIII, King† 442). During the complicated marriages of Henry VIII, he was also very focused on the English Reformation in which he decided to educate his son in Protestant beliefs so the future King of England would carry on his legacy. During the 1540’s however, Henry became very weak and unhealthy; as a result he wrote a will that stated if Edward was to die without any male heirs, the crown would descend to Mary and then onto Elizabeth (â€Å"Henry VIII† The Renaissance 350). Soon after the will was written, the honored yet feared King Henry passed away on January 28, 1547 (â€Å"Henry VIII, King† 443). Connection to Literature The tyrant Henry VIII is characterized as an incredibly smart individual who is manipulative in his efforts to achieve his desired goals and often caused chaos and complications where conflict may have been easily avoided. The King of England is easily comparable to Curley’s wife from the book Of Mice and Men, in the aspect that both shared very similar personalities. In this book, Curley’s wife often desired to be around other men that appreciated her and would unintentionally cause conflicts between the numerous farmhands. Early on in the book, Lennie begins to develop an interest in Curley’s wife noticing how pretty she was when they first met. Near the end of the book, Lennie and Curley’s wife are alone talking to each other while all the other men are gambling on a game of horseshoes; during this discussion, Curley’s wife mentions how soft her hair is, and as Lennie starts to feel it, she begins to become nervous and pull away. Lennie however does not let go of her hair and accidentally snaps the fragile neck of Curley’s wife. Henry VIII of England and Curley’s wife are similar in numerous ways. Both had created pandemonium among the civilians around them through poor decision making and conflicts they had created. While Curley’s wife associated herself with other farmhands causing tension between the workers; King Henry VIII had also associated himself with the wrong women in whom he decided to have killed through accusation of adultery or witchcraft. The several wives of the king were unable to produce a male heir he so desperately desired so as a result, he caused unnecessary tension by killing them in a similar way Curley’s wife was killed, through decapitation. Both Curley’s wife and Henry VIII played a vital role in the lives of others and without them, the events succeeding them would be drastically changed. Conclusion Without the existence of Henry VIII of England, the outcome of the War of the Holy League and the connection between church and state in England would still be very contrasting to this day; on the other hand, Henry’s rule was very costly towards the nation’s finances and several critical horrifying decisions he had taken while King confirmed his existence as a more tyrannical leader in history. While he did create a separate Protestant church in England and helped form valuable connections between France and Spain, several hundred men and women were accused of treason and put to death at the mercy of his word. Alongside these men and women, several of Henry’s personal friends and family members were also put to death including his father’s trusted advisors and many wives just because they were unable to give him what he wanted. Henry’s life had an astronomical impact on a very complex civilization during his time period; however many of the actions he had taken were to nourish his extensive and controlling lifestyle in which he was willing to do anything to achieve his goals (â€Å"Henry VIII† Renaissance 351).

HRM Essay Example | Topics and Well Written Essays - 3500 words

HRM - Essay Example be followed by giving a brief outline of downsizing and reward management, rationale and outcomes of implementing the two concepts in the automobile industry today. A detailed explanation of these basic concepts will also be outlined in an attempt to give a definition for easier understanding of these two concepts. This section attempts to outline the rationale of implementing such strategies supported by empirical evidence from the automobile sector based on researches conducted before on the sector. Different researches will be analysed in order to ascertain the rationale of embarking on such practices. This section will then be followed by comments on the relation between HRM and performance, productivity as well as the importance of combining such practices to achieve greater outcomes in the operations of human resources management in the automobile industry. A critical analysis of the application of both concepts to the automobile industry will be drawn in conclusion to sum up t he effectiveness of implementing such kind of strategies in the automobile industry during the contemporary period. From the beginning of the year 2008, the automotive industry witnessed some major changes that affected the whole sector. Whilst South American as well as Asian countries witnessed a major increase in the sales of automotives, the markets in Japan and North America were stagnant (simplyglobal n.d). Research has also shown that the transport system based on the use of cars is highly unsustainable in the face of government bodies advocating the minimisation of the harmful effects of the increasing automobiles which emit dangerous greenhouse gasses that are detrimental to the environment. The year 2008 also witnessed a global downturn of the economy which saw a rapid increase in the prices of oil. This saw a shift in consumer buying behaviour where they in fact preferred to use public transport (Simplyglobal n.d). America was hard hit as the large trucks such as SUV

In the Lake of the Woods, by Tim O'brien Essay Example | Topics and Well Written Essays - 250 words

In the Lake of the Woods, by Tim O'brien - Essay Example He pictured the lake itself as â€Å"vast and cold†¦infinitely blue and beautiful and always the same† (O’Brien, p.1). This allowed the reader to feel that the lake by itself is peaceful yet elicits feelings of isolation. With this O’Brien builds mystery and fear, the lake brings a warning to the reader that something is going wrong or might go wrong while the couple settles in the cottage by the lake. Vietnam, on the other hand, is described as full of mud, mines and maze. This depicts clearly a view that this is a place of danger. John’s traumatic experiences in the Vietnam War, particularly the My Lai massacre, is a proof that he has deep inner conflicts and guilt that plagues his mind resulting not only to a crack in his psychological fitness but also deepens the gap between him and his wife. Situating the story back and forth the primary settings while inserting settings of the civilized and modern world in the form of the university campus in Minnesota, Minneapolis-St Paul and Las Vegas symbolizes the contrast between reality and delusions. This created an impact on the reader that both Vietnam and the lake symbolizes horror and secrets, both of which can destroy a person and his relationship with other people. This in fact is what happened with John and Kathy’s marriage. It has been destroyed by the secrets of both. It may seem that the settings symbolized the main characters, Vietnam for John and the lake for Kathy. The mystery and secrets behind Vietnam and the lake both resulted to their

Paper 2 Essay Example | Topics and Well Written Essays - 1250 words - 2

Paper 2 - Essay Example Compared to both Steve and Brandon, Dawn is seen as the victim of naivety brought about by lack of support from the appropriate quarters (George & Trimbur 113). The two boys represent the Goths and Monsters talked about by both Hines and Cohen in their respective essays. They are monsters in the sense that they represent what young people end up becoming and the notions that they entertain in their lives. Welcome to the Dollhouse shows that X (use of Dawn) is a portrayal of the challenges that teenagers face when they are discovering their maturity. The film portrays the two male characters (Steve and Brandon) who are Dawn’s centers of interest at different times in the movie, are a representation of the Goths mentioned in Hine’s essay. These two characters fuel Dawn’s desire for recognition which spawns her quest for sex with either of the two, which she believes will gain her acceptance. Dawn is also a representation of the monster (Y) mentioned in Cohenâ€℠¢s seventh thesis. The article Goths in Tomorrowland by Thomas Hines addresses the issues and challenges facing young adults and teenagers in their formative years of crossing over to adulthood. In the article, Hines extrapolates on how the youth, try to carve an identity for self by going through a trial and error stage which requires them to experiment with various aspects of their lives. â€Å"The body alterations that young people use to assert that they are no longer children successfully frighten grown-ups, but they also convince them these weird creatures are well short of being adults. The ring through the lip or the nipple merely seems to demonstrate that they are not ready for adult responsibility. What they provoke is not respect but restrictions† (Hine page-71). This is shown in the scene where Dawn embraces the notion of having sex with Steve after being told by her only friend Ralph that its sex that boys want from girls. After this revelation there is manipulat ion of light around Dawn especially around her face to indicate enlightenment or discovery of the secret behind getting a boyfriend. The source of this information is also made to be significant in the sense that Ralph is sitting in front of a computer. The computer represents the alternative that teenagers result to for guidance on issues that have been neglected by adults. Ralph notices the new resolve on Dawn’s face, and he offers himself to her as an alternative, but she out-rightly rejects him. To enhance the feeling of disappointment for the viewer, when Ralph bows his head, the brightness of colors around his personal space is dimmed. This aspect is further advanced by dull grey color of the wall behind the desk he is seated on in the room. When Dawn enters Ralph’s room and finds him seated at the computer, his position is from Dawn’s standing point of view from an elevated angle. This is indication of Ralph’s status and meaning to Dawn; she might be in need of his opinion but she does not hold him in high enough regard to consider him in her stature. In this scene, there is the use of color intensity alteration to help bring out the difference between two friends who are in a similar situation but have differing solutions to address their common problem of lack of friends (George & Trimbur 186). When Ralph is offering his advice to Dawn, his dull colored shirt seems brighter from Dawn’s perspective through which this instance in the scene is

Comparing Two Similar Businesses Assignment Example | Topics and Well Written Essays - 1250 words

