History And Philosophy Of Science Essays - Albert Einstein

History And Philosophy Of Science The world of science, as we know it today, is a difficult subject to grasp. So many new ideas are present and these new ideas are not interchangeable. Some parts do work together although as a whole they don't fully coincide with each other. The three basic ideas that science is now based upon come from Newton, Einstein, and Hawking. I call these ideas/theories ?new? based on what I classify the state of the scientific community of today. After looking at what is going on in science, it is clear to me that the scientific world is in a crisis state. According to Kuhn, a crisis state is when science is in the middle of choosing a particular paradigm to work under. For scientists, there is a general theme or way of thinking which constitutes how they conduct their work and how they analyze their results. Kuhn goes to great measures to classify this scenario as paradigm. In chapter two of The Structure of Scientific Revolutions Kuhn states ?(paradigms)...provide models from which spring particular coherent traditions of scientific research,? (p.10). If this is what scientists agree upon as paradigm then it is obvious that science is in a crisis state. At the present time, scientific explanations vary depending on what part of science is being explored. Until there is an idea/theory that explains science as a whole, science will be in a crisis state. In order for scientists to successfully remove themselves from this crisis state they need to understand how science arrived to this point and why it has stayed there for the past century. In the seventeenth century a scientists known as Newton came forward with his Principia Mathematica. In Shlain's Art and Physics he states that, ?He made sweeping discoveries about gravity, motion, and light.? This Principia explained every part of science that was known to man. (Keep in mind that ?Science that is known to man,? is a very important piece to my theory.) In the time of Newton, the three laws of motion were sufficient for explaining how and why the world works as it does. Newton's theory consisted of the three laws of motion. The first one, every body continues in its state of rest, or of uniform motion, unless it's compelled to change that state by forces impressed upon it. The second law states that the change of motion is proportional to the motive force impressed, and is made in the direction of the right line in which that force is impressed. The third law simply pulls the two together by stating that to every action there is an equal and opposite reaction. Newton had given the world what we now know as physics. For the past three hundred years Newtonian Mechanics have been taught to every student aspiring to elevate their minds. Newtonian Mechanics were the end all to the questions that had plagued thinkers since the beginning of time. The key difference is that Newton was never exposed to the world of science that technology had made prevalent to the likes of an Einstein or Hawking, or even my colleague studying neuro surgery at John's Hopkins University. When Newton was sitting under his apple tree conjuring up ideas for how and why he did not fly off into space or why the harder you hit something the farther it goes, technology was moving along at the rate of most people's grandmothers in their walkers. The scientists that had surrounded Newton knew only of what they could see. Their were no people looking to the far ends of the galaxies and their were no people looking in to the unseen cells that make up everything that we can see. Basic ally, Newton did not have a reason to explain what he was not aware of. He did have quite good reason, however, to explain why he got a bump on his head from that ripe apple that no longer needed the shelter of the tree. According to Shlain, Newton set the world he knew to mechanics and set the parameters for the new and final, well what was thought to be the final paradigm of the world. Then in 1905,

How to Make the Most of Your LinkedIn Profile

How to Make the Most of Your LinkedIn Profile Whats one of the most neglected, but often the most beneficial social media platform, for freelancers? LinkedIn. Unlike Facebook and Twitter, which are more social in nature, LinkedIn was created, and is used mostly, as a tool for business. People dont expect to be on LinkedIn to create personal relationships or keep in touch as much as they are to connect with like-minded professionals, create networking opportunities, and find work. As a freelancer, this gives you not only a good reason to be on LinkedIn, but to take full advantage of it. Here are some of my top tips on using LinkedIn as a source of new clients and freelancing work: 1. Complete your profile: Finish it. The more complete your profile, the better chance you have of showing up in the search results. You want your profile to sparkle before potential clients check it out. Like your letter of introduction, your LinkedIn profile can do a lot of the marketing and selling for you without much effort if youve taken the time to really customize it and work on it early on. 2. Make your profile keyword rich: You know how you go on LinkedIn and search for potential clients to connect with? Those same people are often using the search bar in LinkedIn to find freelancers they might like to hire. Will you show up in the search results? If youre a writer specializing in climate change, make sure to include that keyword, along with other relevant ones, in your profile. Ditto for business writing, content marketing, and any regions that youd like to be known for. 3. Use first person: Your LinkedIn profile is not a resume, nor should it read like one. If you want to think of it as a resume, think of it as a very modern version of one. Look, youre not looking for a job here, youre looking to connect with people. And the best way to do that is 4. Participate in groups: A fantastic way to start connecting with people you dont know without actually adding them straight to your network is 5. Recommend people: Give out recommendations when you can and show your clients that you appreciate them. It will lead to better relationships and more work from people you already like working with. You might even get one back. 6. Find content marketing gigs through search: One of the most effective ways of finding work through LinkedIn is simple: Search for it. This works especially well if youre looking for higher-paying content marketing, business, or agency clients. Ive found several clients on LinkedIn that have paid $200 an hour and up. Use keywords such as content, content marketing, environment editor, business magazine, content director, and tweak according to the kind of publications or organizations youre looking for and the titles of the people in those organizations that are most likely to hire freelancers. LinkedIn can be a very effective tool in your arsenal if you now how to use it right. With the tips above, youll be well on your way. - Mridu Khullar Relph is on a mission to help writers make money. Check out her website to find sample query letters that sold to top publications, case studies on how she became a regular writer for The New York Times and TIME, resources on six-figure freelancing, and a free list of 70+ markets that pay $1 a word. www.TheInternationalFreelancer.com

