Phoenician Society: Seafaring and Maritime Knowledge

Phoenician Society: Seafaring and Maritime Knowledge Discuss the role of seafaring and maritime knowledge within Phoenician society and its expansion. Introduction As a people the Phoenicians endured for some three thousand years and were already flourishing by 3,000 B.C. but it was not until about 1100 B.C., with the demise of the existing dominant peoples in the area, that the Phoenicians came to the fore as a significant force. From this time, until around 600 B.C., they dominated the Mediterranean by trading and establishing colonies one of the most important being Carthage. The success of their culture seems mainly to have been due to the proximity of the Mediterranean that encouraged dependence on seafaring and trade. Indeed, as Holst[1] indicates, international trade formed part of the guiding principles on which the Phoenician civilization was founded that also included a commitment to resilient partnerships, peaceful settlement of disputes, equality, privacy, religious freedom and respect of women. Although the majority of Phoenician trade was initially land based, a significant amount began to take place by sea[2] testified by the we alth of Tyre that, along with Byblos, Sidon, Arados and Simyra, were the main home-based Phoenician sea ports. Initially, Phoenician sea trade was mainly with the Greeks involving glass, slaves and Tyrian purple dye made from a sea shell called Murex and textiles coloured with such dyes formed one of the main Phoenician exports. Most of the major Mediterranean countries were involved in trade with the Phoenicians that included such commodities as cotton, timber, wool, precious stones, embroidery, wine, corn and various other foodstuff including spices whereas countries as far away as Spain traded metals such as tin, iron and lead.[3] The Importance of Trade Trade and colonisation originally centred on bartering indigenous timber as well as fishing skills, the latter of which is thought to have provided the competence for later seafaring abilities.[4] The far reaching sea trade of the Phoenicians took two forms – with existing Phoenician colonies and countries in navigable reach. The colonies provided a means by which the home country could be assured of supplies of goods deemed essential. In this respect, Cyprus became a colony to ensure the supply of wood and copper, Sardinia and Spain for useful metals. In return for such goods, Phoenicia supplied such finished items as cotton and linen, pottery, ornaments, weapons, and glass. It was not, however, just with the Mediterranean that trade occurred but also with the Propontis and ports within the Black Sea.[5] The dominance of Phoenicians in seafaring has not gone without criticism however as early reports of such supremacy in Homer’s Odyssey, and also by Herodotus, has been viewed by some modern commentators as erroneous.[6] The extent of Phoenician preeminence in this respect seems to have been settled by Bass’s underwater excavations of the Cape Gelidonya wreck that highlights the extent of Phoenician trade.[7] The archaeological evidence from this excavation seems therefore to support the dominance of Phoenician seafaring from 1200 B.C. onwards. The recent discovery of two exceptionally large Phoenician merchant ships adds further substance to this view.[8] It is probable that the Phoenician maritime empire was preceded by trade with various outposts throughout the Mediterranean or otherwise began as safe anchorage points along the coast.[9] It was only later that these places became colonies set up to protect Phoenician interests that required ships of war which, unlike merchant vessels were employed all year round,[10] to protect both colonies and trade routes. The Phoenician character of many of these ports was lost due to the rise and dominance of other powers such as the Greeks and Romans that has masked the extent of Phoenician influence. Importantly, trade by sea was linked to specialist product areas that otherwise would not have come together that allowed the Phoenicians to establish a rate of exchange to their advantage.[11] Transportation of various metals available in the western Mediterranean by sea, such as Spanish silver, thus allowed the Phoenicians to link the demand in the east, from countries like Assyria etc., to the raw material centres of the west. The Phoenicians also took advantage of turning the raw materials transported from the west into quality refined goods to be later exported. These products, because they tended to be more refined and better quality than what most other countries could supply, were therefore much sought after and such goods have been found in western ports such as Carthage.[12] Moreover, the direct sea route through the Mediterranean provided the best means of direct and efficient transport of materials and products and the extent of this trade along the Mediterranean is confirmed by the fact that Phoenician coins came to be manufactured in Tyre from the fifth century B.C. onwards.[13] The Extent of Phoenician Trade Links It is thought that the growth in Assyrian power and pressure on the coastal cities first led the Phoenicians to turn to seafaring.[14] In this respect, Assyrian power is thought to have blocked access to resources to the east to the extent that the Phoenicians were obliged to turn west towards the Mediterranean for raw materials.[15] Others, however, contend that it was the growth in Assyrian wealth and power that stimulated Phoenician interest in Mediterranean seafaring because of the increased demands for products.[16] This could have likewise been hastened by the economic growth and increased demand of Tyre and other Phoenician ports for raw materials. It is likely, however, that rather than one factor there was a set of interrelated events involving political, historical, economic criteria that led to the Pheonician exploitation of the Mediterranean. Indeed, Tyre and associated ports were ideally situated to act as a conduit through which the products and resources of the Mediter ranean and countries to the east could be exchanged.[17] Moreover, a massive investment in time and resources would have been required to mount expeditions throughout the Mediterranean by sea that suggests Tyre was economically and politically secure. The exploits of the Phoenicians in the Mediterranean should not be viewed as exploration as most of the main sea routes had been charted during the Bronze Age. Rather the Phoenicians were able to use and improve their maritime skills to become the dominant force in the Mediterranean for six hundred years. Yet, there are reports that they ventured much further afield which suggest exploration was part of a general outlook. For example, Herodotus reports that they sailed down the Red Sea to circumnavigate Africa returning via the Straits of Gibraltar.