Comparing Two Similar Businesses - Assignment Example With the passage of time, it grows from just a book store to a super store that offers its customers a relaxing and comfortable environment to linger, and also provides ubiquitous espresso bars. The Borders Group expanded internationally beginning with a store in Singapore 1997, and then eventually expanded to more than 40 stores in Europe, Asia and Australia/New Zealand (About.com, 2011). With the advent of information era, things changes globally; it’s the era of internet. Many new companies emerge on the face of internet, offering products at competitive prices; present a threat to brick and mortar store. So borders recognize the need of the hour that they could not survive by just being a brick-mortar company, hence they created their online presence in 1998 (Reuters, 2011). Amazon.com is an American based e-commerce company that was pioneer in online business. The company is based in Seattle, Washington and was founded by Jeff Bezo in 1994 (web hosting report.com, 2011). The primary focus of the company is to become a leader in online bookstore and to achieve this goal, the company offers a very different experience from a regular bookstore; it allows book writers to write book reviews about their books, which greatly adds to Amazon success. And now it became the largest internet sellers of media in the world today, and has expanded its selections to include clothing, beauty products, house wares, and thousands of other items. Borders however were late in embracing e-commerce as they entered the cyber world in four years after Amazon.com; by just offering online website. It was not a success for the company as market was monopolized by the Amazon, who had been serving customers for four years and had established a trustworthy place in the consumer’s mind. Borders had been lacking skills that were required to do internet marketing i.e. it announced a deal with Amazon.com Inc to re-launch its e-commerce site. In 2008, Borders finally establishe d its own e-bookstore, and made partnership with  Kobobooks.com  to facilitate its eBooks sales. To retain its customer it further offers free Wi-Fi almost in all its stores and start providing self-publish facility to its customers (About.com, 2011). Key success factor in internet marketing and sales is attractive and user friendly interface; which amazon.com initially lack i.e. amazon start was shaky. But by injection of more capital; it offers a better looking website and hosting capabilities. Being pioneer and new entrant in the online book selling industry, Amazon demonstrated innovation, impressive management and creativity to get it registered in online business. Its company’s core business strategy to make online experience easy and user friendly and for this very purpose they introduces a very secure credit card processing system and 1-click ordering system; which proved helpful in achieving its mission. To acknowledge Amazon efforts in innovating a unique online ordering system;  the U.S. Patent Office awarded its 1 click technology Patent No. 5,960,411 on September 28, 1999 (Amazon.com, 2011). Amazon management also made some useful decisions like changing its location to avoid additional sales tax; changed headquarters that made it close to largest books wholesalers. Another unique feature that Amazon offers to its customer includes the use of personalization tool that allowed it to offer unique storefront for every individual customer, according to their needs. Amazon,

Sampling size and sample size for qualitative research Coursework

Sampling size and sample size for qualitative research - Coursework Example There are many factors that divide the population into sub-populations. This study expects that the measurement of interest may vary significantly among different strata. The variation has to be captured when selecting a sample from the whole population in order to obtain a sample that represents the whole population (LeCompte & Schensul,  2010). This is very significant in eliminating any form of biasness. A stratified sample is obtained through taking samples from each stratum of the whole population. As a result, each characteristic that is unique within the population which is under study is captured. This plays a significant role in reducing any potential for human bias when selecting cases to be incorporated in the sample (Ryan, 2013). Therefore, this strategy will enable me to come up with a sample that is highly representative, assuming that there will be no cases of missing data which might affect the overall results of the study. Reducing sampling error is one of the major goals of any selection technique while conducting a research. Although other sampling techniques are less expensive and time consuming, they are bound to have several errors that might affect the overall results of the study. Therefore, the fact that each stratum is incorporated in the sample and all the variables that might affect the results are taken into consideration makes this strategy to be more effective in comparison with others. Since the samples are selected using probabilistic methods, stratified sampling method will enable me to make statistical conclusions after analyzing the data that will be collected. This will be critical in identifying whether the data will be valid or not and whether there will be some other factors that will need to be taken under consideration. Furthermore, relative to simple random sample, this strategy is more superior because it will improve the potential for the units to be evenly spread across the

Toulmin Schema Essay Example | Topics and Well Written Essays - 1000 words

Toulmin Schema - Essay Example The researcher states that the Federation Aviation Administration (FAA) requires airlines to give their crew a 10-hour rest time before commencing a duty period that includes flying. The ten-hour rest period may include the time a crew takes to commute to or from their houses or hotel room. Moreover, the carriages should not reduce the actual time for sleeping the chance to below 8 hours. Meaning the pilots and crew only have two hours to commute, which practically is not enough, thus they end up eating into their 8 hour sleeping time. Additionally, FAA has extended the length of continuous time off during a one-week period from 24 hours to 30 hours. The flight crewmembers should use the rest opportunity to sleep instead of doing other things during the period. The FAA further asserts that persons whose internal clock may be off due to flipping back and forth between different zones require additional time off. However, airlines rarely observe these rules and regulations. Jochen Wirt z and Loizos Heracleous assert that motivating staff through rewards and recognition has helped Singapore Airlines build desirable behaviors among crewmembers. The airline offers interesting and varied job content, symbolic actions, performance-based share options, and a significant percentage of variable pay components related to a person’s contributions and the airline’s financial performance. The company also provides bonuses based on its profitability. Additionally, the company uses its numerous international accolades, companywide meetings, and open communication to make staff motivated. Motivation and communication have helped Singapore Airlines realize service excellence. This approach has created job satisfaction, and overall, excellent service to customers.

Motivating Employees and Team building Essay Example | Topics and Well Written Essays - 3000 words

Motivating Employees and Team building - Essay Example Motivation is something abstract and the difficulties arise when one tries to explain its meaning and application. A wide variety of assumptions have been made on motivation by observing the resultant behaviour of motivation. Based on these assumptions and research findings, motivation has been defined in a number of ways. Vroom defines motivation as a process, which governs choices made by persons or lower organisms among alternative forms of voluntary activity. (Vroom, 1964 as cited in Putti) Motivations are the act of inducing an individual to follow a desired course of action. The desired course of action may be for the good of the individual or for the one who is inducing the individual towards a desired course of action or both. Zedeck and blood contend that motivation is a predisposition to act in a specific goal-directed way. (Sedeck & Blood, 1974 as cited in Putti) Atchison further defines Motivation as the immediate influence on the direction, vigor, and persistence of beha viour. (Atchison, 1964 as cited in Putti) on the other hand Gellerman defines motivation as steering one's actions towards certain goals and committing a certain part of one's energies to reach them. (Gellerman, 1963 as cited in Putti) In the view of Shartle, motivation is "a reported urge or tension to move in a given direction or to achieve a certain goal. (Shartle, 1956 as cited in Putti) Hence, Motivation can make the employees get all the targets settled by the Organisations. There are several ways by which employees can be motivated the most important is to address the needs of the employees. Just as the definition of basic human needs is a highly complex task, it naturally follows that there are no easy assumptions concerning what employees really want from the organisation. In various surveys, the following are some of the more typically specified wants. The first and the foremost important are pay. This want helps in satisfying physiological, security, and egoistic needs. The design of a monetary compensation system is exceedingly complex since it serves to satisfy multiple needs and cannot alone motivate the whole person. After the payment needs Security of job is another important motivating factor. Because of threats from technological change, this want is high on the list or priorities for many employees and labour unions. The underlying need of general security is also high on the list of priorities in the suggested need hierarchy of Maslow. However management can aid the process by carefully planned and executed induction programs, provision of means to socialise through rest periods and recreational programs, and promoting the formation of work teams through proper work-station layouts and human-related work procedures. With all the above, the provision of credit for work done is also an important motivator. This want issues from the egoistic classification of needs and can be supplied by management through verbal praise of excellent work, monetary rewards for suggestions, and public recognition through awards. Releases in employee's newspapers, and the like. Also, Job enrichment issues from both the need for recognition and the drive toward self-realisation and achievement is an important

Tummy Tuck Essay Example for Free

Tummy Tuck Essay Whether you’re a male or a female Age, hormones, high protein diets and other factors can result in centralized fat in the abdomen. Abdominoplasty, also known as a â€Å"tummy tuck,† is a cosmetic procedure performed to eliminate excess skin, remove fat and fat cells from the abdomen, as well as tighten the underlying muscles in the stomach to create a firm abdomen. The removal of a large part of lower abdominal skin requires that the belly-button be surgically reconstructed as well. An unfit abdomen is due to a number of factors not only due to extra fat. Stretching of tissues and muscles in the stomach, having problems with elasticity in the skin and having excess skin can cause your abdomen to appear weak and out of shape. A Tummy Tuck can be done for a person of any age but ideal candidates are people who have lost elasticity to their skin with age and women whose pregnancies have stretched out the muscles in their abdominal wall. Women who plan on having a tummy tuck should be comfortable that they are done having children to avoid re-stretching of the muscles. Men as well can be candidates for abdominoplasty in cases of dramatic weight loss, creating loose skin. Men and Women that lack exercise or are non-responsive to exercise can build up the â€Å"spare tire† look in which they may benefit from a tummy tuck as well. When planning a tummy tuck, you must consider a few things. Like any other surgical procedure, there are risks and pre-cautions that must be taken into account. Good communication with your surgeon is key to preparing you for your surgery. Dieting, smoking, alcohol intake and other individual habits must be taken into consideration and discussed with your doctor. Time is important when considering a tummy tuck. Make sure you have planned enough time to recover and you have family or friends that may be available if you need them. All types of surgeries have risks to some measure. Some risks of having a tummy tuck include, infection, excessive bleeding, prolonged scarring (mainly due to smoking amp; 2nd hand smoke), skin loss and blood clots. (Discuss all the complications with your surgeon). A Tummy Tuck can be done for a person of any age but it is most frequently done on women who have had children and do not plan on having more. It is also regularly performed on people who have lost all of the weight they planned to lose. You must be a healthy individual with no severe medical conditions. (Set up a consultation with a surgeon to see if your health issues contradict with having this procedure). Pain, swelling (due to the removal of tissue) and bruising after your surgery can vary on the individual but those post-op effects are normal. A compression garment is given to the person to wear directly after the surgery for 4-7 weeks. A Tummy Tuck does not replace exercise and diet, those things essential to living a healthy lifestyle, but it certainly is a booster to those who want to start getting back into shape and is a quicker way to retrieve your previous figure or achieve the shape you’ve always wanted. Your goal is just an appointment away, call for a consultation to get started!

