Thursday, October 31, 2019
Intel and AMD Processors Essay Example | Topics and Well Written Essays - 1500 words
Intel and AMD Processors - Essay Example Dell XPS 625 Desktop Computer contains the processor developed by AMD. This processor is AMD Phenom X4 940. Another specification of the system is its 500GB hard disk and 6GB of the RAM (Dell MT2, 2009). Here we have an optional facility of the Radeon HD 2400 Pro in its place of a GeForce 8800GTX. A Creative X-Fi supplies sound, gigabit Ethernet is onboard, and eight available USB ports make sure that you will never go wanting on the accessories side. This system has an Integrated Sound Blaster Audigy. There are also 8 USB ports. On the Windows XP, we have better performance and additional functionalities. If we talk about the system performance then we will be able to see that this system is the addition of the XPS 625 is a solid player for the better performance in its series and price significantly fewer than Dell QX9650 system. The XPS 625 is a multimedia computer that is checked AMD's impending mainstream 2.83-GHz Penryn Q9550 processor was identical to the XPS 625 by means of t he over-clock enabled QX9650 CPU in each other esteem except in cost (Simms, 2007). The XPS 625's midrange tower case a modish mixture of sleek black plastic plus silvery metal-conceals the unit's simply genuine disadvantage: It was immediately one free of charge drive cove. One main feature of this system is quietness.Ã There is a huge amount of the ventilation in the system body so that is can be easily vacuumed. So working with it in an industrial sector is really easy. We can use it for the production area.
Tuesday, October 29, 2019
Robert smalls the life of a slave man to ccongressman Term Paper
Robert smalls the life of a slave man to ccongressman - Term Paper Example This is because it proved to the entire society that even African Americans are able of making good leadership. Despite the fact that he is no more, Smalls is still a national hero. Robert Smalls was born on 5 April 1839 in South Carolina at a home where his mother was working as a slave for the white Native Americans (Wikipedia.org par. 1). The fact that his mother was a slave means that he was born into slavery, something that he grew up into. What is surprising is that his father who has since remained anonymous was a white American who is thought to have forced his mother into sexual intercourse because of her slavery at the time. Like his mother, smalls were also forced to work as a slave boy in the white settlements, something which he did until the age of twelve, after which he decided to seek for a paying job in Charleston (Kennedy 27). Since Smalls had no good education and the fact that jobs were being discriminatively awarded, he managed to get employed as a laborer (Miller 4). Despite the poor, working condition, which he had to work in, Smalls were determined to get some money, which he could use to help his enslaved mother who had been rendered destitute by slavery. The condition of the job was that out of all the earnings Smalls received from the job he was only allowed to save a dollar while the rest of his earning belonged to his master. Barclay reveals that by the time Smalls turned eighteen years old he decided to strike a deal with his employer, who accepted Smalls to send him fifteen dollars every month, as opposed to the earlier deal in which Small had to take only one dollar and hand over the rest (Par. 3). This deal enabled Smalls to save much money than he did initially. It is also here in Charleston that Smalls met Hannah, whom she married on 24 December 1856. Barclay notes that, at the time of Sm allsââ¬â¢ marriage, he was barely seventeen years old while his wife
Sunday, October 27, 2019
Financial and Strategic Evaluation of Tesco Plc
Financial and Strategic Evaluation of Tesco Plc Financial and strategic evaluation of Tesco Plc Executive Summary To understand how a business is performing, understand what might be expected in the future and determine whether the business is a risky investment. An investor, analyst, researcher or accountant needs to understand the strategy of a business and how they plan to achieve this. The capital structure of a business can determine whether the company has enough finance in order to achieve targets and investments, determining certain risks involved and level of return required. This report looks at the level of gearing Tesco has whether financed by debt or equity, going on to look at the weighted average cost of capital. Investment is also important as investors expect, and the company looks to achieve growth. With Tesco this report looks at both future and past investments, analysing the non financial and financial benefits from them. Dividend policy and yields are analysed looking into theory behind them. Tesco shares are analysed using valuation techniques, looking at what may be the reason for Tescos success through the recession, helping them stabilise share price after the peak of recession despite some contractual and ethical issues. Finally looking into how the international market has benefited Tesco by non financial means. An overview of a few strategic issues Tesco has faced over the years is provided, looking into some of the challenges and results of these issues. Problems such as competition, international expansion and contract disputes are shown in detail later in the report. 1.0 Introduction Tescos overall strategy is growth, which has helped strengthen their core business within the UK, (Tesco, 2010). Tesco plan to achieve this strategy through diversifying their product range away from food and to include financial, non financial and telecommunication services/products also by penetrating new markets globally. This report evaluates Tesco, analysing their capital structure and the level of debt discussing how this can influences the company value and investing decisions, looking at how past investments and future investments are beneficial for Tesco. Dividend policies are related to theory and share prices are questioned using different valuation techniques available to any investor. Going on to look at survival through the recession looking at different strategic issues they have faced over the years. 2.0 Capital Structure and Finance agreement Figures above referenced from FAME database, show for expansion of its business Tesco Plc increased gearing from 51.58% to 91.38% within years 2000 and 2003. Increasing debt can be a cheaper less risky option as cost of debt is lower than equity and increasing levels of debt can reduce the weighted average cost of capital. By reducing weighted average cost of capital, company value can be increased and therefore shareholder wealth is increased. WACC can be used against cash flows in order to determine the net present value of a project. Tesco probably used this as a means to decide which investments are beneficial. After this period global financial crisis began to hit the market, Tesco Plc reduced its gearing ratio and kept the ratio level at around 75% until 2007. This was sensible at the time due to recession risk of lower turnover levels could mean the ability to repay certain levels of debt more difficult. Having higher levels at the time would have meant financial risk, repayment risk etc, would affect interest rates on loans and increase the cost of equity as shareholders are taking a higher risk therefore require a higher rate of return. Tescos main competitors suffer the similar situation; ASDA and Sainsbury were also affected by the global financial crisis, they also reduced their gearing ratio level