Environmental science Research Paper Example | Topics and Well Written Essays - 1000 words

Environmental science - Research Paper Example On the other hand, the quality of water is compromised in the essence that it is polluted on a number of occasions. In many regions, the availability of water in both quantity and quality is affected by climate variability and climate change, with more or less precipitation in different regions and more extreme weather events. Sanitation is the collection of waste safely, storing, treating of waste, and disposing it. In a nutshell the managing of waste presence in water is of importance. This is so that we are able to avert the various diseases as typhoid and cholera and to keep away from toxic substances to bring about economic benefits. In many developing and developed countries the use of piped sewer systems, pit latrines with slab, septic tanks is low. In addition, there are hanging toilets, latrines, most facilities are shared, in some instances there are no facilities, and the people use the bush or field for waste disposal. The use of piped water in dwelling units, boreholes, and methods of rainwater collection that are improved are low while on the contrast unprotected springs and the surface water as rivers, dams, and streams are high in developed and developing countries alike. Since time long ago, food and energy are fundamentals to life. This is because for a growing economy and political goodwill matters of food and energy must be addressed that crop up from generation of power and agriculture. For instance in the United States: 34% of water is used for agriculture, 48% is used for generating power and 18% for others (Forest Practices Board 79). However, in most developing and developed economies, agricultural production takes 70% generally of the water consumed (evaporation and transpiration or other means). Therefore, for irrigation purposes and improved agricultural production, generation of power there has to be a nexus in water, food, and energy (Forest Practices Board 86). There are projections on the rise of the sea level from 18 to 59 cm in 2090 -2099. This extreme event in association with a rise in the sea level will cause serious effects to human beings. With food being the major worry there would be increase in crop production in temperatures below 3 degrees Celsius and a decrease in a couple of areas. More people will be at risk of heart and breathe diseases, malnutrition, diarrhea, and extreme conditions of weather (Starrett 69). There may be contraction in the geographical area malaria will affect and an expansion elsewhere. The freshness of water would also be compromised due to melting, acidification, and increased population. Seasonal transmission periods will also change. To conclude the effects on climate change on human beings would bring more negative implications than benefits (United Nations 45). The lingering concern is for the protection of the environment. This is because climate change will lead to some regions becoming deserts; there would be increased warm intermediate flow beneath and a gradual grounding line movement. This will bring about destabilization in the form of food and energy production and the livelihoods of various citizens would be curtailed. Various economies would be mixed up and globally detrimental effects will be felt by alike. Case

A THEORETICAL AND PRACTICAL EVALUATION OF THE LOGISTICAL PROCESSES AT Essay

A THEORETICAL AND PRACTICAL EVALUATION OF THE LOGISTICAL PROCESSES AT TATE AND LYLE, SILVERTOWN - Essay Example 1998). Supply chain management (SCM) is the 21st century global operations strategy for achieving organizational competitiveness. Companies are attempting to find ways to improve their flexibility and responsiveness and in turn competitiveness by changing their operations strategy, methods and technologies that include the implementation of SCM paradigm and information technology (IT) (A. Gunasekaran, E.W.T. Ngai 2003). The industries in the 21st century are trying to improve their infrastructure in order to compete in the global market. The industries are adopting agile methods for the sake of fulfilment of market requirements. For achieving market goals industries are moving towards outsourcing virtual enterprises and resulting in the decentralization of their activities for getting maximum market benefits. So there is the need of a bridge, which may serve as an integrator between suppliers and partnering firms, in the domains of supply chains or logistics. The bridge which can fill the gap, between suppliers and partnering firms, is the domain of Information Technology. The integration of suppliers and partnering firms through Information Technology evolved the new approach known as Supply Chain Management. Supply Chain Management Systems or logistic systems are present everywhere and they are adopted by many industry champions or network leaders. In the beginning the interorganizational systems used by the industries were only able to support the automation of manual processes such as for managing orders and accounts. Then with the passage of time the addition of different powerful features, like information sharing, communication and collaboration, in the existing systems have made them more robust and beneficial for network leaders (Icasati - Johanson and Fleck 2003). There are round about 30,000 interorganizational systems which are being

Japan Profile Assignment Example | Topics and Well Written Essays - 500 words

Japan Profile - Assignment Example The country lacks natural resources and arable lands. The population of Japan is 127.4 million people (CountryWatch, 2009). Tokyo is the capital of Japan. The main religions practiced in Japan are Buddhism and Shinto. The official language of the nation is Japanese, but English is taught in all secondary schools for business purposes (CountryGrams, 2009). Japan’s weather goes through the four seasons. In the northern region, winters can be cold, while the southern parts of tropical weather prevail. The climate is mostly hot and humid. The time difference between Melbourne, Florida, and Tokyo, Japan is 13 hours. The monetary unit utilized in Japan is the Yen. The conversion rate in the foreign exchange markets of the dollar to yen is 1: 93.62 (Xe, 2009). The address of the U.S. Embassy in Japan is 1-10-5 Akasaka, Minato-ku, Toyko 107-8420 Japan, and the phone number are 03-3224-5000 (Usembassy, 2009). Japan’s society is a group-oriented society. The family is the foundation of Japanese society. Employees are very loyal in Japan and people that hold power are respected. Whenever a person receives a favor or gift, they feel obligated to return the favor. Businessmen wear suits and ties in public, while women wear dresses and slacks. In Japan, the traditional greeting is a bow, but when greeting foreigners handshakes is the norm. Women are visualized as inferior to men in the workplace. Yawning in public is seen as impolite. Japanese people are very punctual and offended when people are late for appointments. The Japanese diet consists of rice, fresh vegetables, seafood, fruit, and small portions of meat most of which are seasoned with soy sauce or sweet sake (CultureGrams, 2009). Other popular meals include sushi, miso, and sashimi. The most popular sport in Japan is baseball. Other popular sporting activities are soccer, volleyball, and jogging. Men are raised to become the head of the family.