Tesco Credit Risk And Analysis Report

Tesco Credit Risk And Analysis Report As members of Credit Analysis division, our line manager has asked us to prepare a comprehensive credit analysis report for Tesco Plc, as it comes out with a new long-term bond issue, to fund its acquisition of Hilton Foods. This credit risk report focuses among other things, on the business background and strategy of Tesco and Hilton Food, analysis of its annual reports, company websites and other sources, a discussion of the techniques used in the analysis, justification of techniques/ major assumptions used in our analysis and rationale behind our teams recommendation on the credit rating of the bond issue. 2. Tesco Business Description and Strategy: Tesco Plc was founded by Jack Cohen in 1919. It employs about 470,000 staff globally. It is the largest British  retailer  by both global sales and domestic market share, with profits exceeding  £3  billion. It is currently the third largest global retailer based on revenue, behind   Walmart and Frances  Carrefour, but second largest based on profit, ahead of Carrefour.(Ryan 2004). Originally specializing in food and drink, it has   diversified into areas such as  clothing,  consumer electronics, financial services, telecoms,  home,  health  and  car insurance,  dental plans, retailing and renting DVDs,  CDs,  music downloads,  Internet services  and  software. Tescos operations are divided into UK and International operations. In the UK, Tesco stores are differentiated by size and the range of products sold. (wikipedia.org). Tesco also retails through its online shopping channels, tesco.com and Tesco Direct. Tesco has international operations in the following countries- China, Croatia, Czech Republic, France, Hungary, Republic of Ireland, Indonesia, Japan, Malaysia, Poland, Slovakia, South Korea, Thailand, Turkey, United States (Annual Report 2009 hereby referred to as -AR2009). Business strategy: Tesco follows the concept of The Tesco Way. It is aimed at improving its competitive position in the market by becoming more customer focused and concentrated on differentiating itself from other retailers through the services it provides. Tesco has developed principles like Better for Customers, Simpler for Staff and Cheaper for Operations.(Tesco website) Its present operations are based on its strategy laid down in 1997 which focuses on these 5 key objectives: To be a successful international retailer To grow the core UK business To be as strong in non-food as in food To develop retailing services-such as Tesco Personal Finance, Telecom and Tesco.com; and To put communities at the heart of what we do. (AR 2009) It is the pursuit of this five-part strategy that has allowed the business to diversify into new emerging markets. Tesco as a business operates a Steering Wheel a balanced scorecard process whereby goals are set for different areas of the business and overall progress is assessed on a quarterly basis in all countries, to help manage performance and deliver business strategy. The Steering Wheels key areas of focus are: financial, customer, operations, and employee. Every store gets a monthly steering wheel update, a summary of its metrics within each of the four arcs, so that all employees in Tescos multiple regions and formats get feedback on their performance. The steering wheel has helped the company stay focused on its strategy even as it experienced rapid growth over the past two decades (AR2009). Please note- For Business Description and Business Strategy og Hilton Food please see Appendix A. 3. Factors affecting credit rating of Tesco: For the purpose of this credit analysis report I would be analyzing three factors influencing the credit rating of Tesco: They are namely: 1) Business Risk 2) Corporate Governance Risk 3) Financial Risk Definitions Table of Factors affecting credit rating of Tesco Business Risk According to wisegeek.com, A business risk is a circumstance or factor that may have a negative impact on the operation or profitability of a given company. Sometimes referred to as company risk, a business risk can be the result of internal conditions, as well as some external factors that may be evident in the wider business community. When it comes to outside factors that can create an element of business risk, one of the most predominant risks is that of a change in demand for the goods and services produced by the company. If the change is a positive one, and the demand for the offerings of the company increase, the amount of risk is decreased a great deal. Internal factors may also result in the development of significant business risk for the investor. Corporate Governance Risk According to SearchFinancialSecurity.com Corporate governance is a term that refers broadly to the rules, processes, or laws by which businesses are operated, regulated, and controlled. The term can refer to internal factors defined by the officers, stockholders or constitution of a corporation, as well as to external forces such as consumer groups, clients, and government regulations. A well-defined and enforced corporate governance provides a structure that, at least in theory, works for the benefit of everyone concerned by ensuring that the enterprise adheres to accepted ethical standards and best practices as well as to formal laws. To that end, organizations have been formed at the regional, national, and global levels. Risk management factors are employed to manage Corporate Governance Risk. Financial Risk According to Wikipedia.org, The risk that a company or project will not have adequate cash flow to meet financial obligations; thus causing the business to file for bankruptcy. Financial risk is the additional risk a shareholder bears when a company uses debt in addition to equity financing. Companies that issue more debt instruments would have higher financial risk than companies financed mostly or entirely by equity. Bilateral barter can depend upon a mutual coincidence of wants. Before any transaction can be undertaken, each party must be able to supply something the other party demands. To overcome this mutual coincidence problem, some communities had developed a system of intermediaries who can warehouse and trade goods. However, intermediaries often suffered from financial risk. 4. Discussion of Techniques and Methods Employed for Credit Rating 4.1 Analysis of Tescos Business Risk SWOT ANALYSIS OF TESCO PLC(For Definition and Explanation of SWOT Analysis please refer Appendix E) Swot Analysis of Tesco Strengths Increasing market share Insurance Tesco online Brand value UK market leadership reinforced Opportunities Non-food retail Health and beauty Further international growth (Source: Datamonitor) (1) Strengths (a) Sales Growth With the recent Global Financial Crisis (hereby referred to as GFC) retail sales have fallen, but Tesco does not seem to be affected as its sales revenue grew by 10.92% in 2008 and 11.86% in 2009. (b) Market share Tesco still holds the largest share of the UK retail market. It maintains this by constantly diversifying into new sectors and consolidating its existing position as a market leader. (2) Weaknesses Tesco Finance profit levels were impacted through bad debt, credit card arrears and household insurance claims. Tescos position as a price leader in UK markets can lead to reduced profit margins in order to retain the key price points on must have commercial items. Grocer outlets are not set up to operate as specialist retailers in specific areas of product which can be capitalised on by other smaller bespoke retailers. Although international business is growing and it is expected to contribute greater amounts to Tescos profit over the next few years. The company is still highly dependent on the UK market. (3) Opportunities The development of Tesco Direct through online and catalogue shopping will grow the use of technology, providing the launch pad for larger non food based products with moderate to high margin returns and less focus on sales and margin per foot return to space. Further international growth. (4) Threats Increasing foreign exchange exposure with international growth. Rising raw material costs from both food and non food items will impact profit margins overall. Continuous price wars between other retailers e.g ASDA, Sainsbury and WM Morrisons. (Source:businessteacher.org.uk) P.T.O (Please turn over) PESTLE ANALYSIS OF TESCO PLC TABLE( for explanation of PESTLE, please see Appendix F) P E S T L E A N A L Y S I S O F T E S C O P L C Political Tescos organic growth internationally into countries in Europe, Asia and America means it is influenced by the political conditions of these countries. Tesco is subject to a wide variety of regulations in the different countries in which it operates because of the diverse nature of its business. Tesco may be impacted by regulatory changes in key areas such as planning laws, trading hours, and tax rules as well as by scrutiny by the competition authorities. Tesco is influenced in the UK by employment legislations such as the minimum wage requirement Economical Economic factors and the state of the economy affects Tesco, because these influence the business environment of operation, business expectation of investors and the consumption level of Tescos customers which all translate into the levels of demand, supply, and pricing of Tescos goods and services. The economic factors have been seen to have caused the decrease in profit growth rates being experienced by Tesco. Tesco has responded to these issues by ensuring that its product variation strategy is upheld in all their stores. i.e having the same product with varying quality and price for the different target markets in the same store. Socio-Cultural Factors Tesco considers the diversity of its customers in terms of culture and tries to meet their varied expectation by having most food and non food items that are required. This strategy is obvious with aisle for world foods, clothes etc. Benefits from cultural diversity and globalization are also evident in staffing of their stores. Technological Technology as a major driver of efficient resource utilization which has allowed Tesco staff to be more efficient at their jobs with the use of a wide variety of scanners for their sales at their tills and for stock/inventory management. A new invention are self service machines where customers can scan and pay for their shopping, this innovation has also lead to a reduction in staff cost. Legal In the UK, the Financial Services Authority (FSA) which is the regulator of all providers of financial services requires Tesco Personal Finance to be able to meet its sterling obligations without recourse to the wholesale markets for a period of at least five business days. To meet regulatory requirements a diversified portfolio of high quality liquid and marketable assets is maintained. Cash flow commitments and marketable asset holdings are measured and managed on a daily basis Environmental Tesco has been able to manage its environmental impact by adopting a number strategies, some of which are; an energy saving initiative lead, to opening of environmental store in a quest for zero-carbon, carbon labelling of products, green club card initiative which encourages customers to recycle. 4.2 Analysis of Corporate Governance Risk An analysis of the Directors report on corporate governance clearly defines the Directors roles and goals for Tesco Plc, as its main aim is to generate shareholder value and safeguard their long-term interests. Tesco, follows the Combined Code on Corporate Governance, especially Section 1, as defined by the Financial Services Authority (FSA), on compliance of the Code throughout the year. The Executive Board , complied with the Code, with the exception of the provision that at least half the Board, excluding the Chairman, should comprise Non-Executive Directors determined by the Board to be independent. This was as a result of the resignation of Carolyn McCall and E. Mervyn Davies as Non-executive Directors due to conflicts of interest. Tesco appointed Laurie McIlwee as the new Group Finance Director, and Jacqueline Tammenoms Bakker and Patrick Cescau and Ken Hanna as Non-executive Directors, thus becoming fully compliant again with the code. Laurie McIlwee has been with Tesco for ni ne years and has a very strong track record in both finance and operations. In his most recent role as Distribution Director Laurie was responsible for transforming the whole network a tremendous achievement, which reflects careful management succession planning at Tesco. The structure of the Board and the integrity of the individual Directors ensure that no single individual or group dominates the decision making process. All Directors have to submit themselves for re-election at least every three years if they wish to continue serving and are considered by the Board to be eligible. The Non-executive Directors bring a wide range of skills and experience, as well as independent judgement on strategy, risk and performance to the Company. The Board has set out a clear Schedule of Matters Reserved for Board Decision in order to ensure its overall control of the Groups affairs. These include the approval of: à ¢Ã¢â€š ¬Ã‚ ¢ the Companys strategic and operating plans; à ¢Ã¢â€š ¬Ã‚ ¢ annual and interim financial statements; à ¢Ã¢â€š ¬Ã‚ ¢ major acquisitions and disposals; à ¢Ã¢â€š ¬Ã‚ ¢ authority levels for expenditure; à ¢Ã¢â€š ¬Ã‚ ¢ treasury policies; à ¢Ã¢â€š ¬Ã‚ ¢ risk management and internal control systems; à ¢Ã¢â€š ¬Ã‚ ¢ group governance policies; and à ¢Ã¢â€š ¬Ã‚ ¢ succession planning for senior executives P.T.O Additional Corporate Governance Role- Table Audit, Remuneration and Nominations Committees The Board governs through a number of statutory Board Committees the Audit, Remuneration and Nominations Committees to which certain responsibilities and duties are delegated. These Committees are properly authorised under the constitution of the Company to take decisions and act on behalf of the Board within the parameters laid down by the Board. The Board is kept fully informed of the work of these Committees