and keep it to relatively low level to about 35%. However, with the positive profit figure, Tesco changed its current strategy. Tesco have geared up its business rapidly from 2008, and reached 149.14% in 2009. As the figures show that Tesco had borrowed in a huge amount of debt in 2009. R ecently, a joint venture between Tesco and property firm British Land has refinanced its retail portfolio with a new 315 million pounds five-year term loan. (British Land, 2010) it is to believe that a rapid market expansion and investment will be followed. Years 2005 to 2009, sales and income figures of TESCO have steadily increased; it generated a very positive profit return for investors. With the global finance crisis continuing to affect UKs economics, the government may loosen its restriction towards TESCO; whatever happens, people need foods and basic living materials, it is a perfect moment for Tescos expansion. The high level of gearing may support Tesco to expand its business; however there is potential risk of default on loans. Can Tesco maintain its level of income, if not how can TESCO to repay the debt it borrowed? This problem could influence investor decisions. 3.0 Investment UKs largest retailer Tesco expanded into foreign markets attempting to increase future growth in the global retail industry. The company initiated its international expansion strategy by venturing into Central Europe, Asia and the US. Figure 1 shows Tesco PLC sales profits before recession had an impacted. This shows sales profits in the overseas market amounted to a fair percentage of Tescos profit figure. Comparing growth over 5 years in the UK with Asia, UK only generates a 49% increase when the Asian market increased 250%. Tesco has placed increasingly focuses on their international venture. Nearly two-thirds of the groups space is now overseas, although these markets still only account for a quarter of group turnover (Rigby, 2009). Tescos Summary Five Year Record Year ended February 2001 (m) 2002 (m) 2003 (m) 2004 (m) 2005 (m) Group Sales 22,585 25,401 28,280 33,557 37,070 Turnover excluding VAT UK 18,203 19,821 21,309 24,760 27,146 Rest of Europe 1,737 2,181 2,664 3,385 3,818 Asia 860 1,398 2,031 2,669 3,010 20,800 23,400 26,004 30,814 33,974 Philip Clarke, head of Tescos international operations, singled out South Korea, along with China. Mentioned as Tescos two most promising markets, planning to open 100 new stores in South Korea alone (Rigby, 2009). This is a wise decision due to current economics Britain has been impacted among some of the worst around the world, where China especially was not greatly affected with vast growth. Probable reasons for Tesco expanding internationally rather than nationally may be due to competition policy trying to limit Tescos growth, also there is little land space to continue building new structures, and Tesco already purchased the most profitable local convenience stores in the past. 3.1 Environmental Tesco, now 4th largest retailer in the world, have announced that it will open the first zero carbon store as part of its bid to be a carbon à neutral company by 2050. They stated its corporate commitment towards reducing climate change, for example halving its energy use per square foot by 2010, reuse and recycling packaging where possible (Leahy, 2009). A green example of this is where they use returnable ââ¬ËGreen trays saving around 132,000 tonnes of cardboard packaging in 2007/08. Tesco plans to invest à £100m in sustainable environmental technology which is finding more practical ways to use renewable energy, such as solar and wind power, and to help develop the green technologies of the future (Tesco Media, 2010). Environmental issues are becoming increasingly important over the years. Climate change has become a huge focus for businesses. The Climate Change Act 2008 makes the UK the first country in the world to have a legally binding long-term framework to cut carbon emissions (OPSI, 2008). Government ensures that organisations are adapting and that its policies, programmes and investment decision are made in the context of climate change. By continuously making environmental changes Tesco builds reputation as a more ethical company. 3.2 Diversification On the other side of expansion, Tesco is looking to take advantage of the current mistrust towards banks following their role in the economic crisis. They had spent à £950m for purchasing 50% of Royal Bank of Scotlands share of TPF last year (This Is Money, 2008). It is also planning to expand its telecoms operation industry following the appointment of Tesco marketing director Lance Bachelor as Tesco Telecom chief executive. Tesco are going to attempt penetrate the finance market further by offering current accounts within two years and also offering mortgages for their first time. Offering credit cards, insurance and savings deals already Tesco has a huge customer base. They have a huge potential to increase turnover by selling more products to their existing customers. They plan to open branches globally not on in the United Kingdom which could be a huge challenge for the company. They need to time this investment perfectly, especially amidst the recession. They stated that it has to build the IT infrastructure which required supporting the bank system, and this project is described as a huge undertakingâ⬠. As a Tesco bank customer, you will also be able to accrue loyalty points under its Club card program (Tesco, 2008). 4.0 Shareholder Information An important factor in the eye of an investor is predicting the future. Shareholders are interested in company performance, both long and short term. They are also interested in the companys investment not only to expect growth but so they are able to assume levels of retained earnings and cash flows. This allows shareholders to make estimations on dividend payout, the only form of cash flows a shareholder receives and predict any growth on share price. 4.1 Dividend Policy Tesco pay cash dividends as interim and final year. The dividend is steadily increasing even through the Recession. Annual Dividends per share has increased 26.48% from 8.91p in 2007 to 11.27p in 2009 (Tesco, 2007-9). The company pay a fairly low dividend with a yield averaging 2.43% from 2007-09. Low yields can lead to possible patterns of high growth unlike high yields resulting in sharp falls (Arnold, 2008). Steady dividend payments and low dividend yield targets higher earners and those on looking for long term investment. Cash in the business is expected to be invested in projects with positive net present values as investors are looking for capital gains. This suits Tesco as one of the reasons for a lower yield and dividend is due to large investments in expanding and making the company more diverse. 