[18] Some even propose that they may have voyaged as far as southern Britain to acquire Cornish tin but this was probably based on indirect rather than direct trade.[19] In this respect, reports of a tin ingot discovered in a Cornish harbour similar to those of ancient Crete remain controversial.[20] The Veneti of Brittany may also have actually been Phoenicians who controlled the trade route to Britain and were thought to be adept seafare rs. The control of trade routes seems to have been a characteristic of Phoenician dominance in that this allowed more exclusive access to resources around and outside the Mediterranean that helped to reinforce Phoenician power. The interest in regions outside the Mediterranean is supported by the notion that some coastal ports such as the present Portuguese port known as Peniche is claimed to derive from the Greek for Phoenicia.[21] Moreover, there are many Phoenician remains to be found along the Portuguese coast.[22] Such exploits beyond the Mediterranean may have partially been encouraged by the fact that the Greeks had prevented Carthage from gaining access to the home ports.[23] Indeed, it may have been the rise in Greek power that led to Carthage becoming such an important city port for the Phoenicians in the central Mediterranean and could have been a factor leading, in the 8th century B.C., to Carthage succeeding Tyre as the main Phoenician city. There is also some evidence that the Phoenicians may have even reached some of the Atlantic islands such as the Azores and Canaries.[24] Ultimately, it was the rise in Greek power in the east, the barrier of the Atlantic in the west and the rise of Rome that bought an end to Phoenician power.[25] In sum, the Phoenician influence along the Mediterranean coastline appears to be both a consequence of great initiative and impressive seafaring skills that was instigated by the promise of trade and pressures from the rise in other Mediterranean powers to the east. Types of Boats The initial attempts in seafaring by Phoenicians are thought to have been quite crude based on travel between islands by means of rafts followed by more sophisticated but still crude sailing vessels inspired by the need to fish.[26] The first boats seemed to have consisted of a keel, a rounded hull and a raised platform for the steersman with the oars intersecting the bulwark.[27] This formed a template for a subsequent craft where four upright rowers operated curved oars in a boat that lacked a rudder with a mast held aloft by two ropes secured at the front and rear of the vessel. The mast, however, seems not to have been used for a sail, but to support a viewing structure from which an archer or other attacker was able to launch missiles. From this, a larger vessel evolved with a low bow and raised stern with a rudder with a pointed prow and oars on each side of about fifteen to twenty in number that the Greeks referred to as triaconters and penteconters that are represented on coi ns but were shown without a mast so must have been a type of refined rowing boat. Around 700 B.C. further advances occurred in ship construction in that, instead of being situated on one level, rowers were now placed on two levels thus doubling the number of oarsmen. These vessels were known as â€Å"biremes† by the Greeks and incorporated two steering oars issuing from the stern some with a mast and yardarm to support a sail that came in two forms one designed for war, the â€Å"long ship†, and another, with a more rounded prow used for the purpose of trade.[28] Inspired by the Greek example, the Phoenicians also went on to develop their own version of the trireme with three levels of rowers.[29] The size of these vessels can be gauged by the fact that the top level consisted of 31 rowers.[30] The Phoenicians have also been credited with inventing both the keel and ram as well as the caulking of planks with bitumen though some believe that the ram or beaked prow is said to have been adopted by the Phoenicians from the Mycenaeans It was the use of an adjustable sail, more oarsmen and a double steering oar that led to increased speed and manoeuvrability allowing the furthest points of the Mediterranean to be reached and it was the round-shaped merchant ships called â€Å"gaulos† that was mainly relied on in this respect.[31] Such innovations to ship construction illustrate the commitment of the Phoenicians to seafaring and their seafaring skills were so renowned throughout the ancient world that Phoenician ships and sailors were often co-opted into foreign war fleets.[32] Navigation The Phoenicians are thought to have invented the art of navigation. They used oars when there was little or no wind and large square sails at other times. Although they obviously practiced coastal navigation, the distribution of ports indicates that more long distance open sea voyages were also undertaken.[33] The fact that the Phoenicians had important centres at Sardinia, Sicily and Ibiza suggests that they often sailed the high seas. This would have involved extended periods at sea essential for the effective transportation of goods. They would probably, however, have employed short coastal journeys to travel from one port to the next but relied on deep sea navigation for longer voyages[34] and in places like the Aegean, with the many islands and dangerous currents, oars would have been used rather than sails. It is thought that the Phoenicians were also able to sail at night and used the Pole star and knowledge of astronomy for navigation. This knowledge along with the fact that , given favourable viewing conditions, land is nearly always visible anywhere in the Mediterranean -allowed the Phoenicians to use their seafaring skills to good effect. Conclusion The Phoenicians obviously depended on seafaring skills in order to extend trade links and their influence throughout the Mediterranean and beyond. This seems to have gone hand in hand with a need to develop more sea worthy vessels and navigational abilities to venture further into the open seas. Evidence from historical documents, such as found in Herodotus and others, indicate the extent of Phoenician maritime skills that evolved in tandem with the foundation of ever distant colonies and trading