and any issues requiring resolution are referred to the full Board as appropriate. A summary of the operations of these Committees is set out. The performance of the Board is a fundamental component of the Groups success. The Board regularly reviews its own performance. Relations with stakeholders Tesco maintains a close relationship with all its stakeholders including customers, staff, suppliers, investors, non-governmental organisations and others, to ensure that its long-term strategy is sustainable. These include corporate social responsibility targets towards- Environment Community Suppliers and Ethical trading Customers Choice Health People and Key Performance Indicators (KPIs)of the Steering Wheel. Internal controls The Board is responsible for the Companys system of internal control and for reviewing the effectiveness of such a system. Tesco has a Group-wide process for clearly establishing the risks and responsibilities assigned to each level of management and the controls which are required to be operated and monitored. Both the internal and external audit, PricewaterhouseCoopers LLP, contribute towards maintaining effective internal financial control systems. Whistleblowing Policy The Group operates a whistleblowing policy and has a confidential Protector Line service accessible to concerned employees where they can report, anonymously if necessary, on issues of malpractice within the business. These issues include unethical behaviour such as fraud, dishonesty and any practices that endanger their staff, customers or the environment. Complaints made are treated as confidential and are investigated. Where appropriate, matters will be escalated to the Director of Group Security for further action. Management At Tesco, trading is tracked on a daily and weekly basis, financial performance is reviewed weekly and monthly, and the Steering Wheel is reviewed quarterly. Steering Wheels are operated in business units across the Group, and reports are prepared of performance against target KPI s on a quarterly basis enabling management to measure performance. Shareholder engagement Tesco is committed to maintaining a good dialogue with shareholders through proactively organising meetings and presentations as well as responding to a wide range of enquiries. During the year, the Chairman, Chief Executive and Finance Director meet with most of the leading shareholders to discuss issues relating to the board, strategy and governance matters, as well as new developments within the business. In addition to this the Company Secretarys office, Investor Relations and other teams within the business engage with shareholders on a regular basis, and on a wide range of issues. Directors remuneration Disclosure Tesco is already a large and profitable company. A 10% increase in Company value equates to some  £3bn in additional shareholder value, equivalent to a FTSE 50 organisation. Continuing to grow and expand profitability from such a high base is challenging but forms the core of Tescos strategy, and its supporting processes including executive remuneration. The result for 2008/9 included improvement on most of the underlying performance measures relating to productivity and growth. More than two-thirds of total remuneration (excluding pension) is linked to performance. Long-term performance is rewarded through delivery of shares and short term performance through a combination of cash and compulsory deferred shares. The Remuneration Committee believes that the majority of total remuneration should be performance-related and delivered largely in shares to closely align the interests of shareholders and Executive Directors. When setting the remuneration of Executive Directors, the Commi ttee considers the Groups performance on environmental, social and governance (ESG) matters. Specific ESG performance targets are applied to certain elements of the remuneration structure, in order to reinforce positive and responsible behaviour by senior management. (Source for all Corp Governance notes: AR2009) Tesco Board of Directors- Table Name Job Title Board Name Job Title Sir Terry Leahy CEO Executive Board Jacqueline Tammenoms Bakker Non-Executive Director Richard Brasher Commercial and Trading Director Executive Board Rodney Chase Deputy Chairman and Senior Non-Executive Philip Clarke International and IT Director Executive Board Charles Allen CBE Non-Executive Director Andrew Higginson Finance and Strategy Director Executive Board E. Mervyn Davies Non-Executive Director David Potts Retail and Logistics Director Executive Board Dr. Harold Einsmann Non-Executive Director Laurie McIlwee Group Finance Director Executive Board Ken Hydon Non-Executive Director Lucy Neville-Rolfe Corporate Legal Affairs Director Executive Board Graham Pimlott Non-Executive Director Tim Mason Marketing, Ecommerce, Property and Republic of Ireland Director Executive Board Patrick Cescau Non-executive Director David Reid Chairman Non Executive Board Karen Cook Non-executive Director (Source-AR 2009) 4.3 Analysis of Tescos Financial Risk For the financial analysis of Tesco, traditional ratio analysis (For Definition and Explanation of Ratio Analysis please refer Appendix C) has been used Profitability Liquidity Financial Gearing Investor and Efficiency ratios. PROFITABILITY Ratio 2009 2008 2007 Return on Equity (ROE) 16.66% 17.89% 17.96% Return on Capital Employed (ROCE) 6.96% 9.25% 10.67% Net Profit Margin 3.98% 4.5% 4.45% The analysis of the Return on Equity shows that the return slightly fell in 2008 to 17.89% from 17.96% in 2007, it further decreased in 2009 to 16.66%. Further investigation of this shows that though the retained earnings in 2008 of  £6,871m is an increase from 2007 level of  £5,693m, the management of Tesco was prudent in the use of available resources, due to the recent GFC. Return on Capital Employed reveals a consistent and steady decline in this rate of return from 10.67% in 2007 to 9.25% in 2008 and 6.96% in 2009. This trend was primarily due to a consistent rise in the current assets of Tesco: it rose in 2007 from  £4,576m to  £6300m in 2008, then in 2009 to  £14,045m. The Net Profit Margin remained almost the same, from 2007 with 4.45% to 4.5% in 2008, but decreased in 2009 to 3.98% for each pound of sales. This can be attributed to the recession, where people tend to spend less and save more. LIQUIDITY Ratio 2009 2008 2007 Current Ratio 0.76 0.58 0.56 Quick Ratio 0.61 0.35 0.32 The Current ratio shows a consistent growth from 0.56 in 2007 to 0.58 in 2008 and then highest of 0.76 due to a 127.15% growth of current assets in 2009, this shows a continuous improvement in Tescos liquidity. Even though a good growth is observed the ratio is a reflection that Tesco is highly exposed to its liabilities. This ratio also shows an increased tendency of liquidity problems since it current assets cannot cover its current liabilities. The Quick ratio is similar to that of the current ratio, with much lower ratios of 0.32 in 2007 to 0.35 in 2008 and highest ratio of 0.61 in 2009. These results also show increasing liquidity as well as a poor coverage of current liabilities by the quick assets. Cashflow Analysis Tescos Free Cashflow Cashflow detail 2009  £In millions 2008  £In millions Cashflow from Operating activities 4978 4099 Net cash used in investing activities 5974 2954 Dividends paid 883 792 Interest paid 562 410 Tax paid 456 346 Free Cashflow -2897 -403 Cashflow Ratios 2009 2008 2007 Cash Return on Sales 9.16% 8.66% 8.28% Cash Debt Coverage 19.39% 25.22% 25.82% Cash-Flow Coverage 63.21% 91.04% 94.66% On analysis of Tescos free cash flow), it dropped significantly from 2007 to 2009, it is in negative of - £199m in 2007, increasing to - £403m, and sharply increasing to - £2897m respectively.. The increase in dividend payout accounts for  £91m (between 2008 to 2009) and explains a small portion of the drop . But the total drop in the cash flow from 2008 to 2009 is a sharp - £3300m. The analysis of Cash Return on Sales determines that from 2007 to 2009 it has increased by 8.3%, to 8.66% and then to 9.16% respectively. Tescos cash return on sales in 2009 of 9.16% is higher than its Net Profit margin of 3.98% in 2009, which is a good sign. The Cash Debt Coverage also shows that Tescos cash position worsened from 2007 to 2009 (i.e) the cash to debt coverage was 25.82%, 25.22% and 19.39% respectively. One of the reasons is that Tescos long-term debt increased between 2007 to 2009 by  £8934m. The CashFlow Coverage shows that the cash generated by Tesco from its operations, to meet its obligations, decreased from 94.66% in 2007, to 91.04% in 2008 , to 63.21% in 2009. To cover the rest of its cash needs, Tesco had to use cash on hand at the beginning of the year, to make up the cash shortfall. P.T.O FINANCIAL GEARING LEVERAGE Analysis Ratio 2009 2008 2007 Interest Cover ratio 6.71 times 11.16 times 12.26 times Debt to shareholders equity 2.54 times 1.53 times 1.35 times Debt to Capital 55.86% 40.36% 35.03% The Interest Cover ratio shows a decline from 12.26 times in 2007 to 11.16 times in 2008 and the lowest ratio of 6.71 times in 2009. The Analysis of the finance cost shows the drop in 2009 was primarily due to an 87.75% increase in non-current liabilities which lead to a 91.2% increase in finance cost. Debt to shareholders equity, shows the usage of creditors by Tesco for every  £1 from investors, increased from 2007 to 2009, by  £1.35,  £1.53 to  £2.54 times respectively. This reflects that the dependence of Tesco on money raised by borrowing has sharply increased in 2009, from 2007 compared to its usage of money raised by selling shares to investors. This also reflects that in 2009, Tesco had a high amount of debt at 2.54, which means it will have to pay higher interest rates to finance its capital activities. Tescos Debt to Capital increased from 35.03% in 2007, to 40.36% in 2008 and rose to 55.86% in 2009, which is very high, and indicates an increasing cost of operating, as it tries to meet its obligations of paying higher interest rates. P.T.O INVESTOR RATIOS Ratio 2009 2008 2007 Dividend Payout Ratio 26.8% 24.4% 21.6% Earnings per Share (EPS) 27.50p 26.95p 23.84p Price/Earnings (P/E) Ratio 16.30 times 16.73 times 18.91 times The analysis of Dividend Payout Ratio shows the payout ratio has been increasing from 21.6% in 2007 to 24.4% in 2008 and 26.8% in 2009. Earnings per Share shows that it is increasing year to year, with EPS in 2007 of 23.84p, in 2008 of 26.95p and 2009 of 27.50p, with the largest increase between 2007 and 2008. The profit for the year in 2008 was higher than in 2007and there was also a reduction of shares in issue from 7,947m to 7,863m in the same year. The analysis of the Price/Earnings shows a continuously declining P/E ratio, with 18.91 times in 2007, 16.73 times in 2008, and 16.30 times in 2009, probably due to a decreasing growth rates in profits- 12.16% growth in 2008 and 1.69% growth in 2009. P.T.O EFFICIENCY Ratios Ratio 2009 In days 2008 In days 2007 In days Inventory Turnover Period (ITP) 19.44 days 20.31 days 17.89 days Trade Receivables Period (TRP) 12.08 days 10.12 days 9.24 days The analysis of the Inventory Turnover Period shows an increase from 17.89 days in 2007 to 20.31 days in 2008 and fell to 19.44 days in 2009. The Trade Receivables Period shows a consistent increase in the TRP: in 2007 9.24 days to 10.12 days in 2008 and a higher increase to 12.08 days in 2009. This could be due to stiff competition in the retail industry and increased credit sales demands of customers. Please note- For Analysis of Financial Risk of Hilton Food, please refer to Appendix B. 5. Justification of assumptions made and techniques used: 5.1 Justification of assumptions made: -Table a) It is assumed that Tesco will takeover Hilton Food and fund its acquisition by the potential issue of long -term bonds. This assumption is taken to conduct this particular credit risk analysis. b) Tesco Financial Year (FY) ended on Feb 28, 2009, and Hilton Food FY ended on 31 December 2008, so despite the accounting year differences, we have maintained that all accounting conditions still remain the same for the sake of comparative study. c) Tesco is one of the biggest retailers in the world with a diversified business, and the assumed acquisition is due to Hilton Food (HF) being a customer of Tesco in the real world, where HF supplies packed meat to Tesco stores across UK and Europe. So this acquisition, would make economic sense to Tescos business expansion, by supplying packed-meat under its own brand name, and economies of scale. P.T.O 5.2 Justification of techniques used: -Table a) We have only conducted Business Risk and Corporate Governance Risk Analysis for Tesco, and not for Hilton Food (HF), as with the future acquisition HF would either be a subsidiary or merge with Tescos entity, and come under Tescos management. Therefore, it would be Tescos Business and Corporate Governance risk which would influence Hilton Food. b) We have analyzed both Tescos and HFs Financial Risk, because when an investor would look at Tescos long-term bond issue, he would like to know about the business and financial risk of both Tesco and HF. c) Financial Risk Analysis (FRA) of Tesco has been done for 2007, 2008 and 2009 and FRA has been done for HF only for 2009, because we have presumed after the acquisition, HF would be a part of Tescos business, so only current2009 FRA is done for HF. d) We have not designated any credit rating like AA, BB etc. according to SP, Fitch or Moodys, because, they use sophisticated credit risk models, and calculations for default and recovery rates, and credit scoring system, Our analysis is based on studying the Business, Corporate Governance and Financial Risk by simpler analytical tools. 6. Rationale Behind Recommendation- Highlights Table a) The analysis of Tesco Plc, reveals that the company has shown good profitability and revenue growth, with good sales growth even in difficult times (GFC). Tesco as a business has revealed further expansion plans across different countries. The SWOT Analysis of Tesco reveals that Tesco, is following a sound business model.

