Balance Sheet Analysis Of The Coca Cola Company Finance Essay

Balance Sheet Analysis Of The Coca Cola Company Finance Essay Introduction: Coca-Cola The Coca-Cola Company is one of the worlds largest and most diversified nonalcoholic beverage companies. It owns or licenses and became market leader with more than 500 beverage brands, prominently sparkling beverages. It also have a variety of still beverages like waters, juices, enhanced waters, juice drinks, ready-to-drink coffees and teas. Moreover, it has sports and energy drinks too. Along with Coca-Cola their identity drink, Coca-Cola owns four of the top five most famous nonalcoholic brands including diet Coke, Fanta and Sprite. Coca-Cola is one of the most valuable brand names in the world. Finished beverage products of Coca-Cola brand have their origin from United States since 1986. Coca cola has the worlds largest distribution system for beverages. They operate though company owned or controlled bottling operations. Approximately 55 billion beverage servings are sold worldwide each day, Out of which approximately 1.7 billion belong to coca cola   Coca cola attributes their success to its ability to connect with consumers desires, needs and lifestyles. That is the reason why the firm provides its consumers with a plethora of options to choose from. The company uses its assets its brands, unrivaled distribution system, financial strength, talent and strong management commitment-to create value for its stakeholders and associates. Financial Statements Balance Sheet Asset Current Assets Current assets usually include cash and some other type of assets that usually get converted into cash with normal course of time within an operating cycle. Operating cycle is important terms in current assets as it refers to a period between acquisition of raw material and cash realization cycle time of finished goods sale. Operating cycle usually posses cash cycle and inventory cycle which also shows the amount of current asset and current liability which affirm usually have. More the cash conversion cycle, more will be inventory therefore current asset and less of real revenue. Seeing this can say that there is 20% rise in current assets. It rose from $2354mn to $2650mn. Cash Cash is just money available for any contingency. Company kept it just as a buffer to meet their short term liquid fund need. It is usually listed a first item in balance sheet as it is highly liquid and normal accounting rule suggest listing as per descending order of liquidity.Cash and cash Equivalent has increased as compared to last year from $7021 mn to $8517 mn in 2011. Short term equivalents has also increased from $2130 to $2682 mn Marketable Securities These investments are kind of temporary investments usually made from extra cash company have. These are highly liquid can be cashed anytime that is why they can are usually considered cash equivalent and also comes in category of Current asset only. Sometime it is done due to government obligations only. Here seeing the Coca-Cola Marketable securities we can say that it gets doubled in 2011 than 2010.Figures changed from $62mn to $138mn.Usually Marketable securities and other assets constitute a tradable securities. This tradable security has taken a huge jump from last year to this year. It has changed from $61 to $209. This more than 200% change has shown that company has fairly utilized it extra cash to get some interest and monetary benefit. Accounts Receivable Simply, accounts receivables are the sum owed to a firm and are written on balance sheet by use of promissory notes. Account receivable is bills owed to you by your customers. They magnitude depends upon the collection ways company have and credit period company has. This is the actual amount yet to be collected from customers. From the given figure below in the table we can say that account receivable has been increased from $3700 to $4400 in last one year. This means that company has either increased the collection cycle or its started giving more good on credit to fight against competitors. Inventories Inventory are the good company has unsold or unmade into final product. Inventory is of different types like raw material, semi-finished goods and finished goods. Usually inventory is not good as this is the product which is their left unsold and their cost incurred in raw material and processing are the cost you losing as opportunity cost. From the below figures we can say that Companys raw material inventory more or less remains the same but companys finished goods inventory has increased from $1029 to $ 697.This means that company has either made extra goods than it can sell or Coca-Cola was not able to sell as per the last years estimates. Prepaid expenses There are expenses like payments need to be given for service we have availed or the payments we have to give for the supply of materials. These payments are sometime made in achieve supplier loyalty or goodwill. Companys prepaid expenses shows an increment from $2226 to $3162 which means that company Coca-Cola has prepaid to its supplier or insurance premium more than last year. This strategy companies usually follow to get their supplier be loyal and should supply on time. This strategy also comes into play in case company wants to remove extra hassle of paying insurance premium again and again Investments Investments are kind of cash funds or securities which Company holds for a particular purpose for a usually indefinite period of time. Term Investments usually include stocks Bonds corporate hold another company, Real estate Mortgages that corporate hold for income-producing aims. Money that corporate may keep holding for pension fund. Investments can be either amortized cost or have fair value. Investments usually in debt securities for which Company has positive intent and has ability to hold till maturity are usually carried at kind of amortized cost and generally classified as held-to-maturity .Those not coming in this category are generally carried at fair value and can be classified as either available-for-sale or trading. Trading securities are reported as either marketable securities or other assets in our consolidated balance sheets. Coca-cola Investment patterns shows that they have major portion of their investment mainly in Equity method Investment. Their investment in equity is around 10% of the total asset and 90% of the total investment Property, Plant and Equipment Property, Equipments and plants are the real fixed asset and always come under this category. Plant asset include buildings, land, equipment and machinery which are generally used in business operations. These things usually stay for a longer period that is why they are called fixed asset and their requirement usually doesnt change with the number of unit manufactured. On December 31, 2010, date of balance sheet reference, the carrying value of Coca-Cola equipment, plant and property has net of depreciation that was approximately $14727 million which was around 20 percent of Coca-Cola total asset. Usually, this dip is caused by depreciation, impairment loss and revaluation of assets. May be even in Coca-Cola is he same reason. Intangible Assets: Goodwill, Trademarks and Others Intangible assets are usually classified into three categories: Intangible assets having definite lives subjected to amortization, Intangible assets having indefinite lives that are not subject to amortization, Goodwill. Usually, for intangible assets having definite lives, Impairment test must be performed to check out whether accounted value is correct or not as many of these highly valuable intangible assets lose their value with time due to obsolescence. The following table carries values of intangible assets that got included balance sheet (in millions): Coca-Colas Intangible asset shows in