Prosperos Complex Personality Exhibited in Shakespeares...

The play entitled â€Å"The Tempest† written in 1610 and later published in 1623 is one of the great comedy plays by William Shakespeare. The themes illustrated in the play are freedom, friendship, repentance and forgiveness. Its protagonist is an enigmatic character named Prospero who wields the compelling power of the magic arts. Prospero, the former duke of Milan and his beloved daughter have been stranded on an island for twelve years. Disappointingly, his own brother Antonio exiled him and his daughter with the help of Alonso, the king of Naples then he unrightfully claimed his brother’s position as the Duke of Milan. The vessel that they travelled in was filled with: some food, some water, and also precious books belonging to Prospero-the†¦show more content†¦Cunningly, Prospero uses the linguistic technique of flattery in order to befriend Ariel so that he can get him to do as he commands. At the beginning of Act 1 Scene 2 it has this apparent line, â₠¬Å"My brave spirit! Who was so firm, so constant, that this coil would not infect his reason?† The stated quote informs us that Prospero is praising Ariel for completing the task that was set for him; in doing this Prospero causes the harpy to feel flattered and willing to help Prospero with any other tasks. The magician praises his spirit for two reasons: obviously because he is proud of his spirit and also because he needs Ariel to help him to avenge his betrayers by completing the tasks set to him. Prospero effectively uses questioning as well as short and sharp sentences to make Ariel feel guilty so that Ariel does what Prospero wants him to do. The following quotes are examples of this: â€Å"How now? Moody? What is’t thou canst demand?†; â€Å"Dost thou forget from what torment I did free thee?† Naturally, when you feeling guilty you get rid of the feeling by using your intellect to reason your guilt; Ariel feeling guilty does this by listening to Prospero and not demanding anything from him which is what Prospero wants. Prospero was bridling because he feels that Ariel is ungrateful as he saved him from a prison and in return the majestic magician only asks for him to perform some â€Å"minor† tasks for him. Being Dexterous, Prospero applies both bribery andShow MoreRelated A Comparison of Romantic Love in A Midsummer Nights Dream, The Tempest, and Twelfth Night1505 Words   |  7 PagesRomantic Love in A Midsummer Nights Dream, The Tempest, and Twelfth Night In all of Shakespeares plays, there is a definitive style present, a style he perfected. From his very first play (The Comedy of Errors) to his very last (The Tempest), he uses unique symbolism and descriptive poetry to express and explain the actions and events he writes about. Twelfth Night, The Tempest and A Midsummer Nights Dream are all tragicomedies that epitomise the best use of the themes and ideology

Copernican Heliocentrism Impact to Modern Science

Copernican Heliocentrism impact to Modern Science Michael White WGU February 24, 2011 Thesis Statement: Nicolas Copernicus Heliocentrism helped to revolutionize science and catapult man into space. Introduction: Early science and astronomers believed the earth to be the center of the universe; this was known as the Geocentric Model. Prior to the 17th Century the Catholic Church held onto and defended the Geocentric Model as the divine order of planetary alignment and man’s hierarchy in the universe. Nicolas Copernicus introduced the heliocentric model when most scientific minds believed the earth was the center of the universe. This presentation will articulate two main points: Copernicus’s heliocentric model impact to the†¦show more content†¦The Copernican revolution was arguably completed by Isaac Newton whose Philosophiae Naturalis Principia Mathematica provided a consistent physical explanation which showed that the planets are kept in their orbits by the familiar force of gravity. The geometric calculations and results which Copernicus compiled regarding orbital movements and positioning are now regarded as scientific truths. The heliocentric disco veries have become the cornerstones of breakthroughs in physics, astronomy and geometry. Without Copernicus’s heliocentric model modern man could not have achieved space flight or reached the moon. Copernicus’s theory became a major factor in modern space travel and other scientific innovations. (Asimov, 1964) Scripted Audience Questions Question: Why did the Church fight the heliocentric model so strongly? Answer: Anyone who disagreed with this analogy that the Geocentric Model as the divine order of planetary alignment and man’s hierarchy in the universe was branded a heretic, because it was considered going against Biblical doctrine. Question: In what way did Copernicus impact early science? Answer: Copernicus’s heliocentric model and its mathematics accurately mapped the moons orbit and other celestial bodies positioning. Question: How did Copernicus model help modernShow MoreRelatedGalileo Galilei was one of the most influential scientists of the Renaissance period. He was a1800 Words   |  8 PagesGalileo Galilei was one of the most influential scientists of the Renaissance period. He was a mathematician, physicist, astronomer, a philosopher. He integrated the independent sciences of math and physics, and unified them. The popular view of the world, due to the Church overall power, at the time was Aristotles theory that the the universe was geocentric or that the Earth was at the center of the universe.. Galileo went against that common belief and declared to the world that the Earth is notRead MoreGalileos Mathematical-Experimental Method Essay1857 Words   |  8 Pagescelestial bodies to the motion of minuscule free falling pebbles and water droplets upon a ship show his immense scientific interest and his discoveries cannot be overstated as he has been widely accredited as the founder of a new rational science. The science of antiquity which scholars were taught in Galileo’s time was an amalgamation of religious doctrine and Aristotelian philosophy reinterpreted to match with the teachings of the church. As a result, there was little scientific advancement.Read MoreElectronic Mass Planets Orbiting The Pulsar Psr B125710312 Words   |  42 Pageswe declare to be infinite... In it are an infinity of worlds of the same kind as our own. † —Giordano Bruno (1584)[32] In the sixteenth century the Italian philosopher Giordano Bruno, an early supporter of the Copernican theory that Earth and other planets orbit the Sun (heliocentrism), put forward the view that the fixed stars are similar to the Sun and are likewise accompanied by planets. In the eighteenth century the same possibility was mentioned by Isaac Newton in the General Scholium that