Importance Of Internet Communication Virtual Way Of Life Media Essay

Importance Of Internet Communication Virtual Way Of Life Media Essay The essay states the importance of internet, communication, virtual way of life and peculiarities of the modern world. The Internet opens large opportunities for work, leisure, communication, and sharing diverse information. Internet has changed the world and society consistently because the creation of internet and its growing popularity contributed to the consistent change in the life of people. They have opened the new, virtual world and a new effective means of communication- internet which have started to replace the traditional means of communication, to the extent that online communication has started to replace the live, real, physical communication between people. As well, essay shows to the audience the advantages and disadvantages of such way of life, the opportunities and interest in everything new. Today, staying online for the majority of people, who have computers at home, means more than staying offline. In actuality, people are relying too much on internet and on th e virtual way of life. Such a change has occurred under the impact of internet and innovation it brought into the life of people and their social relationships. The essay also states, that Internet era has changed the perception of having rest or relaxation for many people, as the unknown world of virtual reality seems to have something special. People tend to use internet as the means to escape from reality, from problems they have in the real life. Running from reality has become one of the most simplest ways to avoid problems, to postpone them, to try to forget and to involve in something that brings joy and happiness. The essay context is aimed to show the trends of the society, of the business and of the future. The essay also described that people prefer share their problems with strangers in their blog, as this way they are unknown in the internet and this fact helps people to communicate, inventing new ways of solving problems, communication and also fun. à ¢Ã¢â€š ¬Ã‚ ¦blo gs help people to talk to someone, without revelation of their personality. In such a way, people can make a sort of confession and receive feedback from users that relieves them and encourages people to carry on writing about issues which important for them in their blogs. The essay shows the counter arguments of people who have different opinion from the majority. People can live without technology, having other interests, probably more interesting than the online world. For instance, many people have little ideas of advanced information technologies and they are quite happy in their non-technological world. Some people do not admit the existence of the virtual world, considering it as a game, or something not serious and that will pass soon. They do not take it seriously and do not take into consideration all the advantages it brings, that is why there are claims that staying in the virtual world means just killing of time. For instance, Guillermo Gomez-Pena in The Virtual Barrio @ the Other Frontier refers to the example of Mexicans, who live next to the US, with its advanced information technologies, and local people are still simple and maintain traditional social relationships instead of virtual ones [Mexicans] are simple people. They are happy w ith the little they gotà ¢Ã¢â€š ¬Ã‚ ¦ They are not ambitious and complex like us. They dont need all this technology to communicate. Sometimes I just feel like going down there and living among them. (p. 555). Counter argument can exist, but they should not hide the reality and the important technologies along with the technological progress that has its advantages. Nevertheless, technologies keep progressing and affect more and more people. Technology has definitely changed humanity, as nowadays people devote a lot of time to the online way of life, exploring it, reading, watching, listening and communicating. Some people can balance and live in harmony with the technologies, but some people become addicted to the technologies, to the computer especially. Some people do not have the limit, as described in the essay. Some people create their own virtual world of online friends, of the websites to visit, of the places to spend time, of the games to play, of the videos to download. People no more want to share their thoughts, their dreams or ideas with their friends offline; instead they choose the options to write about all that in their blogs and micro blogs and social networking sites. There is the reasoning of a counter argument and there should be found a balance to be able to depict everything useful from the online world and to live happily in the offline world. The essay ethically responds to the reasoning of a counter argument and shows the both sides of the issue. Communication offline has become something challenging especially for youngsters these day, as it is much easier to respond or to give ideas when a person is at home and he does not fear to see the reaction of another person who will read his message. The more people get involved in the virtual world, the more challenging it is to get out of there. The essay about violence addresses counter argument and arguments reasoning. It includes the description of the problem, the different views on it, the possible solutions and different opinions of the experts. When analyzing the problem of violence and its impact on individuals, it is important to place emphasis on the fact that violence is a fundamental part of the life of people. In regard, it is possible to refer to history, when cruel and violent acts were considered to be a norm. The essay also includes the major claim considering the fact how violence is widely- spread and how many people suffer from it. à ¢Ã¢â€š ¬Ã‚ ¦cases of domestic violence were a norm in the past, because the violence in relation to children, for example, was considered to be essential to raise them up as good people. Others would argue that this kind of violence is still practiced. I would totally agree, but what is beginning shown by me side is that it used to be a norm that people did not see it anything more than a tool used to bring up good disciplined kids. Whereas, nowadays, it is considered a crime, at least in our society, and so, people have distanced from it to an extent. Reflective essay claims concentrate on the facts that some believe that by using violence they can solve all their problems and gain the respect of their social environment. à ¢Ã¢â€š ¬Ã‚ ¦they are unconscious of the negative effect of the violence on their own personality because the violence has a destructive impact on the behavior and psychology of individuals. Some would argue this, Many people like to use Mohandes Ghandi as an example of non-violent protest winning the day. But the only reason Ghandis tactics worked is because he was using them against a civilized adversary, the British Empire. Had he tried to use them against someone else, like Nazi Germany, he would have ended up with a bullet to the back of the head or in one of the cremation ovens after being worked to death in a concentration camp. There are also counter arguments present in the essay to highlight the opinions from different people with different points of views.Violence does solve things. It has ended brutal dictatorships, saved citizens from the predation of criminals, prevented injustices on a small and large scale, and prevented wars. Perhaps the old saying needs to be modified. Instead, it should be Violence never solves anything if it is used at the wrong time in the wrong place. Violence in and of itself solves nothing. It is the proper use of violence under the right circumstances that solves problems (Farm). Essay context is aimed to show the importance of the issue, the key problems and claims. There are a lot of factors that provoke the violence and that increase the risk of the violent and aggressive behavior from the peoples side. At the same time, people are vulnerable to a consistent impact of their environment and different situations in their life which make them choosing the violent model of behavior as the only effective way of behavior. The essay also described the solutions to the problem for the audience. People often have an alternative to the violent model of behavior but they do not always use them because they need much more efforts and they are not as widely-spread as violent methods, which have always accompanied the mankind in the course of its development and evolution.

