Donne and Thomas: In the Face of Death Essay

John Donne and Dylan Thomas belong not only to two different ages but also to two different schools of poetry. The school of John Donne, more popularly known as the metaphysical poets, had their unique aesthetics and stressed on thought, rational, unconventional and even shocking arguments, reflection provoking imagery to grab the attention of the reader as opposed to the more romantic trend and stock imagery found in Elizabethan poetry. In the sonnet, â€Å"Death Be Not Proud†, the poet uses all the strategies typical of Metaphysical poetry to present his unique vision about death. Dylan Thomas on the other hand is a true poet of the heart, and his presentation too is distinctive. In the poem, â€Å"Do Not Go Gentle Into That Good Night†, written to voice his deepest feelings confronted with his father’s mortality and weakness in face of death, each and every word of the poet burns with a passion, in the original religious connotation of the word. Donne refuses to grant Death the status of the â€Å"Mighty and dreadfull†, the standard Elizabethan epithets. The poet then proceeds, by means of arguments that invert the general Elizabethan idea of death, to take a highly optimistic stance. For instance, that ‘Sleep’ and ‘Rest’ are considered to be ‘Death’s second self’ (Harrison, Shakespeare, Sonnet 73) leads Donne to conclude that Death, too must be a source of great pleasure, just as sleep is: From rest and sleepe, which but thy pictures bee, Much pleasure, then from thee, much more must flow, The belief, that the best of men fall victim to the ravage of Death, is used by the poet to argue that, then, in a moral universe, Death can never be something horrible. The poet further undercuts Death’s formidable stature by associating it with war, sickness and poison and brings to test its power by calling it a â€Å"slave to Fate, Chance, kings, and desperate men†. Armed wits such arguments and armored with the poet’s unflinching faith in eternal life after Death, the poet goes on to state the ultimate antithesis in the final couplet of the sonnet: One short sleepe past, wee wake eternally, And death shall be no more; death, thou shalt die. Dylan Thomas, on the other hand, implicitly accepts the power that Death wields over human existence. The periphrasis or the metaphors that the poet uses in his poem to talk about death provide evidence to that: in the entire poem, about Death, the word Death is used only once; Death is referred to either as the ‘good night’ or ‘the dying of the light’. Like Donne however, Dylan Thomas too is against a passive acceptance of death, against trembling in fear confronted with the formidable shadow of death. But being a modernist, incapable of sharing the older poets optimism or faith in eternal life after death, incapable of refuting the truth of Death, his poem sounds like an existential cry against the horror of it all. Dylan Thomas thus, like the protagonists of Albert Camus’ The Plague, tries to find a value and meaning of life in the human rebellion against Death. The oft repeated refrain sums up the feelings of this poet, face to face with death, incapable of all meaningful action but rage: Do not go gentle into that good night. Rage, rage against the dying of the light. However, both Dylan Thomas and John Donne, poets belonging to different eras and schools are one in their rebellion against a passive acceptance of the horror that is Death. Although, Donne’s argument stems from a faith that might not be shared universally; although Thomas’s ‘Rage’ against Death is undercut again and again with irony and sarcasm originating from a recognition of the meaninglessness of it all in face of this all-consuming truth; nevertheless their refusal to bow in front of the might of Death are homage to the indestructible human spirit. Works Cited Camus, Albert. The Plague. New York: Vintage, 1991 Harrison,G. B. ed. Shakespeare, The Complete Works. New York, Chicago, San Francisco, Atlanta: Harcount, Brace and World, Inc, 1968.