table that their goodwill is the major thing which they can boast of. Goodwill constitutes 16% of all the intangible assets which is logical only seeing the greatly history of Coca-Cola since 18th Century. Bottles franchise rights come close second with 10% of all intangible assets. By the way most of these intangible things are not recoverable until and unless somebody buys it. Other Assets At the time of preparation of balance sheet, there are conditions that the asset cannot be classified into any of the category such as investments, current assets, intangible assets or plant assets. These types of assets are therefore listed on balance sheet under section other assets. Seeing Coca-Cola Balance sheet and Notes thereafter we can say that these unclassified other assets also increased in last one year by around 10%.It got changed from $1976mn to $2121mn in 2011. Liabilities Liabilities are the sum which company is obliged to pay. For Coca-Cola, the liabilities are like given below: Contingent Liabilities Three examples of contingent liabilities include Warranty of companys products The Guarantee of other partys loan The lawsuits that is filed against a company Basically, Contingent liabilities are considered potential liabilities. Since they are dependent upon future events occurrence or nonoccurrence, they can or cannot get converted into actual liabilities. Coca-Cola has, as can been through its Contingency liability Note snapshot, has contingency liability due to Guarantee to its third party customers. Coca-Cola has made some guarantee withn bottlers and vendors regarding buying and selling assurances which can become liability in case company is not able to fulfill his terms already agreed. The amount is approximately $683 mn. Other contingent liability which Coca-Cola has is in term of legal liability. It is a legal obligation as per a company Aqua-Chem which is asking Coca-Cola to pay $10mn out of pocket. This problem get created as Aqua-Chem was earlier owned by Coca-Cola and its now owned by someone else and who is blaming Coca-Cola for some defective gasket-asbestos. Current Liabilities If the company has payable loans then the principal to be paid in next one year is considered as current liability and all the other things will be considered as long term liability in balance sheet. Over and above this, whatever interest is charged as part of loan will be considered in income statement only not in balance sheet. Only the due interest will be considered as liability in balance sheet. Current Liability of Coca-Cola has increased recently from $13721mn to $18508 mn. The main difference has come only because of the maturity of some long term debt company has taken earlier. Long Term Liabilities Owners Equity In finance or accounting, equity is considered as the residual claim or can be said to be the interest of most simple class of investors that have invested money in assets. This is money which is paid to these investors after all the liabilities are paid. If assets are more than liabilities, than it is the case of negative Equity. The owners equity is always subdivided in the balance sheet under the liability column. One of the parts represents the money invested by investors as paid-in capital and any part of retained earning converted into paid-in capital of the company. The other part shows net-earning money usually retained of the company. Usually, stockholders, or owners, dont become personally responsible for the debts that a company contracts. A stockholder can lose his investment most of the time, but creditors cannot look to their personal assets for the satisfaction of their usual claims. Normally, the stockholders can withdraw with cash dividends as an amount measured as corporate earnings. But creditors dont. Stockholders Equity Misc Stocks Options Warrants Redeemable Preferred Stock Preferred Stock Common Stock 880,000  Ã‚   880,000  Ã‚   Retained Earnings 49,278,000  Ã‚   41,537,000  Ã‚   Treasury Stock -27,762,000 -25,398,000 Capital Surplus 10,057,000  Ã‚   8,537,000  Ã‚   Other Stockholder Equity -1,450,000 -757,000 Total Stockholder Equity 31,003,000  Ã‚   24,799,000  Ã‚   Relevant Notes Usually, all the information which is relevant for the investors cannot be included in the financial statement. There is some information in the financial statement which is shown just under a category without any explanation. But as part of Annual report everything should be clear and transparent therefore notes are included. Notes are actually included in order to reveal something of importance in addition to what is already there in the financial statements. Notes can be of importance to the investors who are willing to know more about the company or those who faces problem in understanding the main financial statements. The note reference is mainly to allow clarity in the annual report about the financial statements. Below given statement shows the use of notes in the balance sheet. Here the definition and calculation part of BASIC NET INCOME PER SHARE will be there explained in the notes told to be referred. Significance of structure of Balance Sheet Structure of balance sheet is also important part of the balance sheet. Basic accounting convention shows to present the balance sheet in two major ways. One way to present the balance sheet is to present it is Horizontal presentation (account form). Other form of presentation will be to present it in Vertical presentation (Report form). Though there are two forms, Vertical report form is mostly used and is famous. Disadvantage with the vertical form is that it doesnt confirm typical explanation among investment literature about the balance sheet should have two sides that shows balancing out of two sides. We can see here Coca-Cola has followed vertical form of balance sheet only usually followed by corporate. One more thing is which section should be considered first and which at later point of time. Usually, in asset sections, the accounts are taken in the descending order as per their liquidity Means most liquid asset will be taken first then the next level of liquid asset. In the same way liabilities are written in the order of priority for payment. Usually, in financial reporting, the term short-term and long-term is synonymous or interchangeable with the terms current and non-current items respectively. That is why the asset part of balance sheet of Coca-Cola has followed decreasing form of liquidity. Cash being most liquid followed by marketable securities this is followed by Investments and Intangible assets like goodwill coming at last. These intangible assets come at last because they are the most illiquid fund which cannot be cashed until and unless firm is sold or acquired. Trend Analysis of Coca-Cola of five year duration If we check out the performance of Coca-Cola over five years, we can say that on most of the parameters of Coca-cola is showing consistently downward trend. Current Asset has decreased from $2230 mn to $3800 mn in last five years. Total Equity has been fluctuating in this period of five years from a low of $ -35 mn to high of $ 4500 mn in 2006.Total Asset has been decreasing $23366mn of 2006 to $8596mn in 2010. Good thing is that total liability has also decreased for $ 18000 mn to $5 453 mn. Total Debt has been reduced to its one-fifth in these five years. Conclusion Coca-Cola is doing well in 2010. The company is totally out of slowdown that was there since recession. It has its hard-earned goodwill in the market which the company is cashing through higher purchase making higher profit. Its market Capitalization has reached $153Bn recently and its enterprise value has reached $168Bn in May 2011. The company has became the epitome of globalization with so much of expansion and diversification that Coke is the second most recognized word after Ok.