Knowing About the Comparisons Between Ball Mill and Vertical Mill Free Essays

For a long time, ball mill has been a key equipment for high capacity grinding demand. Nowadays, vertical mill will be active in this field. You must want to know the comparison between them, please read as follows: 1). We will write a custom essay sample on Knowing About the Comparisons Between Ball Mill and Vertical Mill or any similar topic only for you Order Now Higher grinding efficiency. Vertical mill grind material in material bed, engergy cost will be 30% lower than ball mill, as sound engergy and thermal energy will cause energy loss in ball mill. 2). Simpler process flow and less investment need in infrastructure. Simpler design in powder transmission ensures less breakdown time and better operation; compact arrangement requires only 70% building area and 50%-60% building space of that for ball mill. 3). Excellent performance in drying. As material is transferred by hot steam, wind temprature can be controlled to dry material with moisture of 12%-15% ready for grinding, while that for ball mill can only be 3%-4%. 4). Less consumption of metal parts. As there is no direct contact between different metal parts, metal consumption and iron content of final product will be reduced a lot, which will be good for final product quality. 5). Less noise and dust. Noise can be reduced by 20-25 db comparing with ball mill and dust will be reduced greatly thanks to it’s subpressure design. 6). Powder is more even. As qualified products can be seperated in time and over grinding can be avoided, which can provide more even powder comparing with ball mill, in which over grinding is inevitable. Meanwhile, grain size can be adjusted easily by a unique system. ball mill: http://www. hxjq-crusher. com/20. html Stone crushing plant: http://www. hxjqchina. com/n26. html vibratory feeder: http://www. hxjqchina. com/product-list_14. html Stone production line: http://www. hxjq-crusher. com/64. html How to cite Knowing About the Comparisons Between Ball Mill and Vertical Mill, Papers

Managing People and Organisation free essay sample

The purpose of this report to analyze the current situation in Shenzhen Filtroil and propose specific recommendation for the successful future management of Shenzhen Filtroil and its employee team. And work out detailed implementation plan. The report includes 5 key parts: 1. Analysis of external environments (PEST) and internal environments (SWOT) in which Shenzhen Filtroil operates. Key implication for people and organization in this sector. PEST and SWOT (Appendix). 2. Analysis the organization structure and organization culture of Shenzhen Filtroil. Key implication of this analyze for the successful future management of Shenzhen Filtroil and its employees. 3. Taking in to account national culture differences, analysis of leadership and management styles and capabilities as well as the employee team in Shenzhen Filtroil. Key implication of this analyze for the successful future management of Shenzhen Filtroil and its employees. 4. Recommendation for best of four options for the future, offered by Leahman and Randolph, and explanation why has made this choice. We will write a custom essay sample on Managing People and Organisation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 5. Specific recommendations for the successful future management of Shenzhen Filtroil and its employee team. Include detailed implementation plan. (Appendix). The following key recommendations for the successful future management of Shenzhen Filtroil and its employee team: * Keep Core groups of workers * Keep Core business * Create Flexible Labor Force * Workers can be transferred to different activities and task * Take into account cultural differentiation of China and US management style * Change management style Part 1. Analysis of external environments (PEST) and internal environments (SWOT) in which Shenzhen Filtroil operates. Key implication for people and organization in this sector. PEST and SWOT (Appendix) For External and Internal environments we will use the Concentric Circle Framework depicts three levels of analysis necessary to the understanding of management of people and organizations in Shenzhen Filtroil. MACRO: Analysis of the global external environments in which Shenzhen Filtroil operates

When You Listen To A Piece Of Music You Usually Dont Think Of Math, B Essay Example For Students

When You Listen To A Piece Of Music You Usually Dont Think Of Math, B Essay When you listen to a piece of music you usually dont think of math, but the two are interlinked and music always involves math even though we dont always realize it. When musicians play music they are using mathematical formulas to play. There are formulas for making cords, scales and a formula for the what notes they play. Musical notation also involves math, you use time signatures while playing along to a piece of music which are basically just fractions, 3/4,7/4, and 4/4 are all time signatures. the bottom number in the fraction gives you the type of note to be played and the top gives you the amount of times it is played. There are five basic types of notes to be played in music, the sixteenth note, the eighth note, the quarter note, the half note, and the whole note. For each of these notes you divide the previous note by two. The sixteenth note is divided into two which gives us eight, the eight into four, and so on (see chart). The easiest note to start with is the whole note there is one beat per measure of a song, for the half there is two beats per measure, and so on until there is sixteen beats per measure. We will write a custom essay on When You Listen To A Piece Of Music You Usually Dont Think Of Math, B specifically for you for only $16.38 $13.9/page Order now (www.tabcrawler.com)Guitar chords are also made using a formula, first you get the scale of the type of cord you are trying to form, for example lets say c-major the formula for making a major cord would be tone, tone, semi-tone, which would mean the first note in the scale, the fourth, and the seventh. This is how most musicians make a cord. The first note in the scale is always a full tone as is the last this is because this is two octaves apart and they are the root notes. (guitar player, June 1996)There are twelve tones in an octave ex. C, C#, D, D#, E, F, F#, G, G#, A, A#, B. A full octave would have another C at the end but it is the same pitch as the first C except an octave higher so it is usually left out. Ancient Greeks came up with this method, they said in an octave each note was an integer multiple of the first. There is not a perfect octave however it is always a couple of numbers off the original frequency. log3/log2= continued fraction, is the best fraction to get closest to the perfect octave. if we take the notes frequencies, and build fifths we get pretty accurate to a perfect octave. Twelve is by far the easiest number to get closest to a perfect octave which is why there are twelve tones in an octave. A whole tone is usually from one whole note to the other or one # note to the other except on tow occasions: b-c and e-f there is no # note in between those notes so from b-c and e-f is a whole tone but anywhere else it is three notes ex . a-a#-b (www.classic-guitar.com)Math is also very important while making a guitar. A normal guitar usually contains 21 frets, the spaces in between the frets is usually found by getting the total length of the neck, and then using the rule of 18 which is 17.835. You divide the length of the neck by this number and this gives you the length of the first fret. Then you subtract the length of the first fret from the total neck length and then divide the length by 17.835. You do this until you have the full neck frettedBibliographyBibliography: www.tabcrawler.com, good place for guitar theorywww.classic-guitar.com, good place for time signatureBook: Drum Basics, good source for musical notation]Guitar Theory, good book for musical theory