4.2 Share Price Capture.PNGShares are hard to say what influences price, there are many factors which can all influence share price such as earnings per share and price earnings multiple. News can have affects such as bad press can decrease share price, disputes or contractual issues etc. Other areas may be dividends, although according to Modigliani and Miller theory whatever dividend policy is used, firms which pay more dividends offer less price appreciation and pay the same shareholder return, according to cash flows from investments and risk measurements (Arnold, 2008). This theory provides proof given assumptions of no tax, investment decisions are not affected by dividends and there are no transaction costs converting price into cash when selling stock. In the current economic position this theory would most likely be irrelevant as there are always taxes upon a business. Transaction costs would almost always apply therefore this theory has its limitations. If dividends were irrelevant, the business may be wasting time analysing which shareholder are indifferent (MM Theory, 1961). As market leader for United Kingdom Tesco has shown stability during the crisis. Share price over the peak of the recession until recently has remained more stable for Tesco than competitor Sainsbury. Sainsbury had been affected severely between August and November 2007 as Delta Two pulled out in belief Sainsburys did not have enough capital to maintain competitiveness (Birmingham Post, 2007). This was a high in the recession. Financial markets began to stop trading between each other and there was the near collapse of Northern rock, (Telegraph, 2009). The Sector was hit hardest in years however Tesco has begun to make its recovery with share price increasing unlike Sainsbury who only managed to stabilise over the last year. 4.3 Valuation Capture7.PNGInvestors may use share valuation techniques to determine whether shares are over or under value. Dividend yield valuation shows share price was fairly valued in 2007 but undervalued in 2008 and overvalued for 2009. This is calculated by dividing share price by the yield seen in Figure 3. Dividend yield was based upon Annual Dividend/ Share price. This valuation method can be affected by the level of dividend especially if the company is going to invest, which Tesco has made some huge investments purchasing 50% of RBS. This could be the reason why value is currently low here, whereas real value accounts for all affects. klll.PNGThe final method for this report is Price Earnings Valuation. Multiplying earnings per share by the P/E multiple. A higher P/E multiple indicates the price of stock is more than a lower P/E. In Figure 4 P/E*EPS shows similar results as using the dividend yield however P/E over the past 3 years has been decreasing, which shows investors are not willing to pay as much for a stock than previously. Tesco shares have remained strong, recovering after a downfall in peak of recession. Share valuation techniques however have shown share value may be overvalued in 2009. There seemed to be a recovery but using P/E and Dividend yield valuation, which provided a comparable result share value should be lower. This may mean it is safe to sell shares in Tesco now as price may fall. Dividend payment however suggest chance of expected growth in the future but looking at long term trends there have not been any dramatic changes in dividend payment or yields. 5.0 Surviving the Recession Researchers and Accountants believe Tesco was the number one company to survive the recession in the research survivability index. The information considered for this was not just cost cutting but based upon factors such as; branding, cost management, internet potential and customer targeting, (Ruddick, 2008). For instance, Tesco replaced a lot of high brand products with Tesco value products, which sell for less however attract more customers generating higher turnover, this helped reduce costs related to more expensive products. Other cost savings are through better use of IT, and from policies and management of suppliers to ensure the greatest value to the business and customer (Business, 2009). Tesco club card points and vouchers have been a huge impact for customer targeting, by offering double club card points many customers who arent regular shoppers become regulars. Tesco also monitor their customers far more intensely than other supermarkets. They analyse buying patterns and send vouchers in the post to attract customers back, or when customers have not returned for a while they send vouchers to entice them. 6.0 Competition Severe rivalry within the UK retail market is forcing cost cuts and ways news ways that they can differentiate themselves from competitors. The retail market is mature and oligopolistic in its nature, with a few major multiple retailers dominating the market (Business, 2009). Competition between the large retailers resulted in price wars with the big two, Asda and Tesco reducing price margins for the industry as a whole as other competitors have to react according to the market. The market is well regulated. The monopolies and mergers commission constantly examines the market to ensure fair competition. The government has also been active in planning restrictions for new store openings (BBC, 2004). Growth appears to come from gaining new customers, improving product offerings, and from non food products, such as financial services. In Tescos case they have expanded overseas as well as diversifying their product range. Customers are still number one in the eye of the retailers. Success in the industry is still dependent on how well the retailer can meet the customer needs. Price, particularly in the UK has become a dominant feature. Considering the recession, this will places stress on retailers to set low prices and maintain that level. The main reason being consumers are tightening their spending level and are not willing purchase luxury items and are purchasing the necessities. 7.0 Bad Credibility Tesco were faced with a big contractual issue back in 2007. Tesco delivery drivers were offered new contracts, which had worse conditions and around 3000 to 6000 pounds less pay. This resulted in drivers going on a 3day strike, causing problems for Tesco when shoppers refused to shop in their stores and many drivers rejected the new contracts which resulted in Tesco terminating their positions (BBC, 2007). This issue meant Tesco had to spend a lot of time and money with unions, whilst losing sales from shoppers refusing to shop with them and deliveries not being made. Although this issue was only in one area, the businesses image would have been damaged by news and publicity on the matter. The competition commission has started to realise that the bigger the retailer they have a stronger capability to force prices lower from suppliers. Described as a ââ¬Å"master servantâ⬠relationship farmers complain about Tescos cancelling orders at last minute and forcing cost lower than production cost (Hird, 2005). In extreme cases farmers have protested especially over milk prices (Mullin 2009). This shows Tesco has done little to improve their relationship with farmers over the years. It could be assumed that government may begin to intervene soon as Tesco becomes more unethical. Issues like this make people lose trust, they are unsure if in the future more problems will arise. When looking at investing you must trust a company making sure they are reliable and able to give you what you want from them. Other investors who catch news of problems tend to back out and sell stock. If enough people sell share price will begin to fall, this may be an opportunity to purchase shares at a lower price as long as you accept the risks. 8.0 Environmental Issues One big issue that Tesco is facing is the environment element; as the increasing global concern of environmental problem, how Tesco react to this issue will have huge impact to its future business performance. The public demands more than ever that films should take their responsibility as a member of the society. Tesco has taken a lot of effort to respond the challenge; in 2007, Tesco unveiled its green pledges; ââ¬Å"If we fail to mitigate climate change, the environmental, social and economic consequences will be stark and severeâ⬠Sir Terry Leahy, Tesco chief executive. (BBC news, 2007) In the statement, he promised that Tesco would cut emissions from existing stores worldwide by at least 50% by 2020, and would seek to restrict air transport to less than 1% of the firms products. Moreover, for cutting CO2 and energy saving, Tesco also introduce a series of strategy; by encourage customers to use reusable carry bag and reward shopping points to club members to reduce the usa ge of plastic bags; Tesco also introduce new energy saving store to the public; in January 2009, Tesco opened UKs most energy efficient store in Cheetham Hill. As part of the climate change program, the stores carbon footprint is 70% less than an equivalent store built in 2006. (Tesco, 2009) So far, Tesco has already made a lot of progress, yet there are much more problems waiting. 