History of the Tudor Dynasty

History of the Tudor Dynasty The Tudor dynasty held the throne of England from 1485 to 1603. In this interval accomplished two revolutions of paramount importance: first, Britain became the first of the Protestant powers, and secondly, she became a maritime and colonial power. Henry VII, founder of the dynasty, presided over the rebuilding of the kingdom, while his son, Henry VIII, consumed his savings striving to solve intractable problems: in diplomacy, that of the European balance, in religion, that of Catholicism without the pope in administration, that of good finances without honesty. Edward VI opened the way for Protestantism, whose progress was repressed by Mary Tudor with an implacable rigor rendering him powerless. Elizabeth I, finally, gathered deftly around her statesmen and advisors, making the symbol of an official religion in accordance with the average opinion of his country and attempted to resolve the major international issues. King Henry VIII Reforms in the British Church were first conducted by Henry VIII more precisely the attachment of Bishops to the English crown: King Henry VII was eager for money, his father had increased the fortune of the English crown by taking the land of noble deaths during the War of the Roses, Henry VIII sought to take those of the Church. At that time the Church had a very important role (one of the largest in the kingdom) and was increasing the discontent of the people because of king s opulent lifestyle. The independence of the Archbishop of Canterbury and bishop s vis- -vis the kings, Henry VIII also found it impossible to tame the Pope because the kings of France and Spain were much more powerful than him. Henry VIII wanted to further centralize the power.(Guy, 245) He divorced one of his six women bishops attached to the crown of England. Indeed, in 1526, Henry VIII asked the Pope to divorce Catherine of Aragon, niece of Charles V King of Spain, because she did not have a son but the Pope, being under the influence of the King of Spain, refused. In 1531, Henry VIII decided to ignore this prohibition and managed to convince the Archbishop of Canterbury and the bishops to attach themselves to him. In 1534, the Act of Supremacy was passed by parliament and Henry VIII became head of all bishops of the kingdom. From the date of this act, all the kings of England became the head of the English Church leaving the pope with no authority. Henry VIII, with the help of Thomas Cromwell, then made use of the Domesday Book to take control of religious taxes; he shut down 560 monasteries and gave their land to the middle classes. This allowed him to raise money for allied merchant classes and landowners, many small gentlemen farmers started making a fortune with this. Also note that the Reformation of the Church had nothing much to do with the arrival of Protestantism: while Henry VIII broke away from the pope, he still remained deeply Catholic. He even grumbled that the Protestants were not loyal to him. He wrote a book critical of Martin Luther, praised by Pope, entitled Defender Fidei (Defender of the Faith or FD that is still found on the coins). Henry VIII crushed all Catholic rebels who would refuse to use the services of the new religion. The monasteries were emptied and sold, and their wealth was confiscated by the state. Thus, the King confirmed the English Reformation. Yet, through the reigns of Mary Tudor and Elizabeth I , daughters of Henry VIII, the Catholic reaction turned bloody, even if the Anglican Church was not called into question . Catholics opposed the system rejecting the reforms of Henry VIII altogether. On 11 July, Henry was excommunicated in Rome and subsequently he answered a call to a future council. A protest of public pity, that of Elizabeth Barton, the holy maid of Kent was rigorously suppressed. Now, war was declared with Rome, Henry VIII, with nothing to spare, ordered that the Pope would be appointed in the future as the bishop of Rome, the bishops would be appointed without the intervention of the Holy See , that church would ultimately be answerable to the Royal Court of Chancery (Anglicanism). Thomas More and Bishop Fisher were imprisoned, the preachers were released throughout the kingdom to speak against the Pope and the King and all the monks were invited to sign the declaration that the bishop of Rome did not more authority in England than any foreign bishop, on pain of punishment similar to those that struck the Franciscans of the Observance. In November 1534, the king added to his titles, according to the wishes of Parliament, that of Supreme Head of the English Church. Deny its supremacy became a crime. It was also a crime of high treason to call it heretical or wish that he, Anne Boleyn, or their children were deprived of the crown. The year 1535 saw a terrible persecution start, under new laws (Treason laws). The monasteries of Charterhouse and Sion troop of martyrs, chained to Newgate, hung, quartered at Tyburn. Fisher, stripped by the Supreme Head of the bishopric of Rochester, was elevated to cardinal by Pope Paul III. Henry VIII had him executed, and his head rot for several days in the pillory of London Bridge. She was soon replaced on the hook by that of Thomas More. This year 1535 and the next date as the two campaigns led by Cromwell, Vicar-General of the supreme leader, for the suppression of the monasteries and destruction of images. In October, the famous doctors Bedyl, Legh, Layton, London, Petre, etc. The beginning of a visitation of all the monasteries of the kingdom was also marked. They were men of bad character, known for their greed, their hardness, coarseness, as evidenced by their correspondence. Everywhere they gathered to gossip and pretended to see the outrageous, secret debauchery. In fo ur months (very short time they had carried out carefully to a serious inquiry), they amassed a Black book material which was presented to Parliament in 1536 to support a proposal by the crown for the total abolition small monasteries and transfer their property to the king. He opposed Luther in asserting that Christs righteousness was imputed to men, nor was it given only to those who had faith that the justification of rights could be acquired by the practice of the virtues of faith, charity and hope, and through repentance and the fear of God, with some effort on the part of man in the exercise of his free will, which was denied by Martin Luther that the veneration of the Virgin Mary and the saints was recommended. The reading of Scripture was closed to the masses from 1546; executions of Lutherans continued until the kings death the following year. Edward VI Edward VI, on his accession to throne was nine years (January 21, 1547) old. His maternal uncle, Hertford, was protector of the kingdom and had himself given the Duchy of Somerset, the brother of Hertford, Sir Thomas Seymour, Lord Admiral and became Seymour of Sudeley. These characters were very much attached to the party of religious reform (Anglican), the young Edward VI shared their sympathies in this regard, in June 1548, and he refrained from making any offering after the Catholic rite at the offertory on Sundays. Ridley and Hugh Latimer were his most favorite preachers, but he listened with pleasure to the Puritan preachers like Hooper and John Knox. Edward VI of England promised a king Puritan, the reformers