Rock n Roll & 20th Century Culture Essay -- essays research papers fc

Rock ‘n’ roll and 20th Century Culture   Ã‚  Ã‚  Ã‚  Ã‚  According to Philip Ennis, rock ‘n’ roll emerged from the convergence of social transformations which resulted from World War II (Ryan 927). Despite its pop culture origins, rock music is arguably one of the strongest cultural factors to develop in this century. Artists such as Lennon, McCartney and Dylan defined the emotions of a generation and, in the last decade, it as even been acknowledged by members of the establishment which it hoped to change as a major influence in the country. In order to understand how rock went from a sign of rebellion to a cultural icon, it is necessary to understand where it came from.   Ã‚  Ã‚  Ã‚  Ã‚  According to Albert Murray, the African-American musical tradition is â€Å"fundamentally stoical yet affirmative in spirit† (Star 3). Through the medium of the blues, African-Americans expressed a resilience of spirit which refused to be crippled by either poverty or racism. It is through music that the energies and dexterities of black American life are sounded and expressed (39). For the black culture in this country, the music of Basie or Ellington expressed a â€Å"wideawake, forward-tending† rhythm that one can not only dance to but live by (Star 39).   Ã‚  Ã‚  Ã‚  Ã‚  Although he later denied that he ever said it, Sam Phillips-the man who discovered Elvis Presley-is reputed to have said, â€Å"if I could find a white man who had the Negro sound the Negro feel, I could make a billion dollars† (Decurtis 78). Certain radio stations would not play the work of black artists in the segregated America of the 1950s. But, nevertheless, rock ‘n’ roll was an art form created by African-Americans. Little Richard, whose songs â€Å"Tutti Fruitti† and â€Å"Long Tall Sally† became hits only after white-bread versions were made by Pat Boone, said, â€Å"It started out as rhythm and blues† (Decurtis 78).   Ã‚  Ã‚  Ã‚  Ã‚  Through Elvis Presley, rock ‘n’ roll changed the face of American music, and influenced a whole generation’s political philosophy. Composer Leonard Berstein once said, â€Å"He introduced the beat to everything and changed everything-music, language, clothes; it’s a whole new social revolution-the 60s come from it† (Wattenberg 6B). To his credit, Elvis embraced rhythm and blues not as a from to be imitated, but as a form to honored and interprete... ...  to American History. New   Ã‚  Ã‚  Ã‚  Ã‚  York: Houghton Mifflin   Ã‚  Ã‚  Ã‚  Ã‚  Co. Goodman, Dean. â€Å"Dylan fans get tangled up in academic   Ã‚  Ã‚  Ã‚  Ã‚  views,† Reuters (1998):   Ã‚  Ã‚  Ã‚  Ã‚  February, p. PG. Harris, James F. â€Å"Listen to the music: the meaning of   Ã‚  Ã‚  Ã‚  Ã‚  classic rock,† The World & I, Vol.   Ã‚  Ã‚  Ã‚  Ã‚  11, 12 Ed.   Ã‚  Ã‚  Ã‚  Ã‚  (1996): December, pp. 306. Ryan, John. â€Å"The Seventh Stream: The emergency of rock n   Ã‚  Ã‚  Ã‚  Ã‚  roll in American popular   Ã‚  Ã‚  Ã‚  Ã‚  music,† (Book reviews)   Ã‚  Ã‚  Ã‚  Ã‚  Social Forces (1994): March, p. 927. Star, Alexander. â€Å"Hole in Our Soul: The Loss of Beauty and   Ã‚  Ã‚  Ã‚  Ã‚  Meaning in American Popular   Ã‚  Ã‚  Ã‚  Ã‚  Music† (book reviews) The   Ã‚  Ã‚  Ã‚  Ã‚  New Republic, Vol. 210. (1994): May, pp. 39-42. Wattenberg, Daniel. â€Å"Elvis as force for social change has   Ã‚  Ã‚  Ã‚  Ã‚  sadly been forgotten,† Rocky   Ã‚  Ã‚  Ã‚  Ã‚  Mountain News. (1997):   Ã‚  Ã‚  Ã‚  Ã‚  August, pp. 6B.

Debt Policy at Ust Inc.