9.0 Overseas Tescos expansion internationally has not only benefited the company financial. They would develop new understandings and learn new techniques have diverse teams within the organisation. Tesco successfully penetrated the overseas market, being able to adapt to new cultures. To do this they would need incredible management with a perfect strategy. On the Tesco website they take a different approach internationally, strategy changes and their main focus is more of a cultural issue. For instance being ââ¬Å"Flexibleâ⬠as in Japan they shop in small amounts but prefer fresh items, also ââ¬Å"Act localâ⬠such as in India, who prefer less or no packaging so they can go through piles of produce. With 10 years of experience Tesco has wide experience of cultures (Tesco, 2009). Culture isnt only going to affect Tesco through the market i.e. selling, but will be a part of the business. Tesco employees local staff this affects the organisations culture, especially within head offices and management. Teams will include people from all different ethnic backgrounds growing up to have different culture, educated with a diverse range of skills. Having this within a business can be very successful and can create more effective team working (Brooks, 2006). 10.0 Conclusion Tesco on a financial level has a lot of risk involved. They are currently very highly geared and have a huge financial risk which can and most likely will affect the company value and share holder wealth. However over the next 2 years could be a crucial time for Tesco as their investments go under way which could result in a very prosperous future for shareholders through diversification and international expansion. A lot of risk relies on customer targeting, which in the past Tesco has been very successful. Dividend yields and dividend payments seem to be targeting high earners who can face risk and are looking for long term capital gains; however share price for 2009 seems to be overvalued and may decrease. It may be safer to sell shares now and buy again after share price falls. Tesco has had a lot of success and faced many different strategic issues, some which could result in a stronger business such as cultural diversification within the company. A lot of issues have occurred though, damaging the image as a result. Little seems to have been done to improve some of these problems especially with farmers. Tesco only seems to care if regulation intervenes, then they will do something about it which could be seen with some of the environmental problems. As a result of the analysis provided throughout the report Tesco seem like an opportunity for those who are willing to take high risks. References Arnold, G. (2008) Corporate Financial Management. 4th edition. London, Pitman Publishing. BBC. 2004. Tesco sees profits jump to à £822m: New stores. [Online] BBC News. Available at: http://news.bbc.co.uk/1/hi/business/3675164.stm [Accessed 20/3/2010]. BBC News, 2007. Tesco boss unveils green pledges [Online]. BBC News. Available at: http://news.bbc.co.uk/1/hi/6276351.stm [Assessed 24/3/2010]. BBC News. 2007. Tesco dispute enters second day. [Online] Available at: http://news.bbc.co.uk/1/hi/scotland/edinburgh_and_east/6690475.stm [Accessed 20/3/2010]. BIRMINGHAM POST. 2007. Sainsbury shares plummet as Delta Two pulls out. [Online] Available at: http://www.highbeam.com/doc/1G1-170795697.html [Accessed 18/3/2010]. BRITISH LAND. 2010. Press release. [Online] British land. Available at: http://www.britishland.com/media/pressreleases/pressrelease130110 [Accessed 15/3/2010]. BROOKS, I. 2006. Organisational Behaviour: Individuals, groups and organisations. 3rd edition. Pearson Education. BUSINESS, T. 2009. Challenges and outlook for the Tesco Stores Ltd. [Online] Available at: http://www.businessteacher.org.uk/business-resources/case-study-database/tesco-case-study/ [Accessed 20/3/2010]. FAME, database. 2010. Detailed information on Tesco Plc. [Online] Available at: https://fame.bvdep.com/version2010226/cgi/template.dll?checkathens=1kick=1product=1user=n0242395%40ntu.ac.ukpw=nK9CXV0V3ZRxfmNkkx9ZjA%3d%3d [Accessed 23/3/2010]. HIRD, H and BURLEY, H. 2005. The Tesco Takeover. [Online] Available at: http://www.foe.co.uk/resource/marketing_material/tesco_takeover_leaflet.pdf [Accessed 20/3/2010]. LANGFELD, M, 2009. Tesco: Consistent Earnings Growth at Attractive Price, [online]. Available at: http://seekingalpha.com/article/159992-tesco-consistent-earnings-growth-at-attractive-price [Accessed 18/3/2010]. LEAHY, T. 2009. Press releases: SCI Conference. [Online] Available at: http://www.tescoplc.com/plc/media/pr/pr2009/2009-10-16/ [Accessed 18/3/2010]. MM Theory, 1961. When Are Dividends Irrelevant? (The Miller Modigliani Proposition). [Online] Available at: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/invfables/dividirrelevance.htm [Accessed 19/3/2010]. MULLIN, D. 2009. Farmers protest at Tesco over milk price. [Online] Available at: http://www.farmersjournal.ie/myJournal/forum/content/farmers-protest-tesco-over-milk-price [Accessed 20/3/2010]. OPSI. 2008. Climate Change Act 2008. [Online] Available at: http://opsi.gov.uk/acts/acts2008/ukpga_20080027_en_1 [Accessed 16/3/2010]. RIGBY, E. 2009. Tesco trumpets strategic success overseas. [Online] Available at: http://www.ft.com/cms/s/0/7b824f06-2b88-11de-b806-00144feabdc0.html [Accessed 20/3/2010]. RUDDICK, G. 2008. Tesco: most likely retailer to survive recession. [Online] Available at: http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/3368164/Tesco-most-likely-retailer-to-survive-recession.html [Accessed 18/3/2010]. TELEGRAPH. 2009. UK Recession: Timeline of how the British economy has been hit. [Online] Available at: http://www.telegraph.co.uk/finance/financetopics/recession/4320827/UK-Recession-Timeline-of-how-the-British-economy-has-been-hit.html [Accessed 19/3/2010]. TESCO. 2007. Press release. [Online] TESCO plc. Available at: http://www.tescoplc.com/plc/media/pr/pr2009/2009-01-13b/ [Assessed 24/3/2010]. TESCO. 2007-9. Tesco: Annual Report 2007/8 2008/9. [Online] Available at: http://www.tescoplc.com/annualreport09/downloads/ [Accessed 17/3/2010]. TESCO. 2008. Tesco takes full ownership of Tesco personal finance and targets à £1 billion from retailing services. [Online] Available at: http://www.tescoplc.com/plc/storage/intannounce.pdf [Accessed 18/3/2010]. TESCO plc. 2009. International Strategy. [Online] Available at: http://www.tescoplc.com/plc/about_us/strategy/international/ [Accessed 19/3/2010]. TESCO. 2010. Our Strategy. [Online] Available at: http://www.tescoplc.com/plc/about_us/strategy/ [Accessed 19/3/2009]. TESCO, Media. 2010. Press releases: Tesco in à £100m to boost UK green economy. [Online] Available at: http://www.tescoplc.com/plc/media/pr/pr2010/2010-02-03/ [Accessed 18/3/2010]. THIS IS MONEY. 2008. Tesco takes on banks after RBS buyout. [Online] Available at: http://www.thisismoney.co.uk/markets/article.html?in_article_id=448364in_page_id=3 [Accessed 18/3/2010].