Confidence Interval for the Difference of Two Population Proportions

Confidence Interval for the Difference of Two Population Proportions Confidence intervals are one part of inferential statistics.   The basic idea behind this topic is to estimate the value of an unknown population  parameter by using a statistical sample.   We can not only estimate the value of a parameter, but we can also adapt our methods to estimate the difference between two related parameters.   For example we may want to find the difference in the percentage of the male U.S. voting population who supports a particular piece of legislation compared to the female voting population. We will see how to do this type of calculation by constructing a confidence interval for the difference of two population proportions.   In the process we will examine some of the theory behind this calculation.   We will see some similarities in how we construct a confidence interval for a single population proportion as well as a confidence interval for the difference of two population means. Generalities Before looking at the specific formula that we will use, lets consider the overall framework that this type of confidence interval fits into.   The form of the type of confidence interval that we will look at is given by the following formula: Estimate /- Margin of Error Many confidence intervals are of this type. There are two numbers that we need to calculate.   The first of these values is the estimate for the parameter.   The second value is the margin of error.   This margin of error accounts for the fact that we do have an estimate.   The confidence interval provides us with a range of possible values for our unknown parameter. Conditions We should make sure that all of the conditions are satisfied before doing any calculation. To find a confidence interval for the difference of two population proportions, we need to make sure that the following hold: We have two simple random samples from large populations.   Here large means that the population is at least 20 times larger than the size of the sample. The sample sizes will be denoted by n1 and n2.Our individuals have been chosen independently of one another.There are at least ten successes and ten failures in each of our samples. If the last item in the list is not satisfied, then there may be a way around this.   We can modify the plus-four confidence interval construction and obtain robust results.   As we go forward we assume that all of the above conditions have been met. Samples and Population Proportions Now we are ready to construct our confidence interval.   We start with the estimate for the difference between our population proportions. Both of these population proportions are estimated by a sample proportion.   These sample proportions are statistics that are found by dividing the number of successes in each sample, and then dividing by the respective sample size. The first population proportion is denoted by p1.   If the number of successes in our sample from this population is k1, then we have a sample proportion of k1 / n1. We denote this statistic by  pÌ‚1.   We read this symbol as p1-hat because it looks like the symbol p1 with a hat on top. In a similar way we can calculate a sample proportion from our second population.   The parameter from this population is p2.   If the number of successes in our sample from this population is k2, and our sample proportion is   pÌ‚2 k2 / n2. These two statistics become the first part of our confidence interval. The estimate of p1 is pÌ‚1.   The estimate of p2 is pÌ‚2.   So the estimate for the difference p1 - p2 is pÌ‚1 - pÌ‚2. Sampling Distribution of the Difference of Sample Proportions Next we need to obtain the formula for the margin of error.   To do this we will first consider the   sampling distribution of   pÌ‚1  . This is a binomial distribution with probability of success p1 and  n1 trials. The mean of this distribution is the proportion p1.   The standard deviation of this type of random variable has variance of p1  (1 - p1  )/n1. The sampling distribution of pÌ‚2 is similar to that of pÌ‚1  .   Simply change all of the indices from 1 to 2 and we have a binomial distribution with mean of p2 and variance of p2 (1 - p2 )/n2. We now need a few results from mathematical statistics in order to determine the sampling distribution of pÌ‚1 - pÌ‚2.   The mean of this distribution is p1 - p2.   Due to the fact that the variances add together, we see that the variance of the sampling distribution is p1  (1 - p1  )/n1 p2 (1 - p2 )/n2.   The standard deviation of the distribution is the square root of this formula. There are a couple of adjustments that we need to make.   The first is that the formula for the standard deviation of pÌ‚1 - pÌ‚2 uses the unknown parameters of p1 and p2.   Of course if we really knew these values, then it would not be an interesting statistical problem at all.   We would not need to estimate the difference between p1 and  p2..   Instead we could simply calculate the exact difference. This problem can be fixed by calculating a standard error rather than a standard deviation.   All that we need to do is to replace the population proportions by sample proportions.   Standard errors are calculated from upon statistics instead of parameters. A standard error is useful because it effectively estimates a   standard deviation.   What this means for us is that we no longer need to know the value of the parameters p1 and p2.   .Since these sample proportions are known, the standard error is given by the square root of the following expression: pÌ‚1 (1 -  pÌ‚1 )/n1   pÌ‚2 (1 -  pÌ‚2 )/n2. The second item that we need to address is the particular form of our sampling distribution.   It turns out that we can use a normal distribution to approximate the sampling distribution of  pÌ‚1  - pÌ‚2.   The reason for this is somewhat technical, but is outlined in the next paragraph.   Both   pÌ‚1 and   pÌ‚2   have a sampling distribution that is binomial.   Each of these binomial distributions may be approximated quite well by a normal distribution.   Thus pÌ‚1  - pÌ‚2 is a random variable.   It is formed as a linear combination of two random variables.   Each of these are approximated by a normal distribution.   Therefore the sampling distribution of pÌ‚1  - pÌ‚2 is also normally distributed. Confidence Interval Formula We now have everything we need to assemble our confidence interval.   The estimate is (pÌ‚1 - pÌ‚2) and the margin of error is z* [ pÌ‚1 (1 -  pÌ‚1 )/n1   pÌ‚2 (1 -  pÌ‚2 )/n2.]0.5.   The value that we enter for z* is dictated by the level of confidence C.  Ã‚  Commonly used values for z* are 1.645 for 90% confidence and 1.96 for 95% confidence.   These values for  z* denote the portion of the standard normal distribution where exactly  C percent of the distribution is between -z* and z*.   The following formula gives us a confidence interval for the difference of two population proportions: (pÌ‚1 - pÌ‚2) /- z* [ pÌ‚1 (1 -  pÌ‚1 )/n1   pÌ‚2 (1 -  pÌ‚2 )/n2.]0.5