of all Europe were enthusiastic about his early piety. In April 1551, Calvin sent him a long letter of praise and exhortation. It was the new Josiah. But the learned and fervent devotion was not associated with Edward at the mere natural goodness. He had something in his childhood of deficiency and the hardness of Henry VIII. He was only indifferent to his uncle, the Protector Somerset. While Somerset in 1547 led an expedition against Scotland, his brother, Lord Seymour, treacherously tried to lose it in the spirit of the king. Mary Tudor Despite the measures taken by Edward VI to prevent his sister from becoming his successor, the people recognized the need for the rightful queen. To ensure his own royal authority, questioned by the discussions on the validity of the marriage of his parents, but also to meet his personal beliefs Catholic, Mary Tudor, remained faithful to his religion during the reign of his half-brother, wanted to bring his people back to the old religion with a firm hand. She tried to enforce Catholicism again in the kingdom at the price of imprisonment and death sentences. This is the reason here reign is often associate with blood. In so doing, she disregarded the religious situation of his country: Catholicism was lifeless, while Protestantism was full of vitality. Advised by his cousin, Emperor Charles V, she inaugurated her reign with moderation, content to repeal the laws of the Church taken in the reign of Edward VI, Cranmer jailing and condemning some of her subjects to exile.(Thomas,134) It would mean no bloody persecution against the Protestants, but it did not take account of the opposition of his people, or resistance of Parliament. To demonstrate her desire to give birth to Catholicism, she married in July 1554, the son of Charles V, Philip, heir to the throne of Spain. This reintegration of solemn Church of England in the bosom of the Roman Church attracted the hatred of many who fomented plots against the royal authority. The arrival of Protestantism in Britain or the threat of Catholic invasion pushed the people to convert: when Queen Mary (Queen Mary), half-sister of Catherine of Aragon, Catholic, became head of the kingdom after the death of the son of Henry VIII, Edward VI, who died very young in 1553, the kingdom then composed mainly of Catholics (the majority of the people) but an increasing proportion of the population converted to Protestantism (the richest because this new religion accepted wealth). The position of the Queen Mary was not simple because the kingdom has not experienced female leader for 400 years but Mary committed several errors that resulted in extreme repercussions later on. First, she asked parliament for permission to marry the Catholic King Philip of Spain that compelled disagreeable people to create an uprising. Moreover, the burning of 300 Protestants in five years further aggravated the feud between Catholics and Protestants. Mary died in 1558. For the reinstatement of the Anglican Church to be effective, the big obstacle was the restitution of church property, secularized during the reign of Henry VIII, who had helped some get rich quick. Pope Julius III did not claim this refund, he even sent his legate, Cardinal Reginald Pole, a nephew of Queen Mary, with a mission to give all the English people the full papal absolution. Officially, the authority of Rome was again recognized in the kingdom of England antipapal laws were repealed, Parliament re-enacted the laws against heretics, the bishops called for strong action against all Protestants. The bloody persecution then stood not only against the ecclesiastical dignitaries such as former Archbishop Cranmer, but also against the masses, creating a de facto hostility against Bloody Mary and nourishing a new antipope. The persecution continued with Marys death in 1558. Elizabeth 1 Elizabeth Tudor, daughter of Anne Boleyn, was set to succeed her half-sister. Certainly, on the occasion of the coronation of Mary, Elizabeth had confessed the Catholic faith and promised to defend the true religion, but because of criticism that she opposed the Catholics, accusing her mothers marriage to Henry VIII, Elizabeth which was not affected personally by religious issues but had to promote Protestantism. More skilful politician than her sister, she worked to avoid alienating any of her subjects, the Catholics and Protestants. Elizabeth I, half-sister Mary and Protestants became head of the kingdom because there was no other descendant of the Tudors in 1558. She wanted to reconcile the English among themselves on religious issues and succeeded in 1559 to admit Protestants to two conditions: (1) that they are closer to the Catholics of the kingdom as other Protestants continents, (2) that the monarch remains the sole master of the Church. Elizabeth I undertook many reforms such as the use of Parish (territorial organization of the Church) as an administrative division of the kingdom, the obligation to go to church every Sunday under penalty of law, and finally re-wrote Mass sermons with regard to the attack to the king as a Pechet. Thus, the Church and its representatives had then become fully part of the machinery of state power.(Turton,76) Finally, the English Protestantism completely took off in 1585 with the execution of Mary Queen of Scots in 1587. In fact, Mary Queen of Scots (different from the Queen Mary of England died in 1558) fled to England because she was persecuted in his kingdom of Scotland but this an internal risk in the UK for Elizabeth I as English Catholic nobles would replace the Queen prostetante a Catholic, Elizabeth I therefore took the decision to shut Mary Queen of Scots jail. However, the threat of Spanish invasion (Catholic country) that would attach to England and to defend the Queen Mary over the decision to appoint Mary Philip of Spain as his successor led Elizabeth I to marry in order to cut short the threat of Spanish invasion, or to see the Scottish crown from the hands of Spain. The English people joined the Queen Elizabeth I to stand against the growing threat of Spanish invasion. Elizabeth had the great merit of understanding and acting with a wise and slow progression, behaving immediately after her accession to chief of the Church of England, but assumed that the government of this Church and not s never saying the supreme leader the suprerne head as had once been Henry VIII. The Book of Common Prayer was reworked, and reforms of Matthew Parker, Archbishop of Canterbury sacred by the ordinal of Edward VI (1559), ended after a series of preparatory measures, the Act of Uniformity (1564), which was made compulsory. In 1558, good spirits still doubted the possibility of the victory of new ideas in England. As wrote the Philip II of Spain, a careful observer (it was Fest, his ambassador in London), that the Catholics were the majority of the people, and if the capital, the country of Kent and seaports adhered to doctrines of the Reformation, the rest of the country remained committed to the Roman religion. But even most young noblemen and universities were also removed from it. Elizabeth I, deep admirer of his father and determined to behave like him in all things, there were valuable auxiliaries in a business it knew how to carry out with prudence, skill, and dexterity truly remarkable. England was weary of the sudden change of religion for nearly twenty-five years.