Comparing Aeneas from Aeneid and Gilgamesh from the Epic of Gilgamesh :: comparison compare contrast essays

Comparison of Aeneas from Aeneid and Gilgamesh from the Epic of Gilgamesh  Ã‚   The dominant factor in an epic is the heroic main character. This character often is the son of a god or goddess and is favored by the gods. Heroic characters are also always hounded by constant tragedy which drives them to fulfill their fates. Most heroic characters are high in social status and share close contacts with the gods. All of these qualities of heroic characters show up in the characters of Aeneas from The Aeneid and Gilgamesh from the Epic of Gilgamesh. In this essay I will compare and contrast the qualities and plights of both Aeneas and Gilgamesh. These two epic heroes share similar fates, yet are very different in personality. Gilgamesh was an arrogant tyrant of his city-state who was obsessed with increasing his own influence and power while Aeneas was more aloof, letting the gods and the fates guide his actions in life. Aeneas acted as a perfect pawn of the gods and was tossed around at their whims. Gilgamesh on the contrary took fate into his own hands and attempted to gain immortality by seeking out the immortals. Gilgamesh was a man who wanted more power than mortals were allowed and wanted his influence to be known forever. Aeneas simply wanted to fulfill the prophesy of founding Rome and making his Trojan followers happy. Out of the two heroes Gilgamesh was the one who was most aggressive and pursued the more ambitious goal, though it was one near impossible to achieve. Gilgamesh wanted to have a power that only the gods possessed. He wanted to be immortal. Aeneas never sought such an unachievable task, and was not as determined as Gilgamesh was. Aeneas only had to find a place where the defeated Trojans could settle and found a new city. Once in the story he even had to be reminded of his destiny by the Jupiter when he was distracted by his love for Dido. The trials of Aeneas and Gilgamesh were very similar. Both led tragic lives and suffered from the wrath of the gods. Aeneas witnessed his family die, his home city burned to the ground, and was victim to the goddess Juno’s plots throughout his fated journey to Italy. Gilgamesh had seen his best friend die from the gods’ vengeance and was emotionally crushed by it.