Assignment Essay Example | Topics and Well Written Essays - 1250 words - 12

Assignment - Essay Example Also, he has not sharply brought the impression that the large mushroom of white smoke is not cloud, but smoke. Irrespective of the type of camera used, the focus of the image is clear. The photographer clearly aims and focuses on the tallest tower under fire attack. Other buildings surrounded by the tower are an addition to indicate the extent of damage brought about by the great explosion. The shallow depth of field used leaves every element out of focus except the buildings under attack, as well as the messy environment created by the impact. The purpose for using a shallow depth of field is to keep the viewer’s focus on the main subject (the tower), and to bring about a sense of mystery over where the event occurred. Additionally, crafting a monochromatic tone brings about a vintage feeling which further reminds the viewer that it is an historical event. When it comes to matters concerning the framing of the shot, the photographer intends to guide the viewer’s roaming eyes from the tower of focus, to the buildings surrounding it. The photojournalist also seeks to show the viewer the surrounding environments and buildings that have been literary blanketed by the mushroom of smoke coming from the tower. This adds extra interest on the picture. In the second picture, the photographer seeks to create an impression of a war-tone environment where there are casualties of war. He focuses on the dark, often unmentioned effects of war. The soldier pictured, is the subject of focus. The object he is trying to hold with his two hands, is probably a war victim, who might be a fellow soldier, or innocent non-combatants. The object that relays an impression of war includes the full combat outfit worn by the person under focus. The photo has an extremely sharp contrast which creates a blurring effect. The point of interest in this photo is the soldier. To distinguish them from other elements captured, the photographer captured a photo with a shallow depth of field,

Human Resource Management Essay Example | Topics and Well Written Essays - 750 words - 3

Human Resource Management - Essay Example As per the X and Y theory postulated by McGregor (1960) there are two broad categories of leadership styles having two different beliefs and assumptions about subordinates. This theory is called theory X and theory Y. The theory X style of leaders believes that most people dislike work and will avoid it wherever possible. If people do work as desired, they may even get monetary or other rewards. Theory Y leaders assume that people will work hard and assume responsibility if they can satisfy their personal needs and objectives and goals of their organization. Before adopting a particular style of leadership an effective leader needs to examine carefully his ideas about the motivation and behavior of subordinates. The authoritarian style of leadership is assuming that the power of leaders is derived from the position they occupy and the people are lazy and unreliable.[Bass,B.M 1960,New York, Leadership, psychology and organizational behavior. Harper and Brothers] The leadership styles discussed so far applies to the top and middle levels of the organization. Control is also an issue at lower level in organizations where supervisors must directly control subordinates, which is called supervisory control. Output control and behavior control are the two types of supervisory strategies available to managers. Output control is based upon written records that measure employee outputs and productivity. Behavior control is based upon personal observation of employee behavior and procedures. It is a time consuming process because it requires personal surveillance. [Daft, Richard, Organization theory and Design, west publishing company, 1989] Surveillance is the Behavior control method based upon personal observation of employee behavior and procedures. This method is normally carried out at the lower level by the supervisors. Supervisory practices contribute significantly to organizational climate. The degree of trust or its absence among

Historical Roots of the Conflict Leading to Genocide in Rwanda Essay

Historical Roots of the Conflict Leading to Genocide in Rwanda - Essay Example There is a consensus about the multiplicity of the factors involved in the conflicts in Africa. Rwanda’s 1994 genocide case is not exception (Villier qtd. in Gaparayi 4).There are several views when it comes to defining the causes of conflict, major focus of this paper is to identify and analyze the historical roots of the conflicts that led to genocide in Rwanda in 1994. Brief Overview of Factors In order to identify the cause of conflicts that led to genocide in Rwanda, some argue that its root cause is embedded in pre-colonial political and social structures of Rwanda (Kangura 1995; J-J. Maquet 1961) while others argue that it initiated by the imposition of colonial powers which was a system of ethnic identity and political/administrative structures that led to division in Rwandan society (qtd. in Gaparayi 3).Moreover, colonial imposition was conserved by two Hutu regimes since independence which finally led to the conflicts and 1994’s genocide (Fundi qtd. in Gaparayi 3). Ethnic and Social Identities and Roots Rwandan people are composed of two major groups, Hutu and Tutsi. Hutu are in majority comprising nearly 85 per cent of the population, Tutsi are 15 per cent while a third minority group Twa or pygmies comprise 1 per cent of total population. Hutu are considered to be settlers from south and west while the Tutsi people came to Rwanda after Hutu people from the north and east. These two groups organized themselves in semi-autonomous communities and established links through trade, marriage, and other social engagements. According to estimates, nearly half of Rwandans today have both Tutsi and Hutu ancestors. Therefore, a group of scholars believe that the difference among them were social and economical rather than their ethnic identity (IJR 7).Despite similarities and shared culture, there are several factors that separated Tutsi and Hutu throughout history and kept the tension building. Tutsi Oppression Irrespective of their origins, these groups lived on same hills and shared simila r social and political culture where identities are divided more into clans rather than ethnicity. It continued until the second of half of nineteenth century. Tutsi King Rwabugiri (1860-95) intervened into the Hutu and Tutsi’s autonomous relationship by introducing a form of feudal labor. According to this setting, Hutu access to land was allowed in return for labor. On the other hand, it exalted Tutsi status to cattle farmers. However, historical evidence suggests that these differing lines between Hutu and Tutsi continually blurred. It is because laborers acquired upward social mobility and status of Tutsi by getting cattle though marriages, barter, and trade. At the same time, some Tutsi became Hutus because of their declining economic conditions (IJR 7). Colonial Roots The Rwandan conflict was historically