The unsuccesful use of ethanol :: Alternative fuel bio-ethanol

The Unsuccessful Use of Ethanol Current interest in ethanol fuel in the United States mainly lies in bio-ethanol, produced from corn, but there has been considerable debate about how useful bio-ethanol will be in replacing fossil fuels in vehicles. Concerns relate to the large amount of arable land required for crops, as well as the energy and pollution balance of the whole cycle of ethanol production. I don't think the US could implement the use of ethanol or other alternate fuels successfully as Brazil has done for many reasons: firstly, ethanol production in the United States does not benefit the nation's energy security, its agriculture, economy or the environment because ethanol production requires large fossil energy input to produce these fuels than you get out from the combustion of these products. Therefore, it is contributing to oil and natural gas imports and U.S. deficits. The country should instead focus its efforts on producing electrical energy from photovoltaic cells, wind power and burning biomass and producing fuel from hydrogen conversion. Secondly, in Brazil reducing the rate of deforestation seemed likely to be more effective for taking carbon dioxide out of the atmosphere. In the United States, reliance on ethanol to fuel the automobile fleet would require enormous, unachievable areas of corn agriculture, and the environmental impacts would outweigh its benefits, destroying bio-diversity. Ethanol would be mainly made from bio organic material that will be especially grown for this purpose. It also uses a lot of fuel to grow these plants. The same goes for various kinds of vegetable oils that are said to be environmental friendly. Ethanol cannot alleviate the United States? dependence on petroleum, may, however, still be useful in regions or cities with critical pollution problems, and to make use of agricultural wastes. Basically, an increased demand for ethanol would cause land use changes - destroying forests and grasslands to grow corn or other ethanol crops - ethanol and other bio-fuels actually add to global wa rming. Thirdly, as demand for ethanol fuel increases, food crops are replaced by fuel crops, driving food supply down and food prices up. Growing demand for ethanol in the United States has increased corn prices by 50% in Mexico. Average barley prices in the United States rose 17% from January to June 2007 to the highest in 11 years. Prices for all grain crops trend upward, reflecting a progressive increase in farm land devoted to corn for the production of produce ethanol fuel.

The Ancient Mayans Essay -- History Historical Essays

The Ancient Mayans "The Maya" in Across the Centuries gives a good overview of the Maya. However, the text fails to expand and several key issues such as the influence of the Olmecs, social structure, the relevance of sacrifices, Spain's influence on the history of the Maya, and how the Mayan civilization fell. By leaving out the aforementioned issues the Maya are given less recognition than they deserve. By glossing over the Maya the authors of Across the Centuries essentially teach children that the Maya ar not of crucial importance. Across the Centuries' inadequate "The Maya" not only teaches students to not care about other cultures, it denies them the knowledge of an ancient culture more than worthy of recognition. "The Maya" begins with a quote from John Lloyd Stephens, one of the first Europeans to come across the remnants of the Mayan civilization. The chapter then explains where the Maya lived and the conditions of their environment. The agricultural methods are then elaborated on, followed by a section devoted to priests and kings. Finally "the Maya" ends with Mayan achievements. The whole chapter consists of only six pages, a rather small amount of information for a culture of such importance. According to The Maya "whether or not one thinks of the Olmecs as the "mother culture" of Mesoamerica, the fact is that many other civilizations, including the Maya, were ultimately dependent on the Olmec achievement"(Coe 50). It is believed that the Olmec, a civilization that inhabited the Yucatan Peninsula before the Maya, is responsible for many of the Mayan achievements in mathematics, architecture, and astrology. Unfortunately, Across the Centuries only mentions the Olmecs in "the Maya" when referring to the... ...tory pertaining to dominant versus minority cultural history, a sad fact especially in this day and age. Unequal proportioning is clearly scene in Across the Centuries' "The Maya", which is only six pages long. Hopefully one day our children will have textbooks with the latest objective information, until then teachers will continue to modify their lessons to prevent this unequal historical proportioning. Works Cited Armento, Beverly and Nash, Gary and Salter, Chistopher and Wixon, Karen. Across the Centuries. Boston: Houghton Mifflin Company, 1991. Bently, Jerry and Ziegler, Herber. Traditions and Encounters: A Global Perspective on the Past.Boston: McGrawHill, 2000. Coe, Michael. The Maya. 6th edition. London: Thames and Hudson, 1999. Culbert, T. Patrick. The Lost Civilization: The Story of the Classic Maya. New York: Harper and Row, 1974.