outposts. These skills seem to have been further encouraged by the advantages that came from the home ports being located where raw material from the west, which were in demand by countries in the Levant, could be traded for finished products. The Phoenicians were able to exploit this further by producing high quality manufactured goods that were exported to all areas thus increasing their economic power and wealth that allowed more sophisticated ships to be built for longer voyages. This te ndency is reflected in the progressive growth in Phoenician influence and colonisation from east to west from about 12,000 B.C. onwards. Trade went first, however, with colonisation following when the opportunity arose. Ultimately, however, Phoenician influence may have declined in the Mediterranean due to an over-reliance on seafaring that was unable to compete with more land based powers. In other words, their greatest strength eventually became their greatest weakness. Bibliography Aubert, M. E. (2001) The Phoenicians and the West – Politics, Colonies and Trade. Cambridge University Press: Cambridge. Boardman, J. Edwards, I. E. S., Hammond N. G. L. (1991) ‘Preface’ in, The Assyrian and Babylonian Empires and Other States of the Near East, from the Eighth to the Sixth Centuries B.C. Cambridge University Press: Cambridge. Basch, L. (1969) Phoenician Oared Ships. The Mariner’s Mirror. 55, pp. 139-162. Barnett, R.D. (1958) Early Shipping in the Near East. Antiquity 32 (128): pp. 220-230. Bass, G. F. (1972) A History of Seafaring based on Under-water Archaeology. Walker Company: London. Boucher-Colozier, E. 1953. Cahiers de Byrsa III, 11. Casson, L. (1971) Ships and Seamanship in the Ancient World. Princeton University Press: Princeton. Culican, W. (1991) ‘Phoenicia and Phoenician colonization.’ In The Assyrian and Babylonian Empires and Other States of the Near East, from the Eighth to the Sixth Centuries. B.C. J. Boardman, I. E. S. Edwards, N. G. L Hammond, editors. (Cambridge University Press: Cambridge) pp. 461-545. de Sà ©lincourt, A. (1959) The Histories (Herodotus). Penguin: Harmonsworth. Diodorus Siculus. (1935) Library of History. C. H. Loeb Classical Library. Harvard University Press: Cambridge, MA. Frankenstein, S. 1979 ‘The Phoenicians in the Far West: a function of Neo-Assyrian imperialism. In, Power and Propoganda. A Symposium on Ancient Empires. M. T. Larsen, editor. (Akademisk Forlag: Copenhagen) pp. 263-294. Guthrie, J. 1970. Bizzare Ships of the Nineteenth Century. Hutchinson: London. Grayson, A. K. (1991) Boardman, J. Edwards, I. E. S., Hammond N. G. L. (1991) ‘Assyrian Civilization’. In The Assyrian and Babylonian Empires and Other States of the Near East, from the Eighth to the Sixth Centuries B.C. J. Boardman, I. E. S. Edwards, N. G. L Hammond, editors. Cambridge University Press: Cambridge. pp. 194-228. Greenberg, M. (1997) Ezekiel 21-37: A New Translation with Introduction and Commentary. Anchor Bible, Vol 22A. Doubleday: New York. Harden, D. (1948) The Phoenician on the West Coast of Africa. Antiquity. 22: p. 147. Harden, D. (1962) The Phoenicians. Thames and Hudson: London. Harrison, R. J. (1988) Spain at the Dawn of History: Iberian, Phoenicians and Greeks. Thames and Hudson: London. Hencken, O’Neil. H. (1932) The Archaeology of Cornwall and Scilly. Methuen: London. Hill, G. F. (1910) Greek Coins of Phoenicia. British Museum. Holst, S. (2005) Phoenicians: Lebanon’s Epic Heritage. Cambridge and Boston Press: Los Angeles. Moscati, S. and Grassi, P. (2001) The Phoenicians. I.B. Tauris: London. Perrot G. and Chipiez, C. (1893) Histoire de lArt dans lAntiquità ©. Hachette: Paris. Rawlinson, G. (2004) History of Phoenicia. Kessinger:Montana Tilley, A. (2004) Seafaring on the Ancient Mediterranean. BAR International Series. 1268. Archaeopress/J. and E. Hedges: Oxford. 1 Footnotes [1] Holst, 2005 [2] See, for example, Judgement of Ezekiel 26-1– â€Å"Judgement on Tyre† in Greenberg, 1997 [3] Perrot and Chipiez, 1893 [4] Culican, 1991 [5] Tilley 2004 p. 76 [6] Tilley, 2004; p. 77 [7] Bass, 1972 [8] Tilley, 2004; p. 78 [9] Harden, 1962; p. 158. [10] Moscati and Grassi, 2001; p.85. [11] Harrison 1988; p. 42 [12] See, for example, Boucher-Colozier, 1953 [13] Hill, 1910 [14] Frankenstein, 1979 [15] Aubert, 2001; p. 70 [16] Culican 1991; p. 486 [17] Harrison, 1988 [18] see de Sà ©lincourt, 1959 [19] Harden, 1962; p. 171 [20] Hencken, 1932. [21] Guthrie, 1970; p. 103 [22] Tilley, 2004; p. 80 [23] Harden, 1962; p.171 [24] See, for example, Diodorus Siculus 1935 v. 20; Harden, 1948 [25] Boardman et al. 1991; p. xvi. [26] Rawlinson,; 2004 p. 122. [27] Ibid. [28] Perrot and Chipiez, 1893; p. 34 [29] Basch, 1969 [30] Casson, 1971 p. 95 [31] Barnett, 1958 [32] Grayson,1991; p. 220 [33] Aubert, 2001; p. 167 [34] Moscati and Grassi (2001); p. 84

Capital Structure And Cost Of Capital For Morrisons Finance Essay

Capital Structure And Cost Of Capital For Morrisons Finance Essay It is very essential in todays modern age to upgrade and promote business in such a way that functioning can take place smoothly. This assignment is about the capital structure and cost of capital for Morrisons PLC. Also in this project an analysis on if I was a project manager and had to design a new project for the company what all stages and things I would have to do; are mentioned. This study is based on facts taken from the company website and annual report of 2009/10. Other information is gathered from educational case studies, website and core textbooks on this topic. Introduction According to www.wisegeek.com  [1]  Corporate  finance  is a broad term that is used to collectively identify the various financial dealings undertaken by a  corporation. In other words we can say that corporate finance is a division within a particular company that deals with financial operations of the company i.e. raising finances for various projects, analysis of various mergers and acquisitions etc. In the present world scenario, one of the most profitable sectors is retailing. Large scale retailers have become very powerful, in some ways even more powerful as companies than manufacturers. The British layman is highly dependent on these retailers like ASDA, Morrisons, Morrisons, Tesco etc so as to buy everyday use products and services. Even these retailers have broadened their scope of activity and have diversified into more than just everyday goods. One such retailer is WM Morrison Supermarkets PLC also referred to as Morrisons. Morrisons was a company started at Bradford market by William Morrison in the year 1899. Today it