Financial and Strategic Evaluation of Tesco Plc

Financial and Strategic Evaluation of Tesco Plc Financial and strategic evaluation of Tesco Plc Executive Summary To understand how a business is performing, understand what might be expected in the future and determine whether the business is a risky investment. An investor, analyst, researcher or accountant needs to understand the strategy of a business and how they plan to achieve this. The capital structure of a business can determine whether the company has enough finance in order to achieve targets and investments, determining certain risks involved and level of return required. This report looks at the level of gearing Tesco has whether financed by debt or equity, going on to look at the weighted average cost of capital. Investment is also important as investors expect, and the company looks to achieve growth. With Tesco this report looks at both future and past investments, analysing the non financial and financial benefits from them. Dividend policy and yields are analysed looking into theory behind them. Tesco shares are analysed using valuation techniques, looking at what may be the reason for Tescos success through the recession, helping them stabilise share price after the peak of recession despite some contractual and ethical issues. Finally looking into how the international market has benefited Tesco by non financial means. An overview of a few strategic issues Tesco has faced over the years is provided, looking into some of the challenges and results of these issues. Problems such as competition, international expansion and contract disputes are shown in detail later in the report. 1.0 Introduction Tescos overall strategy is growth, which has helped strengthen their core business within the UK, (Tesco, 2010). Tesco plan to achieve this strategy through diversifying their product range away from food and to include financial, non financial and telecommunication services/products also by penetrating new markets globally. This report evaluates Tesco, analysing their capital structure and the level of debt discussing how this can influences the company value and investing decisions, looking at how past investments and future investments are beneficial for Tesco. Dividend policies are related to theory and share prices are questioned using different valuation techniques available to any investor. Going on to look at survival through the recession looking at different strategic issues they have faced over the years. 2.0 Capital Structure and Finance agreement Figures above referenced from FAME database, show for expansion of its business Tesco Plc increased gearing from 51.58% to 91.38% within years 2000 and 2003. Increasing debt can be a cheaper less risky option as cost of debt is lower than equity and increasing levels of debt can reduce the weighted average cost of capital. By reducing weighted average cost of capital, company value can be increased and therefore shareholder wealth is increased. WACC can be used against cash flows in order to determine the net present value of a project. Tesco probably used this as a means to decide which investments are beneficial. After this period global financial crisis began to hit the market, Tesco Plc reduced its gearing ratio and kept the ratio level at around 75% until 2007. This was sensible at the time due to recession risk of lower turnover levels could mean the ability to repay certain levels of debt more difficult. Having higher levels at the time would have meant financial risk, repayment risk etc, would affect interest rates on loans and increase the cost of equity as shareholders are taking a higher risk therefore require a higher rate of return. Tescos main competitors suffer the similar situation; ASDA and Sainsbury were also affected by the global financial crisis, they also reduced their gearing ratio level and keep it to relatively low level to about 35%. However, with the positive profit figure, Tesco changed its current strategy. Tesco have geared up its business rapidly from 2008, and reached 149.14% in 2009. As the figures show that Tesco had borrowed in a huge amount of debt in 2009. R ecently, a joint venture between Tesco and property firm British Land has refinanced its retail portfolio with a new 315 million pounds five-year term loan. (British Land, 2010) it is to believe that a rapid market expansion and investment will be followed. Years 2005 to 2009, sales and income figures of TESCO have steadily increased; it generated a very positive profit return for investors. With the global finance crisis continuing to affect UKs economics, the government may loosen its restriction towards TESCO; whatever happens, people need foods and basic living materials, it is a perfect moment for Tescos expansion. The high level of gearing may support Tesco to expand its business; however there is potential risk of default on loans. Can Tesco maintain its level of income, if not how can TESCO to repay the debt it borrowed? This problem could influence investor decisions. 3.0 Investment UKs largest retailer Tesco expanded into foreign markets attempting to increase future growth in the global retail industry. The company initiated its international expansion strategy by venturing into Central Europe, Asia and the US. Figure 1 shows Tesco PLC sales profits before recession had an impacted. This shows sales profits in the overseas market amounted to a fair percentage of Tescos profit figure. Comparing growth over 5 years in the UK with Asia, UK only generates a 49% increase when the Asian market increased 250%. Tesco has placed increasingly focuses on their international venture. Nearly two-thirds of the groups space is now overseas, although these markets still only account for a quarter of group turnover (Rigby, 2009). Tescos Summary Five Year Record Year ended February 2001 (m) 2002 (m) 2003 (m) 2004 (m) 2005 (m) Group Sales 22,585 25,401 28,280 33,557 37,070 Turnover excluding VAT UK 18,203 19,821 21,309 24,760 27,146 Rest of Europe 1,737 2,181 2,664 3,385 3,818 Asia 860 1,398 2,031 2,669 3,010 20,800 23,400 26,004 30,814 33,974 Philip Clarke, head of Tescos international operations, singled out South Korea, along with China. Mentioned as Tescos two most promising markets, planning to open 100 new stores in South Korea alone (Rigby, 2009). This is a wise decision due to current economics Britain has been impacted among some of the worst around the world, where China especially was not greatly affected with vast growth. Probable reasons for Tesco expanding internationally rather than nationally may be due to competition policy trying to limit Tescos growth, also there is little land space to continue building new structures, and Tesco already purchased the most profitable local convenience stores in the past. 3.1 Environmental Tesco, now 4th largest retailer in the world, have announced that it will open the first zero carbon store as part of its bid to be a carbon  ­neutral company by 2050. They stated its corporate commitment towards reducing climate change, for example halving its energy use per square foot by 2010, reuse and recycling packaging where possible (Leahy, 2009). A green example of this is where they use returnable ‘Green trays saving around 132,000 tonnes of cardboard packaging in 2007/08. Tesco plans to invest  £100m in sustainable environmental technology which is finding more practical ways to use renewable energy, such as solar and wind power, and to help develop the green technologies of the future (Tesco Media, 2010). Environmental issues are becoming increasingly important over the years. Climate change has become a huge focus for businesses. The Climate Change Act 2008 makes the UK the first country in the world to have a legally binding long-term framework to cut carbon emissions (OPSI, 2008). Government ensures that organisations are adapting and that its policies, programmes and investment decision are made in the context of climate change. By continuously making environmental changes Tesco builds reputation as a more ethical company. 