Executive Summary Holding nearly 80% of the market share in the smokeless tobacco industry, UST Inc. has been generating large and stable income. However, the leading company in a certain industry tends to react slowly to market share erosion by competing firms and lack of creativity in the introduction of new product, a situation UST Inc. is now undergoing. Concerning the declining sales growth and gradual loss of the market share, UST Inc. is now considering recapitalizing by issuing debt amounts to $1 billion.By recapitalizing, it can create a total $380 million interest tax shield to add up firm value and, at the same time, make shareholders better off by using the proceeds from the issuance of debt to buyback outstanding shares. Although declining sales growth and litigation problem might be hidden concerns for UST Inc. , after some analysis about the attributes of the company such as business risk, capital structure as well as payout policy, I still believe that UST Inc. s head ing toward the right direction. And we can also observe that, after the adjustment of capital structure, its traditional dividend payout policy will not be hampered in the near future. Analysis of Business Risks (from bondholder’s viewpoint) Bondholders only care about the ability of the company to make interest payments and whether they can get the face value when the bond matures. Therefore, we have to consider the factors that contribute to the amount and stability of future EBIT.In the situation of UST, several factors have more of an impact on the company’s business risk, such as sales growth, competition faced owing to other competitors’ erosion into their market share and the effect of litigation problem and government regulations. Since the smokeless tobacco are considered less harmful to health and increased prevalence of smoking bans, demand of smokeless tobacco has undergone a continued growth, which would contribute good prospect to UST since its pro ducts strategy focus primarily on smokeless tobacco.However, as a dominant player in the industry, UST seems to be less creative on the introduction of new product and react too slowly to other competitors’ erosion into their market share. So far, UST has been increasing the price of their product as a way to boost their annual earning, which gives other players a perfect chance to gain some market share by using price value strategy. Despite the steady decline of market share might turn into future concern for UST, it still holds 77% of the market share. Besides, UST has started to make effort in new product development and renew their marketing and promotion strategy.On the other hand, although litigation and legislation problems have impacts on sales of UST, these problems has been there for a long time, which means that it shouldn’t create new turbulence on the prospect of UST. To conclude, the attributes of UST are steadily growing EBIT(approximately 9% compounded ), dominant market share in the industry. Therefore, although there are some disadvantages toward their future earning power, such as increasing competition and litigation problems, bondholders shouldn’t care too much on them since the interest expense is still a minor portion of the total EBIT.The Timing of Recapitalization It is publicly known that, through leverage, companies can lower their WACC and receive benefit from interest tax shield in order to boost their firm value. This is exactly what UST Inc. is doing right now. By issuing debt and use the fund to buy back outstanding shares, it is boosting their stock price higher. I reckon that the reason they choose to do so at this specific time is because the company has been facing more and more vigorous competition these years and undergoing declining rate of sales growth.By adopting leverage recapitalization, UST can still make the stockholder better off even its sales growth is not high enough. Besides, UST’s d ebt to asset ratio is currently at a low level compare to other competitors in the industry. Therefore, they can adopt the recapitalization strategy without worrying too much about the default risk problem. Capital Structure after the Recapitalization From the pro forma income statement (exhibit 1) in the appendix, we can see that even if the bond is issued at a rating of BBB (higher cost of debt), the EBIT/interest coverage ratio is still 10. 21, which shows that UST as sufficient amount of EBIT to make the interest payments. And the marginal effect on UST’s firm value would be the total debt ($1 billion) multiplied by the corporate tax rate (38%), which is $380 million. Dividend Payout Policy From Exhibit 2, we can observe that, under current condition, the payout ratio is around 63%, which is the percentage UST has long been paying out in the past. Therefore, it is safe to draw the conclusion that the recapitalization will not hamper future dividend payment under current c ondition. However, we are not sure whether the market share and the growth of sales will continue to drop.If they do, it will become more and more difficult for UST to stick to their traditional â€Å"pleasing† payout policy. Likely, we are not sure whether the litigation problem will be more of a concern for UST in the future. Ultimately, despite the fact that the opponents’ erosion into UST’s market share and litigation problem are both hidden concerns, it takes time for both problems to pose a threat to UST’s traditional payout policy. Appendix Exhibit 1 Pro Forma Income Statement Exhibit 2 Dividend Calculation after the Buyback Program Corporate Finance Case Study Assignment Debt Policy at UST Inc. Debt Policy at Ust Inc. Executive Summary As the leading manufacturer in the moist smokeless tobacco industry, UST Inc. has long been recognized by its ability to generate high profit using low financial leverage. With a dominant market share of 77%, the company maintains a pricing power that allows it to institute annual price increases without losing costumers. However, UST’s market share was eroded significantly in recent years by price-value competitors who enter the market with lower prices. Although UST responded to these threat by introducing new products, market share still decreased by 1. 