is termed as the fourth largest chain of supermarkets in the United Kingdom. With almost 124,000 employees working in 403 stores across the nation, Morrisons has an operating income of  £671 million in 2010. The different types of products that Morrisons has to offer are as below:- Groceries Consumer products Fuel and Oil Pharmaceuticals Alcohol and beverages These are the major areas of business for Morrisons but apart from these also certain services are offered at different locations which are store specific. Morrisons has not yet set up base outside the United Kingdom but according to the company website and also the annual reports, the business can be divided into 6 main regions, namely Scotland with 51 stores North UK with 72 stores Midlands with 75 stores South East including Gibraltar at 63 stores South Central with 62 stores South West with 51 stores To discuss on the size of its business relative to its industry we can look at the report prepared by Edward Garner, 2008  [3]  as shown below (certain areas deleted as appropriate):- TOTAL TILL ROLL Great Britain Consumer Spend Includes all expenditure through main store tills and excludes petrol instore concession 12 Weeks to 12 August 2007   12 Weeks to 10 August 2008 change  £000s %  Ã‚   **   Ã‚ £000s %  Ã‚   ** % Total Till Roll   Ã‚  Ã‚   26,615,239   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   27,621,890 3.8   Total Grocers   Ã‚  Ã‚   18,733,701 100.0%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   20,076,033 100.0% 7.2   Ã‚   Total Multiples   Ã‚  Ã‚   17,402,359 92.9%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   18,719,527 93.2% 7.6   Ã‚  Ã‚  Ã‚   Tesco   Ã‚  Ã‚  Ã‚   5,962,922 31.8%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   6,351,531 31.6% 6.5   Ã‚  Ã‚  Ã‚   Asda   Ã‚  Ã‚  Ã‚   3,142,151 16.8%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   3,410,431 17.0% 8.5   Ã‚  Ã‚  Ã‚   Morrisonss   Ã‚  Ã‚  Ã‚   3,016,586 16.1%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   3,175,543 15.8% 5.3   Ã‚  Ã‚  Ã‚   Sainsbury   Ã‚  Ã‚  Ã‚   2,042,026 10.9%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2,233,137 11.1% 9.4   Ã‚   Total Coops   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   815,208 4.4%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   846,405 4.2% 3.8   Ã‚   Total Independents   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   516,134 2.8%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   510,101 2.5% -1.2      Ã‚  Ã‚  Total Symbols   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   183,349 1.0%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   181,137 0.9% -1.2   Ã‚  Ã‚  Ã‚   Other Independents   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   332,785 1.8%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   328,964 1.6% -1.1   ** = Percentage Share of Total Grocers According to this report we can clearly say that in comparison with other supermarkets, Morrisons is ranked as #4 in this sector. The performance over the last few years can be summed in by the use of a table as shown below: (all figures are in million  £) Year Turnover Profit or loss before tax Profit or loss after tax 2009 14,528 655.0 460.0 2008 12,969 612.0 554.0 2007 12,462 369.0 247.6 2006 12,115 (312.9) (250.3) According to the figures shown in the table above we can say that although 2006 was a tough and bad year for the company, its recovery process was efficient and planned. Through 2007 the company improved methods so as to maximize profits. The entire tenure has shown an increase in turnover for the company but although the turnover in 2009 was at its peak the company failed to achieve a higher profit which might be due to a variety of reasons that will be discussed in the project ahead. Morissons though been facing problems in 2006 2007 they have been winning awards and earning high percentage of profits with the production units of morissons as with special brewing, wines and bakery unit. they also have been The Oracle Retailer of the year 2009,The Oracle Retailer Week Awards, March 2009 Morissons have been pioneering in the retail sector comprising The Own Grocer Label awards, with gold and silver allocades among the retailers wining The Cloudy Apple Juice The Best Toffee Popcorn offering wide range of fresh farm products to freshly prepared breads and confectioneries within the nested units of morissons along with wide range of wine cellars and brewed beers and cafà © outlets within Financial structure The financial structure of a company is known by the balance sheet of the company. In what areas changes are required and in what ways are all known through the balance sheet of the company. For a person to analyze the balance sheet appropriately one must understand the basic concepts of the balance sheet as a financial analyst. After going through the financial report (balance sheet as well as the annual report) for Morrisons, I have come to a point where a conclusion can be made on the financial structure with relevance to turnover and operating profits, capital expenditure, earning per share, tax payable, return to shareholders and dividend cover. All these factors will help to calculate the standing of Morrisons. A brief study is also done on the basis of the return on assets to compare Morrisons with other retailers. Turnover and operating profit 2008/09 2009/10 Changes Turnover  £14528m  £15410m 6.07% Operating profit  £671m  £907m 35.17% Capital expenditure the capital expenditure has increased by  £228m and now is  £906m. This is due to the recent buying of the new co-operative and Somerfield stores at a cost of  £223m and a refurbishment cost of  £102m. Apart from this we can see a fall in the previous made capital expenditure. This is a healthy growth projector. Earnings per share the earnings per share has increased from 17.4pence per share to 22.8 pence per share. This is mainly due to the increase in underlying profits. There have been no other significant factors that would affect the earning per share. Tax payable the tax paid during the year is  £209m. In comparison to the tax paid in the previous year i.e.  £104m there has been a vast increase, this is mainly due to the effective tax rate that was increased and made 30%.This represents 50% of the tax for the year ended 1 February 2009, as well as 50% of the expected tax for the year ended 31 January 2010, and repayments of previous years. Return to shareholders the final dividend paid during the year is 7.1pence which shows an increase of 2.1pence per share in comparison to last year. This makes the entire dividend paid during the year 8.2 pence and the dividend cover 2.5 times. The calculation is as shown below Comparative study According to a study by Biz/Ed  [4]  the following information can be gathered on the return to assets and profit margins. As we can clearly observe in the table underneath, Morrison has the highest return on assets in comparison to any other retailer of food and the profit margin is also comparative higher than any other retailer. Company Return on Assets Profit margin Marks and spencers 4.43% 3.91% Morrisons 5.60% 3.61% Morrison 12.93% 5.87% Tesco 9.99% 5.72% Working Average Cost of Capital An average representing the expected return on all of a companys securities. Each source of capital, such as stocks, bonds, and other debt, is assigned a required rate of return, and then these required rates of return are weighted in proportion to the share each source of capital contributes to the companys capital structure. The resulting rate is what the firm would use as a minimum for evaluating a capital project or investment. According to www.investorwords.com  [5]  . The calculation for this is as shown below. All data is sourced from the annual report of 2009/10:- Current share price =  £277.50 (P1) Previous years share price =  £237.75 (P0) Dividend for previous year = 5.80 (D-1) Dividend for this year = 8.20 (D0) Increase in dividends = 41.37% The formula for calculating the cost of equity is as follows: Re = D1/P0 +G Therefore cost of Equity (Ke) = 10.6/326.25 + 41.37% = 41.40% Cost of debt (Kd) = Interest Paid/Average debt = 260/924 = 28.13% Therefore, WACC = Ke*(proportion of equity) + Kd*(proportion of debt) = 41.40*0.28 + 28.13*0.71 = 11.59+19.97% = 31.56% This shows that the average return that the company must pay to its investors is 31.56 % Project analysis If I were appointed as a project manager for the company, several roles would need to be fulfilled by me. For any new project to be successful the project manager is the key. The focus and aim success depends highly on the manager. The main functions for me in such a case according to Duncan Haughey  [6]  are as follows:- Planning and Defining Scope Activity Planning and Sequencing Resource Planning Developing Schedules Time Estimating Cost Estimating Developing a Budget Managing Risks and Issues Creating Charts and Schedules Risk Analysis Morrisons is a large retail firm which operates and sells almost all consumer goods. The latest expansion plan was too diverse into household furniture. The project being evaluated is the introduction of Morrisons into the furniture segment. The aims of such a project would be to beat Morrisons that has already started into this sector. The final objective of beating the other retailers would almost be fulfilled in such a way. Key determinants Initial Investment In order to conclude the early speculation for mounting into the manufacturing segment a careful research will be required on part of Morrisons. This would occupy looking at a business plan of a medium to large scale furniture producer. It will also involve hiring of an actuary to decide several costs. The recognition of accurate expenses necessary will involve hiring of engineers as well. An in depth study into the accessible furniture industry would be the best source of identifying the primary investment. Annual Revenue The quantity of cost to be incurred can be recognized with logical accuracy, however, annual revenues cannot. This is because of the fact that revenues are based upon demand for the product. Since Morrisons has been always selling furniture its growth in the furniture production will have reasonable sales if the quality is maintained. It can also be seen from the intensity of sales of Morrisonss own range of product labeled Morrisonss Basics. Annual Operating Costs The present level of operations of Morrisons is based upon buying and reselling. This indicates that there is a low level of in service cost. In order to make out the correct level of operating cost an imminent into the financial statements of a furniture company will be mandatory. Additional transport costs will require to be assessed as Morrisons operates in a number of locations of UK. In order to reap the profit of economies of scale Morrisons will have to generate a central production facility. This will add to the set cost and help to reduce the operating costs. Rates of Inflation Rates of price rises straight affect retailers like Morrisons. Specific inflation of raw materials like wood will unfavorably affect the company directly. General inflation will also have an outcome as the price paid by consumers will reap lower value in the future. This has to be accounted for in the project assessment. The sources of inflation will be in print data provided by the government. These will include national financial plan and forecasts. Rates of Taxation/ payment and Relief Rates of taxation are significant elements of capital budgeting as they affect the cash flow. The tax rates are always particular by the government. So there are no problems identifying them. Other than taxes several allowances can be obtained when investing in a fresh project. There are special release programs that promote investors to invest rather than take dividends. Furthermore the fixed equipment bought is also eligible for capital allowance which is a taxation relief. Risk When any project needs to be taken up, an analysis on the risk involved needs to be done. Risk can be known as the possibility of making a loss. If we wish to analyse this in terms of money then, we can use the formulae:- To manage the risk effectively I would carry out the following steps:- Identify threats the risk can be of various types i.e. overshooting costs, interest fluctuations, jobs taking too long etc. Estimate risk using the formulae given above, we can calculate the amount of risk for the proposed project. Managing risk you can manage risk by either utilizing the present assets or by creating new assets. Review testing systems and plans must be used effectively to check on the progress to manage risk. Due to lack of data, the figures that are shown below are fictitious. The assumption that the project will function in the way of the product life cycle. Year 2011 2012 2013 2014 Sales Revenue 1500 2000 2350 2550 Variable cost 620 680 720 860 Contribution 880 1320 1630 1790 Fixed Costs 500 500 500 500 Net Cash Flow 380 820 1130 1290 Taxation 30% 114 246 339 387 After Tax Cash Flow 266 574 791 903 8% Discount Factor 