3.2 Diversification On the other side of expansion, Tesco is looking to take advantage of the current mistrust towards banks following their role in the economic crisis. They had spent  £950m for purchasing 50% of Royal Bank of Scotlands share of TPF last year (This Is Money, 2008). It is also planning to expand its telecoms operation industry following the appointment of Tesco marketing director Lance Bachelor as Tesco Telecom chief executive. Tesco are going to attempt penetrate the finance market further by offering current accounts within two years and also offering mortgages for their first time. Offering credit cards, insurance and savings deals already Tesco has a huge customer base. They have a huge potential to increase turnover by selling more products to their existing customers. They plan to open branches globally not on in the United Kingdom which could be a huge challenge for the company. They need to time this investment perfectly, especially amidst the recession. They stated that it has to build the IT infrastructure which required supporting the bank system, and this project is described as a huge undertaking†. As a Tesco bank customer, you will also be able to accrue loyalty points under its Club card program (Tesco, 2008). 4.0 Shareholder Information An important factor in the eye of an investor is predicting the future. Shareholders are interested in company performance, both long and short term. They are also interested in the companys investment not only to expect growth but so they are able to assume levels of retained earnings and cash flows. This allows shareholders to make estimations on dividend payout, the only form of cash flows a shareholder receives and predict any growth on share price. 4.1 Dividend Policy Tesco pay cash dividends as interim and final year. The dividend is steadily increasing even through the Recession. Annual Dividends per share has increased 26.48% from 8.91p in 2007 to 11.27p in 2009 (Tesco, 2007-9). The company pay a fairly low dividend with a yield averaging 2.43% from 2007-09. Low yields can lead to possible patterns of high growth unlike high yields resulting in sharp falls (Arnold, 2008). Steady dividend payments and low dividend yield targets higher earners and those on looking for long term investment. Cash in the business is expected to be invested in projects with positive net present values as investors are looking for capital gains. This suits Tesco as one of the reasons for a lower yield and dividend is due to large investments in expanding and making the company more diverse. 4.2 Share Price Capture.PNGShares are hard to say what influences price, there are many factors which can all influence share price such as earnings per share and price earnings multiple. News can have affects such as bad press can decrease share price, disputes or contractual issues etc. Other areas may be dividends, although according to Modigliani and Miller theory whatever dividend policy is used, firms which pay more dividends offer less price appreciation and pay the same shareholder return, according to cash flows from investments and risk measurements (Arnold, 2008). This theory provides proof given assumptions of no tax, investment decisions are not affected by dividends and there are no transaction costs converting price into cash when selling stock. In the current economic position this theory would most likely be irrelevant as there are always taxes upon a business. Transaction costs would almost always apply therefore this theory has its limitations. If dividends were irrelevant, the business may be wasting time analysing which shareholder are indifferent (MM Theory, 1961). As market leader for United Kingdom Tesco has shown stability during the crisis. Share price over the peak of the recession until recently has remained more stable for Tesco than competitor Sainsbury. Sainsbury had been affected severely between August and November 2007 as Delta Two pulled out in belief Sainsburys did not have enough capital to maintain competitiveness (Birmingham Post, 2007). This was a high in the recession. Financial markets began to stop trading between each other and there was the near collapse of Northern rock, (Telegraph, 2009). The Sector was hit hardest in years however Tesco has begun to make its recovery with share price increasing unlike Sainsbury who only managed to stabilise over the last year. 4.3 Valuation Capture7.PNGInvestors may use share valuation techniques to determine whether shares are over or under value. Dividend yield valuation shows share price was fairly valued in 2007 but undervalued in 2008 and overvalued for 2009. This is calculated by dividing share price by the yield seen in Figure 3. Dividend yield was based upon Annual Dividend/ Share price. This valuation method can be affected by the level of dividend especially if the company is going to invest, which Tesco has made some huge investments purchasing 50% of RBS. This could be the reason why value is currently low here, whereas real value accounts for all affects. klll.PNGThe final method for this report is Price Earnings Valuation. Multiplying earnings per share by the P/E multiple. A higher P/E multiple indicates the price of stock is more than a lower P/E. In Figure 4 P/E*EPS shows similar results as using the dividend yield however P/E over the past 3 years has been decreasing, which shows investors are not willing to pay as much for a stock than previously. Tesco shares have remained strong, recovering after a downfall in peak of recession. Share valuation techniques however have shown share value may be overvalued in 2009. There seemed to be a recovery but using P/E and Dividend yield valuation, which provided a comparable result share value should be lower. This may mean it is safe to sell shares in Tesco now as price may fall. Dividend payment however suggest chance of expected growth in the future but looking at long term trends there have not been any dramatic changes in dividend payment or yields. 5.0 Surviving the Recession Researchers and Accountants believe Tesco was the number one company to survive the recession in the research survivability index. The information considered for this was not just cost cutting but based upon factors such as; branding, cost management, internet potential and customer targeting, (Ruddick, 2008). For instance, Tesco replaced a lot of high brand products with Tesco value products, which sell for less however attract more customers generating higher turnover, this helped reduce costs related to more expensive products. Other cost savings are through better use of IT, and from policies and management of suppliers to ensure the greatest value to the business and customer (Business, 2009). Tesco club card points and vouchers have been a huge impact for customer targeting, by offering double club card points many customers who arent regular shoppers become regulars. Tesco also monitor their customers far more intensely than other supermarkets. They analyse buying patterns and send vouchers in the post to attract customers back, or when customers have not returned for a while they send vouchers to entice them. 6.0 Competition Severe rivalry within the UK retail market is forcing cost cuts and ways news ways that they can differentiate themselves from competitors. The retail market is mature and oligopolistic in its nature, with a few major multiple retailers dominating the market (Business, 2009). Competition between the large retailers resulted in price wars with the big two, Asda and Tesco reducing price margins for the industry as a whole as other competitors have to react according to the market. The market is well regulated. The monopolies and mergers commission constantly examines the market to ensure fair competition. The government has also been active in planning restrictions for new store openings (BBC, 2004). Growth appears to come from gaining new customers, improving product offerings, and from non food products, such as financial services. In Tescos case they have expanded overseas as well as diversifying their product range. Customers are still number one in the eye of the retailers. Success in the industry is still dependent on how well the retailer can meet the customer needs. Price, particularly in the UK has become a dominant feature. Considering the recession, this will places stress on retailers to set low prices and maintain that level. The main reason being consumers are tightening their spending level and are not willing purchase luxury items and are purchasing the necessities. 