Defying Male Power in John Websters The Duchess of Malfi Essay

  Ã‚   John Webster's play The Duchess of Malfi is an illustration of the unequal power relations between the sexes during the sixteenth century. In the play the brothers Ferdinand and the Cardinal are shown as men who want to control their sister the Duchess by not letting her remarry. Out of this situation emerges the Duchess who, in spite of her promise not to marry again (p. 1298), will do the complete opposite, thus defying male power. Her conversation with Antonio (lines 317-61, pp. 1292-3) is an example of this because in her speech the Duchess intends to make Antonio realize that she is against both the conventions of marriage codes and men's assumptions of women's sexuality. The Duchess, after she puts her wedding-ring upon Antonio's finger, sets out to convince him that they have the right to become husband and wife. She tells him that his lower status should not stop her from marrying him. Being a Duchess, she argues, she has the power to "raise [him] higher" (line 319). When Antonio objects to such an "ambition" she even offers him her riches. Thus the Duc... Defying Male Power in John Webster's The Duchess of Malfi Essay   Ã‚   John Webster's play The Duchess of Malfi is an illustration of the unequal power relations between the sexes during the sixteenth century. In the play the brothers Ferdinand and the Cardinal are shown as men who want to control their sister the Duchess by not letting her remarry. Out of this situation emerges the Duchess who, in spite of her promise not to marry again (p. 1298), will do the complete opposite, thus defying male power. Her conversation with Antonio (lines 317-61, pp. 1292-3) is an example of this because in her speech the Duchess intends to make Antonio realize that she is against both the conventions of marriage codes and men's assumptions of women's sexuality. The Duchess, after she puts her wedding-ring upon Antonio's finger, sets out to convince him that they have the right to become husband and wife. She tells him that his lower status should not stop her from marrying him. Being a Duchess, she argues, she has the power to "raise [him] higher" (line 319). When Antonio objects to such an "ambition" she even offers him her riches. Thus the Duc...

Propaganda Theory Essay

All over the world, the wheel of propaganda keeps churning. Governments have launched propaganda blitzes to mold public opinion and further their political objectives. In certain instances, they have failed. In other cases, like global wars, they have caused mass deception and destruction. People employ numerous propaganda techniques for a variety of reasons. It may be to cushion the impact of a crisis, soften antagonistic sentiments of people governed, reinforce friendly relations between countries, or foil attempts to usurp power. Propaganda in recent years has been used in a derogatory sense, characterized by doublespeak, coupled with endorsements from individuals capable of influencing others, to win public support for an idea or doctrine. When employed by nations as an act of aggression, it can unleash a never-ending series of counterpropaganda measures, and become counterproductive. Learning about propaganda — how it works, and actual examples across cultures — provides many interrelated insights. Propaganda Theory I. The Meaning and Types of Propaganda Propaganda is defined in many ways. It is â€Å"a systematic effort to persuade a body of people to support or adopt a particular opinion, attitude or course of action† (Funk & Wagnalls Standard College Dictionary, 1963). Propaganda is something resorted to since ancient times, and has assumed many connotations through the years. It is commonly understood as the deliberate, systematic attempt to shape perceptions, manipulate cognitions, and direct behavior to achieve a response that furthers the desired intent of the propagandist. Propaganda is a term culled from the Latin word propagare which â€Å"means to propagate or to show† (Jowett and O’Donnell, 2006, p. 2). French philosopher and sociologist Jacques Ellul, who conducted a thorough study on propaganda, propounded that it is a â€Å"sociological phenomena, not as something made or produced by people of intentions† (Jowett and O’Donnell, 2006, p. 4). Ellul did not discount the fact, though, that while it may have negative impact, particularly in discouraging critical thought, people have a need for it. Propaganda is characterized by certain characteristics. It has to be total, seamless, with a target audience that is â€Å"self-acting and capable of screening out contrary messages for themselves (or) partial to the thrust of the message and willing to listen to it, and†¦ works best when it prepares symbols that the public will understand, and then manipulates those symbols to achieve a desired effect† (Thompson, 2004, pp. 6-8). Propaganda, as widely used today, connotes â€Å"a coordinated strategy to minimize negative information and present in a favorable light a story that can be damaging to self-interests† (Jowett and O’Donnell, 2006, p. 3). This is blatantly shown by many news organizations and governments today. In most cases, â€Å"propaganda themes are produced not because the relationship between the state and the media is antagonistic and incompatible but because they serve a common purpose† (Wilcox, 2005, p. 4). To achieve the propagandist’s intent, there are several types and techniques employed. In the corporate world, one type of propaganda is a simple testimonial. Testimonials may utilize celebrities and other people of prominence or credibility, or symbols like a flag or a respectable institution, in advertisements prodding and enticing people to purchase goods and services. Most advertisements that instill brand recall by being constantly aired on all forms of media are also a form of propaganda. Usually, the propagandist conceals his main agenda in a deliberate attempt to win public favor. Propaganda may be classified then as white, or â€Å"from a correctly identified source and is not intentionally deceptive† (Brahm, 2006, parag. 4) or black, which is the exact opposite. As for the techniques, propagandists employ age-old techniques to influence or win over people to their side, like name-calling, whereby the object is to make a person see an object, person or idea in a negative light without carefully assessing evidences; use of glittering generalities that uses abstract terms, especially ideals like freedom, justice, and truth to appeal to the listener’s emotions or valued principles; card stacking, which highlights only one view to an argument while downplaying or totally repressing the dissenting or contradictory opinions in order to manipulate the sentiments or change the mindset of the audience; transfer technique, in which case the propagandist uses an object or symbolism that is generally revered or respected to win over people; testimonials, which uses prominent, authoritative or famous people to appeal to listeners’ emotions or in some instances, both the emotions and logic; and bandwagon, which presupposes that since majority of people are doing or supporting something, then that general trend must have merits worth considering. The