0.926 0.857 0.794 0.735 Present Value 246.31 491.91 628.05 663.70 Assumptions Initial investment is  £3000 Fixed cost is  £500 Variable cost is at 40% of sales Discount factor is 8% Tax rate is fixed at 30%  £ Sum of Present Values 2029.97 Written down Allowance 400.03 PV after 4 years 4000 Less: Initial Investment 3200 Net Present Value 3230 Quarterly report format Following is the table assumed for the year with four quarters considering the assumed forecast for the year 2011 Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Budget Actual Budget Actual Budget Actual Budget Actual Sales Revenue Variable cost Contribution Fixed Costs Profit The per quarter report starting for the first month of year for a quarter will be as follows Quarter 1 January February March Budget Actual Budget Actual Budget Actual Sales Revenue Variable cost Contribution Fixed Costs Profit The above comparative statement is for all 4 quarters of the financial year. Each quarter is divided into Budgeted and Actual. The report I would be sending to the directors if I were a manager the report would be in this format because it can be easily understood by the directors. If there is a difference between the budget and the actual amount in the statement then, this can be for a variety of reasons such as interpretation of budgets. If the difference is high then I would have to try and re-modify the budget for the next quarter and try and improve actual figures by all ways possible. References The role of a project manager; Duncan Haughey; 2009 a snapshot of the UK grocery market(2008); Edward Garner; TNS World-Panel http://www.wisegeek.com/what-is-corporate-finance.htm http://www.morrisons.co.uk/Corporate/About-Morrisons/Company-history1/ http://www.bized.co.uk/compfact/ratios/ror12.htm http://www.investorwords.com/5849/WACC.html

Sickle Cell Anemia: A Curse and a Blessing :: Disease Health Sickness Essays Papers

Sickle Cell Anemia: A Curse and a Blessing Sickle Cell Anemia is a disease found right here in America, but in low levels compared to some areas of the world. The rate for this disease is around five times greater in certain places in Africa. That is because the potentially fatal disease Sickle Cell Anemia can also work as a sort of vaccination for another disease called malaria. First the mechanics of Sickle Cell Anemia will be discussed, then its possible benefits. Sickle Cell Anemia is an inherited condition. One gene for Sickle Cell Anemia must be inherited from each parent in order to have the disease. A person who receives a gene for Sickle Cell Anemia from one parent and a normal gene from the other has a condition called sickle cell trait. Sickle cell trait produces no symptoms or problems for most people. Sickle Cell Anemia can neither be contracted nor passed on to another person. The severity of sickle cell disease varies greatly. Some people with sickle cell disease lead lives that are nearly normal. Others are less fortunate, and can suffer from a variety of conditions. Sickle Cell Anemia is caused by a change in the chemical composition of the protein hemoglobin which is responsible for delivering oxygen throughout our bodies. Normal hemoglobin is found as a round shape, and is composed of four proteins – two alpha chains and two beta chains. The change that causes Sickle Cell Anemia occurs when an amino acid called valine is substituted for glutamic acid in both of the beta chains. This change in the composure of hemoglobin causes the shape to change when under certain conditions. Two of these conditions are low oxygen and dehydration. The hemoglobin of a person with Sickle Cell Anemia then becomes elongated and curved, hence the name sickle cell. When this happens many problems can occur, primarily blood clotting which leads to a lack of oxygen in body tissues. Other negative affects of Sickle Cell Anemia are a weakened heart because it is constantly overworked. Also, bone marrow is affected and bones become softer than usual. Whi le there is no cure for Sickle Cell Anemia there is treatment. The primary goal is to reduce the frequency of the Sickle Cell Anemia crisis episodes and maintain enough red blood cells to keep body tissues healthy. Sickle Cell Anemia: A Curse and a Blessing :: Disease Health Sickness Essays Papers Sickle Cell Anemia: A Curse and a Blessing Sickle Cell Anemia is a disease found right here in America, but in low levels compared to some areas of the world. The rate for this disease is around five times greater in certain places in Africa. That is because the potentially fatal disease Sickle Cell Anemia can also work as a sort of vaccination for another disease called malaria. First the mechanics of Sickle Cell Anemia will be discussed, then its possible benefits. Sickle Cell Anemia is an inherited condition. One gene for Sickle Cell Anemia must be inherited from each parent in order to have the disease. A person who receives a gene for Sickle Cell Anemia from one parent and a normal gene from the other has a condition called sickle cell trait. Sickle cell trait produces no symptoms or problems for most people. Sickle Cell Anemia can neither be contracted nor passed on to another person. The severity of sickle cell disease varies greatly. Some people with sickle cell disease lead lives that are nearly normal. Others are less fortunate, and can suffer from a variety of conditions. Sickle Cell Anemia is caused by a change in the chemical composition of the protein hemoglobin which is responsible for delivering oxygen throughout our bodies. Normal hemoglobin is found as a round shape, and is composed of four proteins – two alpha chains and two beta chains. The change that causes Sickle Cell Anemia occurs when an amino acid called valine is substituted for glutamic acid in both of the beta chains. This change in the composure of hemoglobin causes the shape to change when under certain conditions. Two of these conditions are low oxygen and dehydration. The hemoglobin of a person with Sickle Cell Anemia then becomes elongated and curved, hence the name sickle cell. When this happens many problems can occur, primarily blood clotting which leads to a lack of oxygen in body tissues. Other negative affects of Sickle Cell Anemia are a weakened heart because it is constantly overworked. Also, bone marrow is affected and bones become softer than usual. Whi le there is no cure for Sickle Cell Anemia there is treatment. The primary goal is to reduce the frequency of the Sickle Cell Anemia crisis episodes and maintain enough red blood cells to keep body tissues healthy.