Friday, October 25, 2019
Film Techniques in Whats Eating Gilbert Grape Essay examples -- essay
"What's Eating Gilbert Grape?" Film Techniques related to theme Theme: Struggle and Hardship In the film "What's Eating Gilbert Grape?" directed by Lasse Hallstrom in 1993, one of the main ideas is that of struggle and hardship. This idea is significant to the film because it relates to each character in a different way, making the storyline more interesting. Three different techniques used by Lasse Hallstrom to illustrate the idea of struggle and hardship include Gilberts voice over, the extra close-ups of Bonnie as she climbs the stairs and the double up of dialogue, where Mrs Carver is talking to Gilbert, and Mr Carver is heard tying to entertain their children in background. One character that suffers from struggle and hardship is Gilbert. At the beginning of the film, just after the opening scene, there are a series of establishing shots of Endora. They display the town as a dead, empty place, and are accompanied by a voice over done by Gilbert Grape. Gilbert describes each shop and his house with a dreary, dull tone and a lack of enthusiasm. This indicates to the audien...
Thursday, October 24, 2019
The Pre Combustion Capture Environmental Sciences Essay
Climate alteration is straight associated with increased atmospheric concentration of gases, and particularly of CO2 produced chiefly by fossil fuel burning. Therefore, accomplishing important decrease of CO2 emanations is pressing. Many different schemes need to be applied for this intent including the increased usage of renewable energy beginnings and atomic power, the betterment of energy transition efficiency and the usage of C gaining control and storage systems ( CCS ) . In planetary graduated table, energy production is extremely dependent of fossil fuels. Furthermore, the continuously increasing energy demand in combination with abundant and loosely distributed geographically coal, are factors that prohibit the decrease of conventional energy production ways. Therefore, CCS is the lone option to accomplish important CO2 emanations decreases. The C gaining control engineerings can be separated into three chief methods: pre-combustion gaining control, post-combustion gaining control and oxy-fuel burning. In this assignment, pre-combustion gaining control procedure will be examined. Basic Operation 2.1 Definition By definition, pre-combustion C gaining control refers to the remotion of C from fuel before its burning. Therefore, the burning generates zero CO2 emanations. This engineering can be applied in power workss which use hydrocarbon fuels in order to bring forth electricity. These fuels are coal, natural gas, oil but can besides be used in power workss which use non-hydrocarbon fuels such as biomass or waste. However, pre-combustion C gaining control engineering is more efficient and most developed for usage in Integrated Gasification Combined Cycle ( IGCC ) power workss utilizing coal fuel and in Natural Gas Combined Cycle power workss. Procedure The chief procedure can be divided into three stairss. Initially, the hydrocarbon fuel which is typically natural gas or coal ( oil or biomass ) is reformed or gasified severally into synthesis gas, known as syngas, incorporating H and CO. Then, the syngas is reacted with steam in a Water-Gas Shift reactor ( WGS ) and the C oxide is converted to carbon dioxide and produces more H2O. The resulted syngas after the transition of the C oxide is consisted of C dioxide and H2O and is known as shifted syngas. During the 3rd measure, CO2 is separated from H2 and the rich H gas is produced which can be combusted clearly in combined rhythm power workss. Separated CO2 is so compressed, stored and transported. Between the three basic stairss, described above, there is a figure of extra units for the optimal operation of the system. These units are gas cleaners and heat money changers. Depending on the fuel used, the place and the sort of these units may differ. Figure 1 depicts the basic units of a combined rhythm power works irrespective of the fuel used as input. The water-gas displacement reactor and the CO2 gaining control unit are the extra units used in an IGCC or a NGCC power works for C gaining control. Figure 1: CC power works with pre-combustion gaining control. Figure 2 depicts an IGCC power works with pre-combustion C gaining control. From this figure the extra units can be observed. These units are the Air separation Unit ( ASU ) , the atom and the S remover. All these units will be described exhaustively in the following subdivisions of this assignment. Pre-combustion Capture Process_Vattenfall.jpg Figure 2: IGCC power works with pre-combustion gaining control. The chief difference between the IGCC power works and the NGCC power works is that the IGCC uses a gasifier for the production of the syngas and the NGCC uses a gas reformist. 5 Reformer 5.1 Natural gas constituents In combined rhythm power workss which use natural gas as fuel, a gas reformist is used for the syngas production. At this point it is of import to be mentioned that natural gas is consisted chiefly of methane in a proportion about 94 % . Table 1 cites all the constituents that natural gas is consisted of and their proportion. Table 1: Natural gas constituents 5.2 Natural gas reformation Three different commercially available engineerings for natural gas reforming have been developed. Steam reforming ( SR ) , Non-catalytic partial oxidization reforming ( POX ) and Autothermal reforming. For the hereafter, reforming in a membrane reactor could be an option. 5.2.1 Steam Reforming In steam reforming, methane reacts with H2O ( steam ) ( 700 & A ; deg ; C-1000 & A ; deg ; C ) under 3-25 saloon force per unit area in a presence of a nickel-based accelerator to bring forth H and C monoxide. It is an endothermal reaction which frequently using a nickel-based accelerator. In order to avoid the taint of the accelerator, sulfur compounds from the natural gas demand to be removed before the reformation. The basic steam reforming chemical reactions are: Methane: CH4 + H2O ( +heat ) > CO + 3H2 -?=-206kJ/mol Propane: C3H8+ 3 H2O ( +heat ) > 3CO + 7H2 Ethyl alcohol: C2H5OH + H2O ( +heat ) > 2CO + 4H2 The chief drawback of this reformist is that demand a secondary steam supply. 