propagandist, in this case, expects the audience to conform to the general will and reap the benefits offered (â€Å"The Art of Propaganda,† n. d. ). II. Propaganda Through the Years Propaganda’s various meanings and connotations have evolved through the years. In the modern world, the most common conduit or mouthpiece of propaganda is the news media, whether print, television, radio or online. Many governments have used media as disseminator of propaganda, especially during crisis moments or to win major support for conflict intervention. Milestones that have been part and parcel of the history of propaganda go way back to 1622, when the Vatican, under Pope Gregory XV, â€Å"established the Sacra Congregatio de Propaganda Fide, meaning the sacred congregation, for propagating the faith of the Roman Catholic Church† (Jowett and O’Donnell, 2006, p. 2). Succeeding events led to the loss of impartiality in the term propaganda. In the present information age, some people who are well-read and aware of issues and news developments are able to discern whenever their government has set into motion a major information campaign to gain public support for an electoral campaign or even a war effort. There are also insidious ways individuals or governments use propaganda, like in the case of terrorist groups enlisting people to support their cause, or military leaders trying to outmart the enemy by overstating the size of one’s fleet or amplifying the sophisticated weaponry at their disposal. Propaganda has been used countless times for political warfare. History is replete with cases of governments swaying the populace to gain support for their cause or political ends. An example of 20th century propaganda are the anti-German propaganda materials widely disseminated by British agencies. Former US President George Bush’s propaganda machine emphasized an anti-terrorism stance. Ironically, he had denounced numerous propaganda tactics directed at the US which he thought to have vilified the country’s image in the global community. The US government employed similar propaganda techniques during the Gulf War and Kosovo Conflict in the 1990s. Many political rulers, like Joseph Stalin, used propaganda in a damaging sense. Another clear-cut illustration of 20th century propaganda is Adolf Hitler’s reign of terror. Everyone knows how the charismatic dictator won over people to his side not only with his eloquent speeches but with his military tactics and well-oiled propaganda machinery. Naxi propaganda bordered on censorship. Books and films that ran counter to the beliefs of the rulers were burned. In their stead, radio communications called â€Å"People’s Receiver† were offered at a cheap price. There were also organized rallies that succeeded in gaining the public’s loyalties. â€Å"In Nazi publications and German newspapers, newsreels, posters, ‘educational’ materials, etc), much use was made of cartoons from Julius Streicher–the Nazis’ vitriolic and foremost hate monger† (Thompson, 2004, parag. 11). On the other hand, there have also been countless examples of propaganda back in the 18th century. Propaganda was employed, to promote the cause of independence, through the dissemination of pamphlets during the American Revolution. In France and Europe, there was widespread criticisms for the ruling class by learned men. It was an age when anti-enlightenment ideas proliferated, and propaganda was at its peak. III. Propaganda in the Arab World Propaganda has found strong use in the Arab world. â€Å"The anti-Semitic literature published by the Arabs since World War II has been voluminous†¦Arab propagandists and sympathizers have persisted in the charge that Israel is a foreign outpost of Western civilization, the intruding offspring of Europe inhabited by European survivors of Nazi brutality† (Peters, n. d. ). Consumed by the overriding belief that Israel does not have the right to exist, most Arab and Muslim states engaged in propagandist tactics, including biased reporting and use of language that detracts from the true meaning. Propaganda was also applied through the use of official newspapers that tackled how Jews manage all the world’s governments. In similar manner, the US government has launched anti-Arab propaganda material, much to its own detriment and reputation in the international community. References Brahm, Eric. (2006). â€Å"Propaganda. † Beyond Intractability. Eds. Guy Burgess and Heidi Burgess. Retrieved May 31, 2009, from http://www. beyondintractability. org/essay/propaganda/ Funk & Wagnalls Standard College Dictionary. (1963). New York: Harcourt, Brace & World, Inc. Jowett, Garth S. and Victoria O’Donnell. (2006). Propaganda and persuasion (4th ed. ). Thousand Oaks, CA: Sage Publications. Peters, Joan. (n. d. ). â€Å"From time immemorial – the origins of the Arab-Jewish conflict over Palestine. † Retrieved May 31, 2009, from http://gospelpedlar. com/articles/Church%20History/jews. html

Maju Jaya Supermarket (MJ Supermarket) Essay

Maju Jaya Supermarket (MJ Supermarket) advertises in the newspapers that there is a vacancy for the post of manager. The advertisement stated that those who are interested can come anytime to MJ Supermarket for an interview from 11th April 2014 until 21st April 2014. Ahmad who was very interested with the post came to MJ Supermarket on 20th April 2014 and was informed by the owner that the post was already filled. Ahmad was very angry as he has already tendered his resignation to his former company. On the day that Ahmad came to the MJ Supermarket, he saw Mr Chan, his neighbour, entering the MJ Supermarket and selected some canned food, shampoo, eggs and vegetables. He put all the items into his trolley. However, while he was still looking for other items, Mr Chan received a call from his son asking him to pick him up from the train station. Mr Chan left the items in the trolley and went out from the MJ Supermarket. Advise Ahmad and Mr Chan whether there is any contract between them and the MJ Supermarket. (20 MARKS) ANSWER to Part A (Ahmad Case) Introduction The definition given under the Section 2(h) of the Contracts Act 1950 is that a contract is an agreement enforceable by law (The Commissioner of Law Revision, 2006). Therefore in the Ahmad’s case, one of the parties (Ahamd or MJ Supermarket) has to make an offer that is duly accepted by the other. Issue First issue that we need address in this case is to see whether the advertisement stating the interview deadlines contains an offer. If it does, can Ahmad’s willingness to attend the interview be considered as an acceptance of the offer? In case the advertisement is not considered as an offer, or if it is just an invitation to treat, then there is no contract between them. Second issue raised by the question is whether Ahmad’s presence in the MJ Supermarket to attend the interview on time, after his resignation from his previous job, is an offer. In that case, does MJ Supermarket can reject Ahmad’s offer? Based on the limited information given in the Ahmad’s case, the issues were analysed to see whether there is a contract between both parties? The Law According to Section 2(a) of the Contracts Act 1950, an offer exists â€Å"when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to the