6% over past 7 years.In addition, UST is also exposed to an unfavorable legislative environment, in which the company is under advertising and product promotion restrictions. The increasing business risks force management of UST to consider a recapitalization plan in which UST borrows up to $1 billion to repurchase its stocks. The marginal effect of the recapitalization will be a $380 million increase in fi rm value, which is the present value of interest tax shield. Besides the recapitalization benefit, management also needs to notice the costs of recapitalization, which include higher bankruptcy costs and a potential of lower credit rating.UST has a high and constant dividend payout history since 1912. The recapitalization will expose more risks to shareholders since revenues will be used to pay interest before pay dividends. Thus, the recapitalization may hamper future dividend payments. Background Having long been the leading company in the moist smokeless tobacco industry, UST Inc. was famous for its product innovation, dominate market share, and pricing adjusting power. However, as the competition of the moist smokeless tobacco industry became more intense and the legislative environment became more unfavorable, UST is facing several business risks: . Lose of market share. Relying on its superior products and innovation ability, UST used to control most of the moist smokeless tob acco market and was able to increase the price of its products year by year without losing its customers. The historical pricing flexibility gave UST a robust earning performance and bumped up its stock prices. However, as the speed of product innovation became slower, UST is facing the threat of price-value competitors, who enter the market by charging a lower price. Although later UTS responded to the threat by introducing new products, the company’s market share still dropped from 86. % in 1991 to 77. 2% in 1998. 2. Increase exposure to legislative environment. Moist smokeless tobacco manufactures used to face fewer lawsuits than cigarette manufactures due to less scientific evidence liking smokeless tobacco to cancer. However, the legislative environment has become more unfavorable to smokeless tobacco manufactures since the industry has agreed on a ban on advertising in order to settle state Medicaid lawsuit. Also, UST was the only main manufacturer that signed an agreem ent on promotion restrictions that aim to reduce youth exposure.Recapitalization UST has been widely known for its conservative debt policy, which allows the company to generate high returns with very low financial leverage. However, as business risks such as market share erosion and unfavorable legislation exposure increase, UST has an incentive to change its capital structure in order to benefit from interest tax shield and maximize the firm value. Recapitalization will also benefit shareholders in a way of higher company stock price since the proceeds from debt will be used to repurchase outstanding stocks.Also, although UST has a very high gross profit margin and return on assets on its core business compared to other smokeless tobacco manufactures, the poor performance of its non-core operations such as market wine and premium cigars give UST a low to zero profit contribution. UST’s management needs to diversify its product line and bump up earnings by investing more in the non-core operations using debt funds. Marginal Effect of Recapitalization To analysis if UST should undertake the $1 million recapitalization, management needs to calculate the value of the firm before and after ecapitalization. In a market with taxation, the value of the levered firm equals to the value of the unlevered firm plus the present value of interest tax shield. Because management assumes that the new debt is constant and perpetual, the present value of interest tax shield equals to the amount of debt multiplied by the effective tax rate, which is 38%. Thus, the present value of UST’s future tax saving should be 38% * $ 1 billion, which is $380 million. At the end of 1998, the market equity of UST was $6,470. 8 million based on the average shares outstanding and year-end stock price.If UST borrows $1 billion debt immediately, the total value of the levered firm would be $6,470. 8 million unlevered value plus $380 million tax shield, which is $6,850. 8 million. B ecause firm value will rise to $6,850. 8 million immediately after the recapitalization announcement, original shareholders will capture the full benefit of interest tax shield since they are able to sell their stocks at a higher price. The new stock price is determined by dividing the value of the levered firm by the number of shares outstanding at the end of 1998.Since there were 185, 516,055 shares outstanding at year end 1998, the new stock price after the announcement of recapitalization would be $6,850. 8 million divided by 185, 516,055, which is $36. 93. Compared to the original stock price of $34. 88, each pre-existing shareholder will benefit $2. 05 from the increase in leverage. If taxation is the only issue that management should take into consideration, the marginal effect of raising debt will be increase in company value by $380 million.However, as financial leverage increases, default risk on debt also increases, thus leads to a potential increase in bankruptcy costs. UST has been maintained an A-1 credit for its low debt / capital ratio of 28. 2%, which is a competitive advantage over its competitors who are highly leveraged. If UST decides to increase its leverage ratio, it will cause rating agencies to revalue its capital structure and cash flow generating ability in order to assign an appropriate rating.The potential change in rating will significantly affect UST’s cost of capital. Thus, management should balance the tax benefit with the expected cost of bankruptcy to maximize form value. Besides its conservative debt policy, UST was also famous for its stable and constant dividend payout since 1912. The recapitalization may hamper future dividend payments since earnings should be used to pay off debt and interest expense before they are delivered as dividends to stockholders.Because debt is risk-free and debt holders have first claim on a company’s asset, levered equity often carries a higher risk premium than unlevered equity to compensate stockholders. The remaining balance of earnings after paying interest may also be retained for operating purpose. Thus, the possibility of an interruption of cash dividends payout may occur. Summary In summary, facing the increase business risks of losing market share and exposing to unfavorable legislations, the management of UST Inc. s considering changing the company’s capital structure by raising $1 billion debt and accelerating its stock buyback program. The benefit of recapitalization will be an increase in firm value of $380 million and increase in stock price by $2. 05 each share. However, management should also take into consideration the potential increase in bankruptcy costs and changes in credit rating. Last, the constant divided payout may be hampered by recapitalization since earnings need to be used to pay interest to debt holders first.