5.2.2 Non catalytic Power Oxidation ( POX ) Partial oxidization procedure relies on an exothermal reaction between natural gas and a limited sum of O. The merchandises of the reaction are chiefly carbon monoxide and H. The O can be supplied as pure O either signifier air or via a conveyance membrane. The basic chemical reactions are: Methane: CH4 + ?O2 > CO + 2H2 ( +heat ) Propane: C3H8 + ?O2 > 3CO + 4H2 ( +heat ) Ethyl alcohol: C2H5OH + ?O2 > 2CO + 3H2 ( +heat ) Temperature of the reaction is about 1250-1400EsC. This engineering is much faster than steam reforming but increases the entire cost of the works significantly. However, it is a really simple system with small care required. 5.2.3 Autothermal Reforming ( ATR ) The reactor in the autothermal reactor is divided into two different zones, a burning and a thermic and catalytic zone. Oxygen reacts with methane and signifiers syngas. It is an exothermal reaction and the operating temperature is in about 850-110 EsC. CH4 + O2 ââ¬â CO + 2H2O ( g ) -=519KJ/mol These reformer are more widespread and common used than the other two because of its flexible operation, its compact design, its low investing cost and its broad operating conditions. Furthermore, the fact that there is no demand of secondary fuel supply makes the reformer even more efficient than the others. 5.3 Water Gas displacement reaction in NGCC power workss with pre-combustion milliliter. The Water gas displacement reactor is one of the most of import units of the pre-combustion C gaining control procedure and will be examined exhaustively in subdivision 5555. However it is really of import to be mentioned at this point that in NGCC power workss with pre-combustion C gaining control, the H2O gas displacement reactor take topographic point into the reformist. 7 Water Gas Shift reactor The H2O gas displacement reactor ( WGS ) is one of the most of import parts of the CO2 gaining control system in IGCC and NGCC power workss. It converts about all the CO in Syngas, into CO2 and H with an exothermal chemical reaction. The input of the WGS reactor is syngas and steam ( H2O ) . CO + H20 ââ¬â CO2 + H2 ?H= -41.1kj/mol In general, the H2O gas displacement reaction occurs in an adiabatic system with the presence of a accelerator which accelerates the reaction rate. Several types of accelerators are commercially available but three of them are the most of import. These three accelerators can be divided into two classs: the clean displacement accelerators and the rancid displacement accelerators.Clean displacement accelerators:High temperature displacement accelerators Active constituent: Fe3O4 with Cr2O3 as stabilizer Operating temperature: 350 ââ¬â 500 & A ; deg ; C Sulphur content syngas lower than 100 ppm. Low-temperature displacement accelerators Active constituent: Cu supported by ZnO and Al2O3 Operating temperature: 185 ââ¬â 275 & A ; deg ; C Sulphur content syngas lower than 0.1 ppm.Sour displacement acceleratorsActive constituent: Sulphided Co and Mo Operating temperature: 250 ââ¬â 500 & A ; deg ; C Sulphur content syngas lower than 300ppm. In NGCC power workss with pre-combustion gaining control, clean displacement accelerators are used and the chief WGS operation takes topographic point into the reformist. IGCC power workss with pre-combustion gaining control usage either clean or rancid displacement accelerators but rancid accelerators are more widespread. In these workss, the WGS reactor is an independent unit. During shift reaction, the temperature rises and restricts the farther procedure. Therefore, the transition in a individual reactor is limited. This job can be solved by utilizing a two phase H2O displacement reaction. This reaction can be achieved with the combination of a high temperature and a low temperature displacement reactor operated in sequence. Consequently, in order to acquire a higher grade of transition of the CO to CO2, two reactors are favourable compared to a one-reactor apparatus. Between these two reactors, an inter-bed chilling is used in order to keep the temperature low in the 2nd reactor. The majority of C monoxide is converted to CO2 by the high-temperature accelerators and the procedure is fulfilled by the low temperature accelerators. Figure 2 depicts a High and Low temperature displacement reactor every bit good as the different temperatures for the different phases. Figure 2: High ( left ) and Low ( right ) temperature displacement reactors. Figure ten: WGS composed by two reactors. The WGS unit influences the entire efficiency of the power works. For standard design it is observed an efficiency loss about 3-4 % . The loss of efficiency caused by the WGS ââ¬Ë steam demands necessary for sufficiently high CO transition ratios. Sulfur Removal Unit Sulfur remotion is a critical portion in the pre-combustion C gaining control processes and it is used in both IGCC and NGCC power workss. Its chief operation is to take S from the input gas. Figureâ⬠¦ . Application in IGCC power workss with pre-combustion milliliter. Syngas produced by the gasification contains assorted drosss. Among these drosss, Ss have a large proportion. During gasification, S is chiefly converted to hydrogen sulphide ( H2S ) and to carbonyl sulphide ( COS ) in a proportion about 3-10 % . In IGCC power workss with pre-combustion C gaining control, in order to clean the gas from sulfur constituents, a Sulfur Removal unit is used which utilizes acid gas recovery processes ( AGR ) . These procedures can be either physical or chemical based and retrieve S either as sulphuric acid or as elemental S. However, AGR procedures are efficient merely when S is in H2S signifier, COS is highly hard to be removed in this manner. Therefore the sulfur remotion unit must be equipped with a COS hydrolysis unit ( before the AGR ) which catalytically converts COS to H2S. This units converts over 99 % of the of the COS to H2S with the chemical reaction presented below: COS + H2O ââ¬â H2S + CO2 With the combination of these two units i.e. COS hydrolysis and AGR process the Sulfur remotion unit achieve about 99 % of sulfur recovery. In unit 7 it underlined that in IGCC power workss with pre-combustion milliliter the WGS reactor can be composed either of clean or rancid displacement accelerator. In instance of clean displacement accelerators, sulfur constituents must be removed from the syngas before the WGS reactor in order to