Change Management Essay -- Change Changing Essays

Change Management "Toto, I’ve got a feeling that we’re not in Kansas any more." Dorothy, Wizard of Oz Over the past few decades, large-scale organizational change has become a way of life in American business. Many organizational changes, however, have failed to deliver promises of increased productivity and morale, decreased costs, decreased waste , and increased customer satisfaction. A common theme among these failures is a lack of understanding of the power of the collective human system to obstruct the progress of initiatives. The result has been to reinforce fear, defensiveness, and cynicism among workers toward change efforts (Dooley, 1998). Failure of an organizational change for businesses has both short term and long term consequences. Direct short term implications to a failure of an effective organizational change means that objectives are not achieved and resources, including money, time and people, are wasted. Indirectly, morale suffers, job security is threatened and confidence in leadership diminishes. Over the long haul, a failure of change means that business strategies are not accomplished, resistance to change increases and the organization’s survival is threatened (Wakulczyk, 1995). It is normal for people to feel resistant to change and today’s new technology, new tools, and new applications mean big change. Not everyone reacts to change the same way. Some people are always looking for better, more efficient ways of doing things. Others long for the good old days of clearly defined jobs and responsibilities. Some people want to get moving with whatever is new right away. Still others fight any change that conflicts in any way with their values or threatens the welfare of anyone around th... ... have it. Courtesy is even better. A well-paid compliment can buy gratitude. A sincere "Thank you" can earn respect. References Department of Defense ( ___ ). Business Process Reengineering and Organizational Change. Business Process Reengineering (BPR) Fundamentals. Available www.dtic.mil/c3i/bprcd/7223c7.htm Dooley, Jeff (1998). A Whole-Person/Systemic Approach to Organization Change Management. Available www.well.com/user/dooley/change.pdf Kramlinger, Tom (1998). How to deliver a change message. Training & Development, 52 (4), pp. 44-47. Wakulczyk, Marek (1995). Change Management. Presentation to 9 Wing Canadian Forces Base, Gander, Newfoundland. Available www.smallbear.com/chngemgt/index.htm Wasson, Teresa (1996). Pensacola editor shares tips on managing change. Pensacola News Journal. Available www.gannett.com/go/newswatch/96/nw0407-2.htm

media Essay -- essays research papers

Media Manipulation There is a very subtle, yet powerful force at work on our world today. It is trying to control what woman and young girls do say and believe, especially about their own appearances. The media portrays unrealistic images that affect the way people, particularly woman, feel about themselves. And there is no way to avoid it. The media acts as a transmitter of potentially dangerous, socially desirable values and norms. Anyone can become a victim without even realizing it. Woman are told to believe distortions, inaccuracies, and bias on a daily basis. Somehow in that all the madness thinness has become synonymous with attractiveness. It is the media's job to surround us with slogans and pictures that are able to etch themselves into brains. (Stevens 44) Television, movies, magazine ads, commercials and billboards all attribute to the growing influence the media has on women. (www.rethinkingschools.org). Young girls are the most influenced by the media and its manipulation.(www.ed.gov .ERIC...). However, society as well as the media, has put forth dangerous and concentrated images, that have a strong impact on the lives of woman of all ages. Society has always placed a great emphasis upon the importance of a woman's appearance, and through that emphasis woman have been taught to measure their self worth in terms of the image they present, even more so than their own intelligence. They have been given rigid and challenging standards to live up to, standards that are usually unrealistic, unattainable, and disheartening. Many woman spend the majority of their lives suffering just trying to reach these standards. The ideal body image in this country today seems to be the long haired 5' 7", 110 lb. female found in every fashion magazine and television show. However, many woman at Johns II 5' 7" could starve themselves their entire life and never reach the so called "ideal".( Rushkoff 27). The persuasive and intrusive ... ... dangerous role model, that may even defy their biology, and when this societal and media pressure leads to severe eating disorders among women who believe that they cannot otherwise attain this perceived "ideal" state. The media plays a major role in setting the standard as to what "beauty" is, as the About.com site notes, in finding that, "the average person sees between 400 and 600 ads per day -that is 40 million to 50 million by the time she is 60 years old. One of every 11 commercials has a direct message about beauty." There is abundant evidence that by communicating unhealthy or infeasible goals for appearance, the media can directly cause an increase in eating disorders among women. A Hofstra University research group reported that: "A study examined over 4,000 TV ads. On the average, 1 out of every 3.8 ads had an "attractive-based" message. (www.cdc.gov.nccaphp/teen.html). These results were used to estimate that women are exposed to over 5,000 of these ads a year, (www.cdc.gov.nccaphp/teen.html) and each one adds to women's body dissatisfaction and the desire to be thin and "beautiful."