act or abstinence, he is said to make a proposal† (Rahman , 2011). As given in the Carlill v. Carbolic Smoke Ball Co Ltd (1893) 1 QB 256 case, a proposal or an offer can also be made to the general public to be accepted by any person who knows about it and willing to perform the requirements of the proposer. On the other hand, an invitation to treat can be defined as giving information or requests to others to make offers. Application of the Law to the Facts of the Problem The advertisement by the MJ Supermarket clearly states that those who are interested can come anytime to MJ Supermarket for an interview from 11th April 2014 until 21st April 2014. This raise the question whether the advertisement is intended to bound in contract with the participants who come for the interview. In case of COELHO v. THE PUBLIC SERVICES COMMISSION[1964] M.L.J.12, the applicant, a Health Inspector under the Town Board, Tanjong Malim, applied for the post of Assistant Passport Officer in the Federation of Malaya Government Oversea Missions advertised in the Malay Mail dated 19 February 1957. Consequently, the applicant was informed that he was accepted and, after undergoing training, he was posted to the Immigration Office, Kuala Lumpur, where he remained until December 1958 when he was transferred to the Immigration Office at Johor Bahru (Rahman , 2011). The High Court ruled that the newspaper advertisement was an invitation for qualified persons to apply and the applications were treated as offers. Same can be expressed to the case of Ahmad that the newspaper advertisement by the MJ Supermarket is an invitation to those who are interested to participate in the interview. In the case of Gibson v Manchester CC [1979] 1 All ER 972, HL local council write to tenants inviting them to apply to purchase their homes. One such tenant P did apply, and a price was agreed. Following a change of party control, the new council DD refused to go ahead with the sale. The House of Lords said there was no binding contract: P had made an offer which DD had not yet accepted. Phrases in the correspondence such as â€Å"may be prepared to sell† and â€Å"please complete the enclosed application form† were indicative of an invitation to treat (Thomson  Reuters, 2004). Similarly to this case, the advertisement by the MJ supermarket stated th at those who are interested â€Å"can come† any time to the interview is crucial to consider that the advertisement was a step in the negotiation for a contract. Conclusion Considering the court ruling on both Coelho’s case and Gibson’s case, the advertisement made in the newspaper was an â€Å"invitation to treat†. However, the presence of Ahmad to participate in the interview is considered as an offer. The MJ Supermarket rejected this offer. Therefore the advice to Ahmad is that there is no contract between himself and the MJ Supermarket. ANSWER to Part B (Ahmad Case) On the day that Ahmad came to the MJ Supermarket, he saw Mr Chan, his neighbour, entering the MJ Supermarket and selected some canned food, shampoo, eggs and vegetables. He put all the items into his trolley. However, while he was still looking for other items, Mr Chan received a call from his son asking him to pick him up from the train station. Mr Chan left the items in the trolley and went out from the MJ Supermarket. Introduction The definition given under the Section 2(h) of the Contracts Act 1950 is that a contract is an agreement enforceable by law (The Commissioner of Law Revision, 2006). In the case of Chan, there should be an offer made by Chan and this offer should be accepted by the MJ Supermarket to make a contract. Issue The issue raised in the question is whether the Mr Chan’s action of taking goods from super market racks and put it into the basket contains an offer or an acceptance of an offer. Does he or MJ Supermarket fulfil the requirements of a contract? The Law According to Section 2(a) of the Contracts Act 1950, an offer exists â€Å"when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to the act or abstinence, he is said to make a proposal†. An invitation to treat can be  defined as giving information or requests to others to make offers. In the Contracts Act 1950, Section 4(1) states that the â€Å"communication of a proposal is complete when the proposal comes to the knowledge of the person to whom it is made. To fulfil the pre-conditions of a contract, the proposal should be clearly communicated to the acceptor. Under Section 5(1) of the Contracts Act 1950, â€Å"a proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, but not afterwards. Application of the Law to the Facts of the Problem Mr Chan took goods by himself suggests that there is a display of goods in the MJ Supermarket and allows customers to voluntarily pick goods they like and purchase from the counter. â€Å"In the case of Fisher v Bell [1960] 3 All ER 731, DC it was a statutory offence under the Restriction of Offensive Weapons Act 1959 to offer for sale any of various items, including flick-knives. A Bristol shopkeeper R displayed such a knife in his window, with a ticket reading â€Å"Ejector knife – 4s.† [4 shillings = 20p], and was prosecuted for an offence under the Act. The Divisional Court took a literal interpretation of the statute and said he had committed no offence: the display was an invitation to treat, not an offer to sell† (Rahman , 2011). In relation to the Mr Chan’s scenario, this case can be used to justify an argument of changing mind at any point of purchase before a contract is made. Therefore Mr Chan’s decision to leave the goods without buying is acceptable based on Fisher’s case. â€Å"In the case of Pharmaceutical Society v Boots [1953] 1 All ER 482, CA certain products that were to be sold only under the supervision of a registered pharmacist were displayed on shelves in a self-service shop. The Pharmaceutical Society of Great Britain (who are responsible for enforcing this legislation) brought a prosecution against the shop for allowing customers to buy these products by helping themselves, but the Court of Appeal (upholding Lord Goddard CJ) said they had no case. The customer having selected the goods made an offer to purchase when he took them to the cash desk, and there was a registered pharmacist supervising that point at which the sale took place† (Rahman , 2011). Mr Chan does not take the goods  to the sales counter. In the case it is also mentioned that he was still looking for goods to purchase. However, he revoked from the process of making an offer to the sales staff when he got a phone call. As mentioned in the Boots case, the action by Mr Chan indicates that he did not properly complete an offer to purchase. In other words, he was involved in an invitation to treat from the MJ Supermarket. Conclusion To complete a contract between Mr Chan and MJ Supermarket, there is should clear communication of an offer and acceptance between both parties. Based on the discussed cases above, the display of goods are considered as an invitation to treat. Mr Chan does not complete an offer to purchase the goods as he quit his process of purchasing in the middle before taking goods to the sales counter. Futhermore, the MJ Supermarket does not have knowledge of a possible offer from Mr Chan.