avoid accelerator taint. Therefore, in this instance the S remotion demand to be placed before the WGS reactor as Figure 66 shows. Figure 66: WGS reactor with clean displacement accelerators In instance of rancid displacement accelerators, S is required in the provender gas. Therefore the sulfur remotion unit is placed after the WGS reactor. It is really of import to advert here, that in this instance the WGS reactor except from change overing CO to CO2, besides hydrolyses COS to H2S. Consequently, there is no demand of a separate COS hydrolysis system. Figure 67: WGS reactor with rancid displacement accelerators. In every instance, a gas ice chest is necessary to be used before the Sulfur remotion unit. Application in NGCC power workss with pre-combustion milliliter. In this instance, both the accelerators of the reformist and of the WGS reactor are clean displacement. Therefore, sulfur remotion is necessary to be placed before the gas reformist. Hence, in NGCC power workss, the input gas of the sulfur remotion unit is natural gas alternatively of syngas ( or shifted syngas ) which was in IGCC power workss. The first measure of the remotion procedure is the transition of sulfur compounds, such as COS and mercaptans, in the natural gas to gaseous H2S. This can be achieved by utilizing a catalytic hydrogenation. After the transition, the S is removed by fluxing of the natural gas through a bed of Zn oxide granules to organize solid Zn sulphide harmonizing to reaction H2S + ZnO ( s ) > H2O ( g ) + ZnS ( s )
Wednesday, October 23, 2019
Mao Study Guide
Maoââ¬â¢s Rise To Power I. Mao first got into radical issues in his homeà provinceà ofà Hunan, because there were large spheres of influences there II. In 1920, Mao stumbled upon Professor Chen Tu-hsiu,à Chinaââ¬â¢s foremost Marxist. He gave Mao a position selling party literature in a bookshop III. Mao rose in status to provincial party leader soon afterward IV. In 1923, the Nationalist Party sought help and money from another source, so they joined the Chinese Communist Party (CCP). The CCP was being given money from the Soviets V. Soon after the Nationalist Party leaderââ¬â¢s (Sun Yat-sen) death, Chiang Kai-shek took leadership of the Nationalists and separated themselves from the CCP because they didnââ¬â¢t wantà Chinaà to turn into a Soviet satellite state VI. Chiang began killing off the CCP. Mao and the CCP went on a Long March, or retreat using guerilla tactics, to Yanââ¬â¢an to flee from the Nationalists. They set up their base there because it was in the north, closer to theà Soviet Union, where they could get help VII. Chiang was very violent and killed many of his political opponents in the cities. This was more visible to the people than Maoââ¬â¢s violence in the countryside VIII. Most people knew that Chiangââ¬â¢s regime was corrupt, inefficient, and could not deal with inflation and famine IX. The Marco Polo Bridge Incident led to the full-scale invasion of the Japanese in 1937. This would last until the end of WWII in 1945. During this time: a. A truce was called between the Nationalists and CCP b. The Nationalists did the brunt of the fighting against the Japanese c. The Nationalists and CCP were given weapons from theà U. S. to fight the Japanese d. The Red Army was built up and members of the CCP were built up by the ââ¬Å"mass lineâ⬠à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à i. Trained communists were sent in groups into the communities, where they said they had come to listen to the desires and ideas of the people à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à ii. On their return, the party would then learn what measures would appeal and adapt to their own policies which would be presented to the people e. To brainwash newcomers, Mao did the Yenan Terror during WWII: i. Used a Chinese KGB à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à ii. Held denunciation rallies (you were forced to stand in front of peers and admit guilt (things that you did against the Communist ideology) even though you didnââ¬â¢t do them) à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à iii. Singing, dancing, and humor were stopped à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à iv. All types of torture were u sed 1. Whipping 2. Hanging 3. Sleep deprivation v. No press à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à à vi. Thought examination (you were forced to write down thoughts against the Communist ideology and accuse others of the same) f. After the Yenan Terror, Mao had gotten rid of enough opponents to claim himself supreme leader of the CCP X. After WWII, the Nationalists didnââ¬â¢t have enough manpower becauseà Chinaà was so large in territory: a. Manchuriaà (rich in mineral and coal deposits) was turned over from the Soviets to the CCP b. CCP took over many areas that the Japanese formerly held XI. The Marshall Mission led to a cease-fire between the Nationalists and CCP, so the Nationalists demilitarized over a million troops: a. Many troops did not have strong ties to the Nationalists (because they were former warlord troops) b. They were not helped to integrate into society, so they joined the CCP c. These troops located former Japanese weapons depots and showed the CCP how to work the weapons XII. The civil war started up again in 1946 and by October 1949, Mao proclaimed the Peopleââ¬â¢s Republic ofà China Rise/Consolidation of Power I. Eliminated political parties and churches II. Land was seized from landlords and many were executed III. Sanfan, Wufan, and Sufan campaigns were purges against ntelligentsia and CCP IV. Hundred Flowers Campaign was sneaky way to seek out political opponents by allowing them temporarily to speak out. The Anti-Rightist Campaign got rid of anyone who had spoken out against Mao V. Cultural Revolution called for students (called Red Guards) to safeguard Mao by getting rid of art, teachers, members of the CCP, or anything counter to the revolution VI. Laogoi were forced labo r camps VII. A compilation of Maoââ¬â¢s essays were put together in the ââ¬Å"Little Red Bookâ⬠and taught in all schools VIII. Rectification movementsâ⬠served to eliminate intellectuals who Mao thought were dangerous by sending them to the countryside or killing them IX. Used speeches, propaganda posters, media, poets, film, etc. to prop up Maoââ¬â¢s ââ¬Å"cult of personalityâ⬠Previous