A Game of Thrones Chapter Thirteen

Tyrion The north went on forever. Tyrion Lannister knew the maps as well as anyone, but a fortnight on the wild track that passed for the kingsroad up here had brought home the lesson that the map was one thing and the land quite another. They had left Winterfell on the same day as the king, amidst all the commotion of the royal departure, riding out to the sound of men shouting and horses snorting, to the rattle of wagons and the groaning of the queen's huge wheelhouse, as a light snow flurried about them. The kingsroad was just beyond the sprawl of castle and town. There the banners and the wagons and the columns of knights and freeriders turned south, taking the tumult with them, while Tyrion turned north with Benjen Stark and his nephew. It had grown colder after that, and far more quiet. West of the road were flint hills, grey and rugged, with tall watchtowers on their stony summits. To the east the land was lower, the ground flattening to a rolling plain that stretched away as far as the eye could see. Stone bridges spanned swift, narrow rivers, while small farms spread in rings around holdfasts walled in wood and stone. The road was well trafficked, and at night for their comfort there were rude inns to be found. Three days ride from Winterfell, however, the farmland gave way to dense wood, and the kingsroad grew lonely. The flint hills rose higher and wilder with each passing mile, until by the fifth day they had turned into mountains, cold blue-grey giants with jagged promontories and snow on their shoulders. When the wind blew from the north, long plumes of ice crystals flew from the high peaks like banners. With the mountains a wall to the west, the road veered north by northeast through the wood, a forest of oak and evergreen and black brier that seemed older and darker than any Tyrion had ever seen. â€Å"The wolfswood,† Benjen Stark called it, and indeed their nights came alive with the howls of distant packs, and some not so distant. Jon Snow's albino direwolf pricked up his ears at the nightly howling, but never raised his own voice in reply. There was something very unsettling about that animal, Tyrion thought. There were eight in the party by then, not counting the wolf. Tyrion traveled with two of his own men, as befit a Lannister. Benjen Stark had only his bastard nephew and some fresh mounts for the Night's Watch, but at the edge of the wolfswood they stayed a night behind the wooden walls of a forest holdfast, and there joined up with another of the black brothers, one Yoren. Yoren was stooped and sinister, his features hidden behind a beard as black as his clothing, but he seemed as tough as an old root and as hard as stone. With him were a pair of ragged peasant boys from the Fingers. â€Å"Rapers,† Yoren said with a cold look at his charges. Tyrion understood. Life on the Wall was said to be hard, but no doubt it was preferable to castration. Five men, three boys, a direwolf, twenty horses, and a cage of ravens given over to Benjen Stark by Maester Luwin. No doubt they made a curious fellowship for the kingsroad, or any road. Tyrion noticed Jon Snow watching Yoren and his sullen companions, with an odd cast to his face that looked uncomfortably like dismay. Yoren had a twisted shoulder and a sour smell, his hair and beard were matted and greasy and full of lice, his clothing old, patched, and seldom washed. His two young recruits smelled even worse, and seemed as stupid as they were cruel. No doubt the boy had made the mistake of thinking that the Night's Watch was made up of men like his uncle. If so, Yoren and his companions were a rude awakening. Tyrion felt sorry for the boy. He had chosen a hard life . . . or perhaps he should say that a hard life had been chosen for him. He had rather less sympathy for the uncle. Benjen Stark seemed to share his brother's distaste for Lannisters, and he had not been pleased when Tyrion had told him of his intentions. â€Å"I warn you, Lannister, you'll find no inns at the Wall,† he had said, looking down on him. â€Å"No doubt you'll find some place to put me,† Tyrion had replied. â€Å"As you might have noticed, I'm small.† One did not say no to the queen's brother, of course, so that had settled the matter, but Stark had not been happy. â€Å"You will not like the ride, I promise you that,† he'd said curtly, and since the moment they set out, he had done all he could to live up to that promise. By the end of the first week, Tyrion's thighs were raw from hard riding, his legs were cramping badly, and he was chilled to the bone. He did not complain. He was damned if he would give Benjen Stark that satisfaction. He took a small revenge in the matter of his riding fur, a tattered bearskin, old and musty-smelling. Stark had offered it to him in an excess of Night's Watch gallantry, no doubt expecting him to graciously decline. Tyrion had accepted with a smile. He had brought his warmest clothing with him when they rode out of Winterfell, and soon discovered that it was nowhere near warm enough. It was cold up here, and growing colder. The nights were well below freezing now, and when the wind blew it was like a knife cutting right through his warmest woolens. By now Stark was no doubt regretting his chivalrous impulse. Perhaps he had learned a lesson. The Lannisters never declined, graciously or otherwise. The Lannisters took what was offered. Farms and holdfasts grew scarcer and smaller as they pressed northward, ever deeper into the darkness of the wolfswood, until finally there were no more roofs to shelter under, and they were thrown back on their own resources. Tyrion was never much use in making a camp or breaking one. Too small, too hobbled, too in-the-way. So while Stark and Yoren and the other men erected rude shelters, tended the horses, and built a fire, it became his custom to take his fur and a wineskin and go off by himself to read. On the eighteenth night of their journey, the wine was a rare sweet amber from the Summer Isles that he had brought all the way north from Casterly Rock, and the book a rumination on the history and properties of dragons. With Lord Eddard Stark's permission, Tyrion had borrowed a few rare volumes from the Winterfell library and packed them for the ride north. He found a comfortable spot just beyond the noise of the camp, beside a swift-running stream with waters clear and cold as ice. A grotesquely ancient oak provided shelter from the biting wind. Tyrion curled up in his fur with his back against the trunk, took a sip of the wine, and began to read about the properties of dragonbone. Dragonbone is black because of its high iron content, the book told him. It is strong as steel, yet lighter and far more flexible, and of course utterly impervious to fire. Dragonbone bows are greatly prized by the Dothraki, and small wonder. An archer so armed can outrange any wooden bow. Tyrion had a morbid fascination with dragons. When he had first come to King's Landing for his sister's wedding to Robert Baratheon, he had made it a point to seek out the dragon skulls that had hung on the walls of Targaryen's throne room. King Robert had replaced them with banners and tapestries, but Tyrion had persisted until he found the skulls in the dank cellar where they had been stored. He had expected to find them impressive, perhaps even frightening. He had not thought to find them beautiful. Yet they were. As black as onyx, polished smooth, so the bone seemed to shimmer in the light of his torch. They liked the fire, he sensed. He'd thrust the torch into the mouth of one of the larger skulls and made the shadows leap and dance on the wall behind him. The teeth were long, curving knives of black diamond. The flame of the torch was nothing to them; they had bathed in the heat of far greater fires. When he had moved away, Tyrion could have sworn that the beast's empty eye sockets had watched him go. There were nineteen skulls. The oldest was more than three thousand years old; the youngest a mere century and a half. The most recent were also the smallest; a matched pair no bigger than mastiff's skulls, and oddly misshapen, all that remained of the last two hatchlings born on Dragonstone. They were the last of the Targaryen dragons, perhaps the last dragons anywhere, and they had not lived very long. From there the skulls ranged upward in size to the three great monsters of song and story, the dragons that Aegon Targaryen and his sisters had unleashed on the Seven Kingdoms of old. The singers had given them the names of gods: Balerion, Meraxes, Vhaghar. Tyrion had stood between their gaping jaws, wordless and awed. You could have ridden a horse down Vhaghar's gullet, although you would not have ridden it out again. Meraxes was even bigger. And the greatest of them, Balerion, the Black Dread, could have swallowed an aurochs whole, or even one of the hairy mammoths said to roam the cold wastes beyond the Port of Ibben. Tyrion stood in that dank cellar for a long time, staring at Balerion's huge, empty-eyed skull until his torch burned low, trying to grasp the size of the living animal, to imagine how it must have looked when it spread its great black wings and swept across the skies, breathing fire. His own remote ancestor, King Loren of the Rock, had tried to stand against the fire when he joined with King Mern of the Reach to oppose the Targaryen conquest. That was close on three hundred years ago, when the Seven Kingdoms were kingdoms, and not mere provinces of a greater realm. Between them, the Two Kings had six hundred banners flying, five thousand mounted knights, and ten times as many freeriders and men-at-arms. Aegon Dragonlord had perhaps a fifth that number, the chroniclers said, and most of those were conscripts from the ranks of the last king he had slain, their loyalties uncertain. The hosts met on the broad plains of the Reach, amidst golden fields of wheat ripe for harvest. When the Two Kings charged, the Targaryen army shivered and shattered and began to run. For a few moments, the chroniclers wrote, the conquest was at an end . . . but only for those few moments, before Aegon Targaryen and his sisters joined the battle. It was the only time that Vhaghar, Meraxes, and Balerion were all unleashed at once. The singers called it the Field of Fire. Near four thousand men had burned that day, among them King Mern of the Reach. King Loren had escaped, and lived long enough to surrender, pledge his fealty to the Targaryens, and beget a son, for which Tyrion was duly grateful. â€Å"Why do you read so much?† Tyrion looked up at the sound of the voice. Jon Snow was standing a few feet away, regarding him curiously. He closed the book on a finger and said, â€Å"Look at me and tell me what you see.† The boy looked at him suspiciously. â€Å"Is this some kind of trick? I see you. Tyrion Lannister.† Tyrion sighed. â€Å"You are remarkably polite for a bastard, Snow. What you see is a dwarf. You are what, twelve?† â€Å"Fourteen,† the boy said. â€Å"Fourteen, and you're taller than I will ever be. My legs are short and twisted, and I walk with difficulty. I require a special saddle to keep from falling off my horse. A saddle of my own design, you may be interested to know. It was either that or ride a pony. My arms are strong enough, but again, too short. I will never make a swordsman. Had I been born a peasant, they might have left me out to die, or sold me to some slaver's grotesquerie. Alas, I was born a Lannister of Casterly Rock, and the grotesqueries are all the poorer. Things are expected of me. My father was the Hand of the King for twenty years. My brother later killed that very same king, as it turns out, but life is full of these little ironies. My sister married the new king and my repulsive nephew will be king after him. I must do my part for the honor of my House, wouldn't you agree? Yet how? Well, my legs may be too small for my body, but my head is too large, although I prefer to think it is just large eno ugh for my mind. I have a realistic grasp of my own strengths and weaknesses. My mind is my weapon. My brother has his sword, King Robert has his warhammer, and I have my mind . . . and a mind needs books as a sword needs a whetstone, if it is to keep its edge.† Tyrion tapped the leather cover of the book. â€Å"That's why I read so much, Jon Snow.† The boy absorbed that all in silence. He had the Stark face if not the name: long, solemn, guarded, a face that gave nothing away. Whoever his mother had been, she had left little of herself in her son. â€Å"What are you reading about?† he asked. â€Å"Dragons,† Tyrion told him. â€Å"What good is that? There are no more dragons,† the boy said with the easy certainty of youth. â€Å"So they say,† Tyrion replied. â€Å"Sad, isn't it? When I was your age, used to dream of having a dragon of my own.† â€Å"You did?† the boy said suspiciously. Perhaps he thought Tyrion was making fun of him. â€Å"Oh, yes. Even a stunted, twisted, ugly little boy can look down over the world when he's seated on a dragon's back.† Tyrion pushed the bearskin aside and climbed to his feet. â€Å"I used to start fires in the bowels of Casterly Rock and stare at the flames for hours, pretending they were dragonfire. Sometimes I'd imagine my father burning. At other times, my sister.† Jon Snow was staring at him, a look equal parts horror and fascination. Tyrion guffawed. â€Å"Don't look at me that way, bastard. I know your secret. You've dreamt the same kind of dreams.† â€Å"No,† Jon Snow said, horrified. â€Å"I wouldn't . . . â€Å" â€Å"No? Never?† Tyrion raised an eyebrow. â€Å"Well, no doubt the Starks have been terribly good to you. I'm certain Lady Stark treats you as if you were one of her own. And your brother Robb, he's always been kind, and why not? He gets Winterfell and you get the Wall. And your father . . . he must have good reasons for packing you off to the Night's Watch . . . â€Å" â€Å"Stop it,† Jon Snow said, his face dark with anger. â€Å"The Night's Watch is a noble calling!† Tyrion laughed. â€Å"You're too smart to believe that. The Night's Watch is a midden heap for all the misfits of the realm. I've seen you looking at Yoren and his boys. Those are your new brothers, Jon Snow, how do you like them? Sullen peasants, debtors, poachers, rapers, thieves, and bastards like you all wind up on the Wall, watching for grumkins and snarks and all the other monsters your wet nurse warned you about. The good part is there are no grumkins or snarks, so it's scarcely dangerous work. The bad part is you freeze your balls off, but since you're not allowed to breed anyway, I don't suppose that matters.† â€Å"Stop it!† the boy screamed. He took a step forward, his hands coiling into fists, close to tears. Suddenly, absurdly, Tyrion felt guilty. He took a step forward, intending to give the boy a reassuring pat on the shoulder or mutter some word of apology. He never saw the wolf, where it was or how it came at him. One moment he was walking toward Snow and the next he was flat on his back on the hard rocky ground, the book spinning away from him as he fell, the breath going out of him at the sudden impact, his mouth full of dirt and blood and rotting leaves. As he tried to get up, his back spasmed painfully. He must have wrenched it in the fall. He ground his teeth in frustration, grabbed a root, and pulled himself back to a sitting position. â€Å"Help me,† he said to the boy, reaching up a hand. And suddenly the wolf was between them. He did not growl. The damned thing never made a sound. He only looked at him with those bright red eyes, and showed him his teeth, and that was more than enough. Tyrion sagged back to the ground with a grunt. â€Å"Don't help me, then. I'll sit right here until you leave.† Jon Snow stroked Ghost's thick white fur, smiling now. â€Å"Ask me nicely.† Tyrion Lannister felt the anger coiling inside him, and crushed it out with a will. It was not the first time in his life he had been humiliated, and it would not be the last. Perhaps he even deserved this. â€Å"I should be very grateful for your kind assistance, Jon,† he said mildly. â€Å"Down, Ghost,† the boy said. The direwolf sat on his haunches. Those red eyes never left Tyrion. Jon came around behind him, slid his hands under his arms, and lifted him easily to his feet. Then he picked up the book and handed it back. â€Å"Why did he attack me?† Tyrion asked with a sidelong glance at the direwolf. He wiped blood and dirt from his mouth with the back of his hand. â€Å"Maybe he thought you were a grumkin.† Tyrion glanced at him sharply. Then he laughed, a raw snort of amusement that came bursting out through his nose entirely without his permission. â€Å"Oh, gods,† he said, choking on his laughter and shaking his head, â€Å"I suppose I do rather look like a grumkin. What does he do to snarks?† â€Å"You don't want to know.† Jon picked up the wineskin and handed it to Tyrion. Tyrion pulled out the stopper, tilted his head, and squeezed a long stream into his mouth. The wine was cool fire as it trickled down his throat and warmed his belly. He held out the skin to Jon Snow. â€Å"Want some?† The boy took the skin and tried a cautious swallow. â€Å"It's true, isn't it?† he said when he was done. â€Å"What you said about the Night's Watch.† Tyrion nodded. Jon Snow set his mouth in a grim line. â€Å"If that's what it is, that's what it is.† Tyrion grinned at him. â€Å"That's good, bastard. Most men would rather deny a hard truth than face it.† â€Å"Most men,† the boy said. â€Å"But not you.† â€Å"No,† Tyrion admitted, â€Å"not me. I seldom even dream of dragons anymore. There are no dragons.† He scooped up the fallen bearskin. â€Å"Come, we had better return to camp before your uncle calls the banners.† The walk was short, but the ground was rough underfoot and his legs were cramping badly by the time they got back. Jon Snow offered a hand to help him over a thick tangle of roots, but Tyrion shook him off. He would make his own way, as he had all his life. Still, the camp was a welcome sight. The shelters had been thrown up against the tumbledown wall of a long-abandoned holdfast, a shield against the wind. The horses had been fed and a fire had been laid. Yoren sat on a stone, skinning a squirrel. The savory smell of stew filled Tyrion's nostrils. He dragged himself over to where his man Morrec was tending the stewpot. Wordlessly, Morrec handed him the ladle. Tyrion tasted and handed it back. â€Å"More pepper,† he said. Benjen Stark emerged from the shelter he shared with his nephew. â€Å"There you are. Jon, damn it, don't go off like that by yourself. I thought the Others had gotten you.† â€Å"It was the grumkins,† Tyrion told him, laughing. Jon Snow smiled. Stark shot a baffled look at Yoren. The old man grunted, shrugged, and went back to his bloody work. The squirrel gave some body to the stew, and they ate it with black bread and hard cheese that night around their fire. Tyrion shared around his skin of wine until even Yoren grew mellow. One by one the company drifted off to their shelters and to sleep, all but Jon Snow, who had drawn the night's first watch. Tyrion was the last to retire, as always. As he stepped into the shelter his men had built for him, he paused and looked back at Jon Snow. The boy stood near the fire, his face still and hard, looking deep into the flames. Tyrion Lannister smiled sadly and went to bed.