7.0 Bad Credibility Tesco were faced with a big contractual issue back in 2007. Tesco delivery drivers were offered new contracts, which had worse conditions and around 3000 to 6000 pounds less pay. This resulted in drivers going on a 3day strike, causing problems for Tesco when shoppers refused to shop in their stores and many drivers rejected the new contracts which resulted in Tesco terminating their positions (BBC, 2007). This issue meant Tesco had to spend a lot of time and money with unions, whilst losing sales from shoppers refusing to shop with them and deliveries not being made. Although this issue was only in one area, the businesses image would have been damaged by news and publicity on the matter. The competition commission has started to realise that the bigger the retailer they have a stronger capability to force prices lower from suppliers. Described as a â€Å"master servant† relationship farmers complain about Tescos cancelling orders at last minute and forcing cost lower than production cost (Hird, 2005). In extreme cases farmers have protested especially over milk prices (Mullin 2009). This shows Tesco has done little to improve their relationship with farmers over the years. It could be assumed that government may begin to intervene soon as Tesco becomes more unethical. Issues like this make people lose trust, they are unsure if in the future more problems will arise. When looking at investing you must trust a company making sure they are reliable and able to give you what you want from them. Other investors who catch news of problems tend to back out and sell stock. If enough people sell share price will begin to fall, this may be an opportunity to purchase shares at a lower price as long as you accept the risks. 8.0 Environmental Issues One big issue that Tesco is facing is the environment element; as the increasing global concern of environmental problem, how Tesco react to this issue will have huge impact to its future business performance. The public demands more than ever that films should take their responsibility as a member of the society. Tesco has taken a lot of effort to respond the challenge; in 2007, Tesco unveiled its green pledges; â€Å"If we fail to mitigate climate change, the environmental, social and economic consequences will be stark and severe† Sir Terry Leahy, Tesco chief executive. (BBC news, 2007) In the statement, he promised that Tesco would cut emissions from existing stores worldwide by at least 50% by 2020, and would seek to restrict air transport to less than 1% of the firms products. Moreover, for cutting CO2 and energy saving, Tesco also introduce a series of strategy; by encourage customers to use reusable carry bag and reward shopping points to club members to reduce the usa ge of plastic bags; Tesco also introduce new energy saving store to the public; in January 2009, Tesco opened UKs most energy efficient store in Cheetham Hill. As part of the climate change program, the stores carbon footprint is 70% less than an equivalent store built in 2006. (Tesco, 2009) So far, Tesco has already made a lot of progress, yet there are much more problems waiting. 9.0 Overseas Tescos expansion internationally has not only benefited the company financial. They would develop new understandings and learn new techniques have diverse teams within the organisation. Tesco successfully penetrated the overseas market, being able to adapt to new cultures. To do this they would need incredible management with a perfect strategy. On the Tesco website they take a different approach internationally, strategy changes and their main focus is more of a cultural issue. For instance being â€Å"Flexible† as in Japan they shop in small amounts but prefer fresh items, also â€Å"Act local† such as in India, who prefer less or no packaging so they can go through piles of produce. With 10 years of experience Tesco has wide experience of cultures (Tesco, 2009). Culture isnt only going to affect Tesco through the market i.e. selling, but will be a part of the business. Tesco employees local staff this affects the organisations culture, especially within head offices and management. Teams will include people from all different ethnic backgrounds growing up to have different culture, educated with a diverse range of skills. Having this within a business can be very successful and can create more effective team working (Brooks, 2006). 10.0 Conclusion Tesco on a financial level has a lot of risk involved. They are currently very highly geared and have a huge financial risk which can and most likely will affect the company value and share holder wealth. However over the next 2 years could be a crucial time for Tesco as their investments go under way which could result in a very prosperous future for shareholders through diversification and international expansion. A lot of risk relies on customer targeting, which in the past Tesco has been very successful. Dividend yields and dividend payments seem to be targeting high earners who can face risk and are looking for long term capital gains; however share price for 2009 seems to be overvalued and may decrease. It may be safer to sell shares now and buy again after share price falls. Tesco has had a lot of success and faced many different strategic issues, some which could result in a stronger business such as cultural diversification within the company. A lot of issues have occurred though, damaging the image as a result. Little seems to have been done to improve some of these problems especially with farmers. Tesco only seems to care if regulation intervenes, then they will do something about it which could be seen with some of the environmental problems. As a result of the analysis provided throughout the report Tesco seem like an opportunity for those who are willing to take high risks. References Arnold, G. (2008) Corporate Financial Management. 4th edition. London, Pitman Publishing. BBC. 2004. Tesco sees profits jump to  £822m: New stores. [Online] BBC News. Available at: http://news.bbc.co.uk/1/hi/business/3675164.stm [Accessed 20/3/2010]. BBC News, 2007. Tesco boss unveils green pledges [Online]. BBC News. Available at: http://news.bbc.co.uk/1/hi/6276351.stm [Assessed 24/3/2010]. BBC News. 2007. Tesco dispute enters second day. [Online] Available at: http://news.bbc.co.uk/1/hi/scotland/edinburgh_and_east/6690475.stm [Accessed 20/3/2010]. BIRMINGHAM POST. 2007. Sainsbury shares plummet as Delta Two pulls out. [Online] Available at: http://www.highbeam.com/doc/1G1-170795697.html [Accessed 18/3/2010]. BRITISH LAND. 2010. Press release. [Online] British land. Available at: http://www.britishland.com/media/pressreleases/pressrelease130110 [Accessed 15/3/2010]. BROOKS, I. 2006. Organisational Behaviour: Individuals, groups and organisations. 3rd edition. Pearson Education. BUSINESS, T. 2009. Challenges and outlook for the Tesco Stores Ltd. [Online] Available at: http://www.businessteacher.org.uk/business-resources/case-study-database/tesco-case-study/ [Accessed 20/3/2010]. FAME, database. 2010. Detailed information on Tesco Plc. [Online] Available at: https://fame.bvdep.com/version2010226/cgi/template.dll?checkathens=1kick=1product=1user=n0242395%40ntu.ac.ukpw=nK9CXV0V3ZRxfmNkkx9ZjA%3d%3d [Accessed 23/3/2010]. HIRD, H and BURLEY, H. 2005. The Tesco Takeover. [Online] Available at: http://www.foe.co.uk/resource/marketing_material/tesco_takeover_leaflet.pdf [Accessed 20/3/2010]. LANGFELD, M, 2009. Tesco: Consistent Earnings Growth at Attractive Price, [online]. Available at: http://seekingalpha.com/article/159992-tesco-consistent-earnings-growth-at-attractive-price [Accessed 18/3/2010]. LEAHY, T. 2009. Press releases: SCI Conference. [Online] Available at: http://www.tescoplc.com/plc/media/pr/pr2009/2009-10-16/ [Accessed 18/3/2010]. MM Theory, 1961. When Are Dividends Irrelevant? (The Miller Modigliani Proposition). [Online] Available at: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/invfables/dividirrelevance.htm [Accessed 19/3/2010]. MULLIN, D. 2009. Farmers protest at Tesco over milk price. [Online] Available at: http://www.farmersjournal.ie/myJournal/forum/content/farmers-protest-tesco-over-milk-price [Accessed 20/3/2010]. OPSI. 2008. Climate Change Act 2008. 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Essay --