Italian Christmas Traditions and Customs

Italian Christmas Traditions and Customs During Christmastime, one readily observable difference between Italy and the United States, for instance, is the lack of crass commercialism that threatens to swallow up and completely secularize the holiday. For instance, instead of writing letters to Santa Claus asking for presents (or, in the digital age,  e-mailing Santa Claus), Italian children write letters to tell their parents how much they love them. The letter is normally placed under their fathers plate and read after Christmas Eve dinner has been finished. Italians have also adopted some of the  northern European traditions  as well. Nowadays, especially in northern Italy, a fair number of families decorate an evergreen tree in their home. Here are some other rituals, customs, and traditions practiced by Italians during the Christmas holidays: Ceppo: The  ceppo  is a wooden frame several feet high designed in a pyramid shape. This frame supports several tiers of shelves, often with a manger scene on the bottom followed by small gifts of fruit, candy, and presents on the shelves above. The Tree of Light, as it is also know, is entirely decorated with colored paper, gilt pinecones, and miniature colored pennants. Small candles are fastened to the tapering sides and a star or small doll is hung at the apex. Urn of Fate: An old tradition in Italy calls for each member of the family to take turns drawing a wrapped gift out of a large ornamental bowl until all the presents are distributed. Zampognari and Pifferai: In Rome and surrounding areas bagpipers and flute players, in traditional colorful costumes of sheepskin vests, knee-high breeches, white stockings and long dark cloaks, travel from their homes in the Abruzzi mountains to entertain crowds of people at religious shrines. La Befana:  Kindly old witch  who brings children toys on the Feast of the Epiphany, January 6. According to the legend of la Befana, the Three Wise Men stopped at her hut to ask directions on their way to Bethlehem and to invite her to join them. She refused, and later a shepherd asked her to join him in paying respect to the Christ Child. Again she refused, and when night fell she saw a great light in the skies. La Befana thought perhaps she should have gone with the Three Wise Men, so she gathered some toys that had belonged to her own child, who had died, and ran to find the kings and the shepherd. But la Befana could not find them or the stable. Now, each year she looks for the Christ Child. Since she cannot find him, she leaves gifts for the children of Italy and pieces of coal (nowadays  carbone dolce, a rock candy that looks remarkably like coal) for the bad ones. Holiday Season: On the Italian holiday calendar December 25 isnt the only special day. Throughout December and January there are a number of religious holidays to mark the season. DECEMBER 6: La Festa di San Nicola - The festival in honor of St. Nicholas, the patron saint of shepherds, is celebrated in towns such as Pollutri with the lighting of fires under enormous cauldrons, in which  fave  (broad beans) are cooked, then eaten ceremoniously. DECEMBER 8: LImmacolata Concezione - celebration of the Immaculate Conception DECEMBER 13: La Festa di Santa Lucia - St. Lucys Day DECEMBER 24: La Vigilia di Natale - Christmas Eve DECEMBER 25: Natale - Christmas DECEMBER 26: La Festa di Santo Stefano - St. Stephens Day marks the announcement of the birth of Jesus and the arrival of the Three Wise Men DECEMBER 31: La Festa di San Silvestro - New Years Eve JANUARY 1: Il Capodanno - New Years Day JANUARY 6: La Festa dellEpifania - The Epiphany

Compare and contrast on Food Inc Essays

Compare and contrast on Food Inc Essays Compare and contrast on Food Inc Essay Compare and contrast on Food Inc Essay Compare and Contrast 1 1/18/13 Compare and Contrast GMOs: Good or sad? And theyre [GMOs] curing cancer?! . In the Nine Things You Should Know About Genetically Modified Organisms article, the author Melissa Leon, tells the reader the pros of Genetically Modified Organisms, GMOs, and how they can benefit humanity in the near future. In the film Food Inc. , the director, Robert Kenner, wants to show the viewers the truth about what is really in their food and where it actually comes from. In its debate of peoples health, success of enhancing food, and ustomer satistfaction, the Nine Things article is more effective than Food Inc. ecause the article tells readers what they want to hear unlike the film that shows viewers images they do not want to see. The article Nine things tells the reader that Genetically Modified Organisms are healthy to consume. It states genetically altered foods have largely beend deemed safe by the Food and Drug Administration, as well as the World Health Organi zation and the American Medical Association(Pg# 3). Consumers may be worried that brands such as Tyson are putting harmful chemicals in their food but theres really othing to worry about. According to the article Whole Foods Jus made history by becoming the first U. S. retailer to require labeling of any foods containing genetically modified content(page #1). This helps the consumers health as well because it allows them to know what exactly is in the product they want to purchase and if they are allergic to anything in the product. In the film Food Inc. the director, Robert Kenner decided to have a mother, Barbara Kowalcyk, tell her story to the audience about the son she had lost due to an E-coli outbreak. Mrs. Kowalcyk tells the viewers that her son was diagnosed with hemolytic-uremic syndrome through a burger he ate that had been contaminated with E. Coli. She lost her son due to this syndrome and since then she has been fghting to prevent this from happening again. With that said, Kevins Law was passed in 2005 and it gave the U. S. Department of Agriculture the power to shut down any plant that was producing any sort of contaminated meat. This doesnt help consumers out as much as the required labeling mentioned in 9 things because he meat might have another chemical or product in it that the public does not know about. The article mentioned that in Massachusetts a biotech company modified a salmon. They made it so that the salmon grows to its adult size in a year and a half instead of 3 years like it should. The article states that this could potentially ease some presssure off wild fish stocks(page #7). As of now, salmon is in high demand so that means that the numbers are depleating quickly, but thanks to this GMO baby will keep getting bigger and bigger. GMOs can also be used to turn fish into house pets. The Glo-fish was the first altered organism to be sold as a pet to the public. The original purpose of the Glo-fish was to locate enviornmental toxins but no one complained about having them as pets. In Food Inc. Kenner shows the viewers that chickens are genetically altered to grow twice the size they should in a shorter time span like the salmon. The only problem with this is that the chickens body gets too heavy for them to support so most of them die because of starvation. The film didnt show the viewer what really happens to the dead hens, it only show the owner pile them up. For all the viewers know the food companies can be coming back to the farm to collect the dead chickens and use the meat anyways. It sounds reasonable due to the fact that Tyson declined to be interviewed in the film and by doing so the viewers know that the company is hiding something they dont want to reveal to the public. The thing consumer like about the article is that it talks about saving money. Now in this economy its better to save than to spend. Most Americans spend about $1 50 to $250 on food for the week. Because of GMOs they might be saving a little bit more oney. Now the bad thing is that prices would go up by a small percentage in corn and soybeans. The consumers know this so unless they really need these products, theyll stay away from purchasing them at their locar market. The labeling will eventually catch on in other markets such as Costco, Target, Safeway, etc. , so by reading the labels, consumers will know exactly what is in the product and they can determine whether they need it or not. When viewers watch Food Inc. it makes them think twice about going out to eat at a fast food restaurant. With that said, they will save money because the average American goes out to eat at least 3 times a week. After watching the film, they will have a sense about where the food at the local McDonalds really comes from. The advertisements say things like fresh from our farm but in reality the meat comes from an assembly line rather than a farm. For example, on highway 5 heading to Los Angeles, California; There is a so called farm on the left hand side. It looks nothing like a farm. The cows are all bunched up, theyre covered in dirt and their own feces. Its more of an industry, the cows Just go there to be slaughtered for their meat and sold to restaurants. If Americans care about animals like they say they do, then they will have a sense to stop eating out at fast food places that alter the meat. All in all, Nine things had stronger facts on the subjects compared to Food Inc because the article only talked about the positives of GMOs. Food Inc. indeed talked about positives as well but it brought itself to a disadvantage by talking about the negatives such as false advertisement and contaminated meat.