Oil and Economic Change in Texas

Oil and Economic Change in Texas Oil and Economic Change, 1890 – 1945 History 226 Fall 2012 #14 I. Connections a. Memory i. Texans were more innovative and wanting to lead the march into the west. ii. Memory changes from southern memory to Alamo Texas revolution. 1. 1890-1945 attitude changed as Texas Economy grew b. Politics iii. Often been the case that politics either helps or hurts economic iv. Doesn’t have a federal government to actively enforce the 13th, 14th amendments. v. One of the reasons for astounding growth of Houston – federal investment.More willing to go to federal government or state government. vi. Government helps to make a more rational government c. The Beyond vii. Texas influenced by lower south as it moves toward succession. 2. Drug in by succession viii. Economic 3. Markets in Europe cotton 4. Inventions of machines empowered by Petroleum 5. Had there been no market, there would be no oil boom. a. Connections with all of these points. b. All part of the same puzzle 6. Connections between economic things and other prominent features. d. Slight decline in island communities ix.Going to the store, using the railroads through transportation x. Economic change had an effect on social change. 7. Parts of history, parts of transformation process II. Extension of the Market e. Transportation and communication xi. Revolution in the 1840’s 8. Extensive railroad construction and Texas has telegraph, radio and telephone. f. Money and banking xii. Technology of railroads and communications xiii. Texas after the civil war was land rich but cash poor. xiv. Flow of capital was investments. 9. Became easier, had the creation of a better money and banking system g.Consumer demand and supply xv. Someone has to work the system of supply and demand for petroleum. xvi. Production of cotton – much demands h. Texas was a place that had a relatively sophisticated banking system. xvii. Reinvest earnings into local banking econo my. i. Economic Colonialism? xviii. People who control the money and control momentum have an ordinant control over prices of transportation and colonialism. 10. Large corporations milked Texas 11. Texas was able to react to economic colonialism c. Texans in banking out of state banks could not do business in the state of Texas. i.Only Texas banks so money made in banking remained in Texas 12. xix. Making oil and leaving cake on stock car. 13. Put oil onto stock market. 14. Market becomes more sophisticated as money and banking increase xx. Same is true of consumer demand and supply 15. Cash only scores xxi. Modern consumer site – specialize in one or two things and buy what you need j. Greater stratigation – maybe we can make it up in land owner level. xxii. Poor got poor and the rich got richer xxiii. More people able to listen to radio and predict where cotton prices could go and what they could do.III. Role of the government and emerging Culture k. Financing of Tra nsportation and communication xxiv. Reason that Texas had a higher educational rating. xxv. Still have examples of public or private xxvi. Investment in infrastructure was important xxvii. Railroads paid for by public. 16. Periodically engaged in railroad expansion 17. On some level even though some didn’t make money. Texas as a whole made money. 18. Expands beyond simply growing cotton. – uses train. 19. Concentration in Fort Worth. d. Huge and efficient stock yards. e. Conducive for a big business like the shipyards became l.Regulation – East Texas Field xxviii. Dependable price for the freight that was brought in 20. Periodically engaged in railroad expansion 21. Over time railroad expansion expanded its duties 22. Huge pool that suddenly entered a market where the world had already entered the great depression 23. Sent east texas rangers into the rangers field to shut off price of petroleum. 24. Texas Railroad Commission f. Government was effective for the s uccess of the field of the Texas Economy m. Education xxix. Still have examples of public or private xx. Investment in infrastructure was important xxxi. Through 1945 there is a steady expansion by private schools, donors and universities. 25. Anti-colonialism – xxxii. Texas Anti-monopoly law – there was a great fear of standard oil. Fear of monopolized xxxiii. State attorney general aggressively applied n. Anti-colonialism xxxiv. Tired levels of education that we had never had before 26. High rate of return on investment xxxv. Opportunity for investment and income IV. Oil and the Multiplier Effect o. Corsicana and Spindletop xxxvi. 850’s-60’s, 70’s there wasn’t a lot of use for it. 27. Wasn’t until 1895 there was a significant field of oil. xxxvii. At first they didn’t know what to do with it but soon word got out and it began to be sold as fuel oil. 28. Instead of wasting a third of it in an oil field. 29. We’ll drill every salt owned in p. Connections, markets and government xxxviii. West Texas to East Texas xxxix. Ira and Anne Yates 30. Government provides ways for oil drillers. 31. Texas by 1945 was the number one producer of petroleum in the world. q. Expansion 1920 to 1945 xl.By 1945 Texas was number one producer in the world. 32. Geology and demands of drilling in Texas were particular in Texas 33. Houston in particular became sinners of not just petroleum companies. g. Expansion of petroleum possible. ii. Drilling, bowls, pike, storage facilities r. Industrialization and urbanization xli. Multiplier of more high tech, high skilled jobs. xlii. Goes into things like building big buildings and banks 34. Multiplier effect encourages industrialization and urbanization h. Hold autumn in your hand iii.Heor has an option of being a sharecropper 1. Spin off or multiplier effect. iv. Industrial effect. 2. The world is quite different in terms of opportunity V. The Rise and Fall of King Cotton s. Bla ckland Praries xliii. Cotton expands – more and more produce cotton. 35. Cotton was more sophisticated t. Connections, markets and government xliv. People who had the money owned it and made the money u. Cotton firms like Anderson Clayton xlv. By 1960 it was the worlds biggest cotton company 36. Perfected how to buy cotton as cheaply as possible i.How to sell cotton as cheaply as possible v. Doesn’t matter whether it is a nickel a pound or a dollar a pound. 37. Smart and understood the market v. Mechanization xlvi. Disrupted by the Great Depression 38. Price of Cotton is so low that the federal government acts to slow production. 39. Land owners take money, invest in machinery, education, better strains of cotton. j. Bulk of population, cotton no longer grown. k. Peak anchorage of the late 1920’s w. Cotton holiday of 1930 xlvii. Only 2% of the population xlviii. Economic change of a transformed society 40. After 1945 x. New Deal