Negative Effects on Mobile Phones Since the old times, men have always tried to find a way to communicate with people. Ever since the invention of telephone by the infamous Alexander Graham Bell, communication technology has been evolving and progressing quickly. Nowadays, people separated hundreds miles away don’t have to wait for their letters for weeks or even months to be able to communicate. The development of mobile phone has made it easier for mankind – it allows people to communicate with each other fast and easily. In this globally developing era, it is not uncommon to see someone having one type of mobile phone on his/her hand, and another type on the other one. People from all ages and status carry mobile phones every time, everywhere they go. This device certainly help people in communicating with others, but it is less likely that people realize the device they have been using all the time may bring them bad effects – physically and mentally. Talking at phones with our friends sure is fun that often we don’t even realize how much time have passed. We don’t even feel tired from holding our mobile phone in front of our ear. But the longer we hold it like that, the more we are exposed to danger. The radiation emitted from our mobile phone may cause bad effects to us, from the slight ones such as blurry vision, headache, and neck pain, to the severe ones like brain cancer and risk of brain tumor. Long being an object of debate, the statement that mobile phone radiation links us to such extent of dangerous disease was finally announced by the World Health Organization’s International Agency on Research for Cancer (WHO’s IARC) in May 2011. The risk of being suffered from these diseases is even greater for people who take th... ... is said that teenagers prefer text messaging to face-to face conversation.[2] Mobile phone certainly makes us communicate easily, and it is useful in many ways. However, just like every good thing in this world, this sophisticated device also has bad effects. People should start to consider how to use their mobile phone without it becoming a backfire to their life. People can prevent themselves from the radiation exposure by using a hands-free when they are talking and limit their time on phone. That simple thing will lower the risk of getting the danger of the radiation. On the other side, we need to keep up with our actual social life. When we can gather with our friends, use that opportunity to talk to them instead of being busy with the digital text on our phone. The time we spend with our friends is far more precious than texting which we can do just anytime.