Wallace Stevenss The Emperor of Ice-Cream Essay -- Stevens Ice Cream

Wallace Stevens's "The Emperor of Ice-Cream" "The only emperor is the emperor of ice-cream," Wallace Steven's writes in his poem "The Emperor of Ice-Cream" (8). This line proclaiming the ice-cream maker as important as an emperor is used metaphorically to describe the selfishness of human nature. One the surface, the poem is about the wake of a poor, old woman. However, if the metaphors and symbols of the poem are examined, the poem's deeper message becomes apparent. The attenders of the wake, who represent human nature, are uninterested in the dead woman; they are only concerned with their own wants - eating ice-cream. Therefore, the "emperor of ice-cream" is truly the mourners' emperor, for the ice-cream maker represents the power of human selfishness, a power present in all humans. Stevens creates nondescript characters, other than in their plainness, for "Emperor," thus making them easy to identify with as general and typical people, who therefore exhibit typical human nature. Furthering their regularity, the dead woman and her mourners are from a fairly low social status. Stevens writes, "Let the wenches dawdle in such dress/ As they are used to wear, and let the boys/ Bring flowers in last month's newspapers" (4-6). The girls' everyday dresses and the boys' flowers wrapped in old newspapers are testaments to their plainness as well as their lack of wealth. Stevens says the dead woman has a "dresser of deal,/ Lacking the three glass knobs" (9-10). Her cheap dresser missing three of its knobs is another example of the near poverty and simplicity of the woman and her mourners. Stephen's characters are simple and normal people; thus, their actions represent the actions and urges of simple and normal human nature. The m... ...ourners directing the light of the lamp probably onto the dead woman gives the impression that they find the dead woman somewhat interesting and important. However, these impressions love and interest are quickly revoked when reminded that "the only emperor is the emperor of ice-cream." In other words, personal pleasure is far more important than duty. "The Emperor of Ice-Cream" begins and ends with the ice-cream maker, thus establishing him as the most important piece of the poem. The ice cream maker is the only emperor; he is the only person, representing human desire, that can truly rule one's life. This power makes "the only emperor...the emperor of ice-cream." Works Cited Stevens, Wallace. "The Emperor of Ice-Cream." Literature: Reading, Thinking, Writing. Fourth Edition. Ed. Michael Meyer. Boston: St. Martin's, 1996.

Space Exploration :: Space Exploration Essays

  Ã‚  Ã‚  Ã‚  Ã‚  People have been venturing out into the universe for many years now. In addition to satellites, both women and men astronauts have traveled into space to collect data about the universe. The first human being, the first animal, and the first spacecraft in orbit, were all achievements of the Soviet Union.   Ã‚  Ã‚  Ã‚  Ã‚  In 1958 a group known as The National Aeronautics and Space Administration (NASA) was founded. The first probe to escape Earth's gravity was the Soviet LUNA 1, launched on Jan. 2, 1959. It passed the Moon and continued into interplanetary space. The U.S. probe Pioneer 4, launched two months later, followed the same path. Later Soviet probes either hit the Moon or passed it and took photographs of the hidden far side, relaying them back to Earth.   Ã‚  Ã‚  Ã‚  Ã‚  The first man to travel to space was Yuri Gagarin. History was made on April 12, 1961, when he successfully orbited the earth in the Votsok 1. His flight lasted one hour and 48 minutes and as he circled the earth, his speed was about 17,000 mph on the Votsok 1. Following this mission, Gagarin was killed in a test airplane crash .   Ã‚  Ã‚  Ã‚  Ã‚  Neil Armstrong was the first person to ever land on the moon. Born in Wapakoneta, Ohio, he graduated from college in 1955 and joined the NASA team. In 1962, he became the first civilian to enter into an astronaut training program. In 1969, Armstrong headed the Apollo 11 mission, becoing the first human being to set foot on the moon. Other astronauts the accompanied Armstrong on this mission were Edwin E. Aldrin, Jr., and Michael Collins. In 1971, Armstrong became a professor of aerospace engineering at the University of Cincinnati.   Ã‚  Ã‚  Ã‚  Ã‚  Valentina Vladimora Nikolayeva Tereshkova was the first woman to enter into space. She joined a Soviet training program in the year 1961 and two years later she successfully orbited the earth 48 times in the Votsok 6.   Ã‚  Ã‚  Ã‚  Ã‚  The Sputnik 1 was the first artificial satellite to orbit the earth. It was an aluminum sphere, 58 cm (23 in) in diameter, weighing 83 kg (184 lb). Its orbited around the earth lasted 96.2 minutes. At the end of 57 days the satellite returned to earth's atmosphere and was destroyed by aerodynamic frictional heat.   Ã‚  Ã‚  Ã‚  Ã‚  Voyager 1 and Voyager 2 were both spacecrafts that were launched to Jupiter. Voyager 2 was launched on August 20, 1977, and Voyager 1 was launched 2 weeks later on September 5, 1977.