Conditions I. Chinaà was dominated by spheres of influence ââ¬â places of foreign domination where the Chinese were looked upon as inferiors II. The country was not unified and had many provinces run by warlords, who were people not subservient to the government III. Previous governments were unstable and corrupt ââ¬â the Manchu Dynasty had recently fallen ââ¬â 1911, Yuan Shikai (a military general) ran the country for the next four years ââ¬â 1912-1916, the warlord era was a period of chaos and great disunity ââ¬â 1916-1925 IV. There were many economic problems: a. Widespread poverty b. Heavy taxes c. Large disparity between rich and poor d. Backward industry e. Few owned land V. Chiang was totalitarian and used violence to suppress political opponents; his government was also corrupt and took money from the peasants Successes I. Built up a following through charm and manipulation, allowing him to rise up in the CCP II. Escaped the Nationalist army and set up base in the north during the Long March III. Built up the CCP army and following during WWII through the ââ¬Å"mass lineâ⬠IV. Used the Yenan Terror to instill the ideology, brainwash and instill fear in his followers. All were loyal to Mao after the terror V. Yenan Terror was also used to brainwash people into thinking that Chiang was the enemy so that Mao would garner more support VI. Used the end of WWII to grab former Japanese occupied territory inà China VII. Acquired and successfully used demilitarized, former Nationalist troops in the Civil War after the Marshall Mission VIII. Won the Chinese Civil War because of the weakened Nationalist army and became dictator of the Peopleââ¬â¢s Republic ofà China IX. Ousted all political parties so that his CCP was the only one X. Churches were closed; Christianity, Buddhism, and Confucianism were denounced ââ¬â this allowed less potential sources of opposition XI. Marriage Law gave more rights to women, such as the right to own property, no more foot binding, and consensual marriage XII. Health reforms were made to take the nation off itââ¬â¢s opium addiction, such as harsher penalties, rehabilitation, and education campaigns XIII. Under the Agrarian Reform Law, peasants were given land from rich landlords XIV. Ousted foreigners, so he got rid of all possible spheres of influence and any semblance of outside control XV. Hundred Flowers Campaign revealed those who opposed the regime, enabling Mao to get rid of them later on through the Anti-Rightist Campaign XVI. Mao regained power (after his Great Leap Forward failure) through the Cultural Revolution, a purge of teachers, art, and party officials XVII. Used the Little Red Book, speeches, posters, badges, etc. to successfully build up his ââ¬Å"cult of personalityâ⬠. His face was everywhere Failures I. Didnââ¬â¢t have the amphibious forces to pursue the Nationalists inà Taiwan II. First Five Year Plan built up industry, but failed to reach the target goals and lagged behind the industry of large industrial countries III. Mao also wanted to raise output in factories, so common sense and rules went to the wayside in the name of speed. Accidents frequently caused tens of thousands of deaths IV. Anything that peasants could melt down into steel was put in backyard furnaces. Much of the steel was unusable for industry V. Forests were stripped of trees to be used as fuel, so deforestation was widespread VI. Mao ordered huge drives to build irrigation systems using poor equipment. Some of these projects are still unstable today VII. In the Great Leap Forward, collectivization failed, as food was forcefully taken from the peasants because Mao wanted to export the food for industry/weapons (he wanted to be a superpower). 38 million died of famine and disease. Agriculture continued to lag. Mao temporarily fell from power VIII. Sanfan, Wufan, Sufan, Anti-Rightist, and Cultural Revolution terror campaigns were against intellectuals (as well as others), but this got rid of most of the educated people in the country who couldââ¬â¢ve helped the economy grow IX. One of the Cultural Revolutionââ¬â¢s objectives was to wipe out anything cultural, so a generation of culture was wiped out X. The people responsible for carrying out the Cultural Revolution were students, so schools were closed during this time. Education was stopped completely during this period
Tuesday, October 22, 2019
Riding in a stage coach essays
Riding in a stage coach essays This movie is one in which you want to watch it but you keep telling yourself to turn it off. What I mean by this is that this movie is, and always will be important to film history and also known for giving John Wayne his big break. But it will make you snore your head off if youre culturally more attracted to more of the Finding Nemo or Matrix movies. Stagecoach is about a group of travelers that hear about a possible apache attack. Among those travelers are Ringo (John Wayne), who is a prisoner for killing but is later realized to have killed in self defense. Mallory (Louise Platt) a pregnant woman searching for her husband and Dallas (Clair Trevor) a prostitute. Those are some main characters to name a few. The Director John Ford is a very smart person in the way he had camera angels. What I mean is that in every scene, the camera articulated the mood of the scene perfectly. Like during one scene, where the stagecoach is being attacked, he gets camera shots that you can see more than one persons emotion and I found that rather exciting. Another thing that I did like about this movie is how he really made it feel like it was a Western. I mean you can tell from the first 5 minuets that its not a science fiction. Another thing this movie must be commended on was in 1998 the American Film Institute voted Stagecoach in the top 100 American movies of all time. And considering how many movies have been made between 1939 and 1998 that is a tremendous honor. Also when it came out originally in 1939 it was voted one of the top ten movies of that year by the New Your Times. Although it only won two Academy awards including Best supporting actor, and Best score. It still was nominated for 6 Academies. Now my opinion on the film was that it was not my style at all. It is a good movie for what it is, but in no way shape or form is it a movie that I woul...
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