Japan's Dragon Triangle Essay Example | Topics and Well Written Essays - 1250 words

Japan's Dragon Triangle - Essay Example As you travel on the other side of the globe, towards the Pacific ocean off the coast of Japan, you are likely to encounter a less known, but equally mystical area of ocean, known as â€Å"The Dragon Triangle† more popularly known to the Japanese as â€Å"Ma-no Umi† which literally translates as â€Å"The Sea of the Devil†. A series of unexplainable events, which are beyond the powers of us mere mortals, has led to the development of sensational theories, some of which have even found way into the folk lore of the Japanese people. According to the myth, the dragons live deep underneath the deadly sea and their movement causes the sudden churn in waves, whirlpools, dense fog and sudden storms. While yet others believe it to be the handiwork of â€Å"mikakunin hiko-buttai†, Japanese for UFOs. Various authors, scientists and researchers have attempted to solve such mythical occurrences and reason the popular theories revolving around witchcraft, haunting, demon possessions and wizardry but none, so far, have come close to actually addressing the problem. However, Theodre Schick and Lewis Vaughn, in their famous book titled â€Å"How to think about weird things†, have presented an interesting formula called the SEARCH formula, which is in fact an acronym for the four steps. If we consider the case of the Japanese Dragon Triangle, and study it in the light of the tool developed by Vaughn and Schwick, chances are we might derive some logical conclusions and help clear the myths relating to such mysteries.

Geotechnical Properties & Construction Methods Coursework

Geotechnical Properties & Construction Methods - Coursework Example At this stage, Engineer will be collecting data from Geological survey, topographic maps, photogeology (aerial) , digital data, borehole records, national survey, mining records in order to understand the geology, compressive soils, drift thickness, landslides, soluble rocks, made ground, etc.†¦ The main importance of the desk study is to understand the geological condition of the site in order to analyse its implication during any stage of the planned engineering activity. This means that for a difficult ground condition, either the foundation design has to be adequate or a reduction of the actual superstructure loads has to be considered. In the given site, the points below can be listed as evidence of desk study as an element of site investigation: Borehole data: the presence of made ground and building debris with patches of old oil spillages; this has been found at a thickness of 1m above the ground level. Soft silt up to a depth of 10m then compacted sand and gravel at 18m . This is the exact composition of the soil beneath and will allow for adequate selection of foundation design. Knowing that up to a depth of1m below the ground level, the soil has almost no strength. This layer will have no importance in the overall bearing capacity of the soil. The Borehole data will enable Engineers to be aware of possible soil contamination of the top soil, weak soil up to a depth of 10m and that strong strata can be seen only after 18m below the ground level. One can argue that Strip foundation; defined as shallow foundation (Maheshwari, 2009) will never be ideal for this type of soil. Topographic map. For the considered site, a topographic map has been obtained. This gives the large-scale detail as well as the relief of the site. It consists of measuring the ground level with respect to a benchmark (Mellow, 2010). On map has shown latitude, which is the level of a given point on site with respect to the ground level. For the fact that two points of the same si te are not always at the same level with respect to the sea level, while a building requires a level terrain, topographic map will be important to give the ground profile, and enable engineers to quantity earthwork; this is the volume of cutting and filling in order to level the site before construction begins. Ground water table: as an element of the site investigation, the desk study will give enable to locate the ground water. For the proposed site, this is 1.5m below the ground level. McLean and Rible (1985) explained that the water table is a very important factor influencing the overall strength of the soil. In an undrained condition, where the water pressure has been taken into account, the total strength of the soil is much higher than the drained condition, without water; keeping in mind that the latter will give the actual strength parameters of the soil. Overestimating the strength of the soil can lead to structural failure as the foundation will not be under-designed the refore will not be able to support the imposed load from the superstructure. Also, as the required construction has taken into account a basement, deep excavation will be required. Knowing the ground water level, will be very important for the fact that, if it is above the required depth of excavation, flooding will occur and the exaction, representing the working environment will be against the health and safety. It can be seen that the desk study wi