Mahatma Gandhi Biography Speech Essay

â€Å"An eye for an eye makes the whole world blind†. This is a quote said by Mahatma Gandhi, an Indian revolutionary and religious leader who used his religious power for political and social reform and was the main force behind the second-largest nation in the world’s struggle for independence. Gandhi was born on October 2nd 1869 in Probandar, India. Him and his family lived in a self-sufficient residential community and only ate simple vegetarian food and undertook long fasts. He was the fourth child in the family and often had it the worse when it came to his education for his parents wanted him to follow in his father’s footsteps of becoming a lawyer. He eventually became a lawyer and trained in law in London and was employed in South America during the revolution from British control in India. At the age of 15 he married his wife Kasturba and had 4 children named Hirlal, Manilal, Ramdas, and Devdas. It was at this age that Mahatma first helped protest excessive land-tax and discrimination on the poorer people of India. What made him different from other protesters was that he created the concept of Satyagraha which is a nonviolent way of protesting injustices. He also spent 20 years of his life in South Africa fighting discrimination. He is also majorly known for leading the Indians in the Dandi Salt March of 1930 challenging the British-imposed salt tax. For many of his nonviolent protest though, he and many of his followers were often imprisoned in both South Africa and India. But weirdly enough, even after getting arrested many times, he never reacted in any violent ways for his vision of a free India was based off religion and pluralism. He was often described by many Indians as â€Å"The Father of The Nation†. On August 15th 1947, India attained independence after a great political and social struggle. Mahatma had achieved his goal but only enjoyed it for a short period of time. Mahatma Gandhi died on January 30th 1948, at the age of 78 in New Delhi after being assassinated by Nathuram Gadse. However, Mahatma’s legacy still continues for he inspired many movements for civil rights and freedom across the world. I decided to choose Mahatma Gandhi for my biography speech because he had a dramatic influence on the Indian Independence movement and achieved it in all nonviolent ways while never giving in to the evil that so many people do today.

Preceding any War Essay

As the antebellum period began, America was approaching its golden anniversary as an independent political state, but it was not yet a nation. There was considerable disagreement among the residents of its many geographical sections concerning the exact limits of the relationship between the Federal government, the older states, and the individual citizen. In this regard, many factions invoked concepts of state sovereignty, centralized banking, nullification, popular sovereignty, secession, all-Americanism, or manifest destiny. However, the majority deemed republicanism, social pluralism, and constitutionalism the primary characteristics of antebellum America. Slavery, abolition, and the possibility of future disunion were considered secondary issues. The history and sociopolitical influence of the African-American church documents an interminable struggle for liberation against the exploitative forces of European domination. Although Black religion is predominantly Judeo-Christian, its essence is not simply white religion with a cosmetic face lift. Rather the quintessence of African-American spiritual mindedness is grounded in the social and political experience of Black people, and, although some over the years have acquiesced to the dominant order, many have voiced a passionate demand for â€Å"freedom now. † The history of the African-American church demonstrates that the institution has contributed four indispensable elements to the Black struggle for ideological emancipation, which include a self-sustaining culture, a structured community, a prophetic tradition, and a persuasive leadership. The church of slavery, which began in the mid-eighteenth century, started as an underground organization and developed to become a pulpit for radicals like Richard Allen, (discussed in detail) and the platform for revolutionaries like David Walker. For over one hundred ears, African slaves created their own unique and authentic religious culture that was parallel to, but not reflective of the slave-owner’s Christianity from which they borrowed. Meeting on the quiet as the â€Å"invisible church,† they created a self-preserving belief system by Africanizing European religion. Commenting on this experience, Alice Sewell, a former slave of Montgomery, Alabama, states, â€Å"We used to slip off in de woods in de old slave days on Sunday evening way down in de swamps to sing and pray to our own liking† (Simms, 1970, p. 263). During the late 1700s, when slavery was being dismantled in the North, free Black Methodists courageously separated from the patronizing control of the white denomination and established their own independent assemblies. This marked the genesis of African-American resistance as a nationally structured, mass-based movement. In 1787, Richard Allen, after suffering racist humiliation at Philadelphia’s St. George Methodist Episcopal Church, separated from the white congregation and led other Blacks, who had been similarly disgraced, to form the African Methodist Episcopal Church (A. M. E. ) in 1816. The new group flowered. By 1820 it numbered 4,000 in Philadelphia alone, while another 2,000 claimed membership in Baltimore. The church immediately spread as far west as Pittsburgh and as far south as Charleston as African-Americans organized to resist domination. Through community groups, they contributed political consciousness, economic direction, and moral discipline to the struggle for freedom in their local districts. Moreover, Black Methodists sponsored aid societies that provided loans, business advice, insurance, and a host of social services to their fellow-believers and the community at large. In sum the A. M. E. Churches functioned in concert to organize African-Americans throughout the country to protect them selves from exploitation and to ready them for political emancipation.