Life Changing Decisions Essay

Many women in modern society make life altering decisions on a daily basis. Women today have prestigious and powerful careers unlike in earlier eras. It is more common for women to be full time employees than homemakers. In 1879, when Henrik Ibsen wrote â€Å"A Doll’s House†, there was great controversy over the outcome of the play. Nora’s walking out on her husband and children was appalling to many audiences centuries ago. Divorce was unspoken, and a very uncommon occurrence. As years go by, society’s opinions on family situations change. No longer do women have a â€Å"housewife† reputation to live by and there are all types of family situations. After many years of emotional neglect, and overwhelming control, Nora finds herself leaving her family. Today, it could be said that Nora’s decision to leave her husband is very rational and well overdue. In Ibsen’s â€Å"A Doll’s House†, there are many clues that hint at the kind of marriage Nora and Torvald have. It seems that Nora is a type of doll that is controlled by Torvald, and Nora is completely dependent on him. His thoughts and movements are her thoughts and movements. Nora is a puppet who is dependent on its puppet master for all of its actions. The most obvious example of Torvald’s physical control over Nora can be seen in his teaching of the tarantella. Nora pretends that she needs Torvald to teach her every move in order to relearn the dance. The reader knows that this is an act, but it still shows her complete submissiveness to Torvald. After he teaches her the dance, he says, â€Å"When you were dancing the tarantella, chasing inviting—my blood was on fire† (Ibsen II. 445), but she quickly shows that it is not her own choice by pleading â€Å"Please! I don’t want all this† (II. 447). This shows that Torvald is more interested in Nora physically than emotionally. He feels that it is one of Nora’s main duties as his wife to physically pleasure him at his command. Torvald is not only demanding mentally and physically, but also financially. He does not trust Nora with money. He feels that she is incapable and too immature to handle a matter  of such importance. Torvald sees Nora as a child. She is forever referred to as his little â€Å"sparrow† or â€Å"squirrel†. On the rare occasion that Torvald does give Nora some money, he worries that she will waste it on candy, pastry or something else of Childish and useless value. He shows his concern for his money when he ask Nora if is his â€Å"little spendthrift [has] been wasting money again† (I. 11). Nora’s duties, in general, are restricted to caring for the children, doing housework, and working on her needlepoint. But overall, Nora’s most important responsibility is to ple ase he husband Torvald. This makes her role similar to that of a slave. The problem in â€Å"A Doll’s House† does not lie with Torvald alone. Though he does not help the situation, he is a product of his society. In his society, females were confined in every way imaginable. Everything that women did had to have their husband’s approval, whether it delt with money, business, or anything else of significance. At times, they could not even speak their true thoughts or feelings without a harsh reprimanding. In this society, wives were to be seen and not heard. Throughout the drama, Nora keeps referring to â€Å"the wonderful.† This â€Å"wonderful† is what Nora expects to happen after Krogstad reveals the truth of her forgery of her father’s signature. She expects Torvald to stick up for her and offer to take the blame for the crime upon himself. She feels that this will be the true test of his love and devotion. However, Torvald does not offer to help Nora, in fact, he belittles her by saying â€Å"you may have ruined all my happiness. My whole future—that’s what you have destroyedà ¢â‚¬  (III. 451). This is where Torvald makes his grave mistake. Nora realizes that Torvald places both his social and physical appearance ahead of the wife whom he says he loves. This heartbreaking revelation is what finally prompts Nora to walk out on Torvald. He tries to reconcile with Nora, but she explains to him that she has â€Å"waited patiently for eight years,† (III. 456) for things to get better for her. Nora has been treated like a child all her life, by both Torvald and her father. Both male superiority figures not only denied her the right to think and act the way she wished, but they also placed a limit on her own happiness. Nora describes her feelings as â€Å"always merry, never happy† (III). When Nora finally slams the door and leaves, she is not only slamming it on Torvald, but also on everything else that has happened in her past which curtailed her growth into a mature woman. In today’s society,  many women are in a situation similar to Nora’s. Although many people have accepted women as being equal, there are still those in modern America who are doing their best to suppress the feminist revolution. Torvald is an example of men who are only interested in their appearance and the amount of control they have over a person. These are the men that are holding society down by not caring about the feelings of others. But Torvald is not the only guilty party. Nora, although very submissive, is also very manipulative. She makes Torvald think he is much smarter and stronger, but in reality, she thinks herself to be quite crafty as far as getting what she wants. However, when the door is slammed, Torvald is no longer exposed to Nora’s manipulative nature. He then comes to the realization of what true love and equality are, and that they cannot be achieved with people like Nora and himself together. When everyone finally views males and females as equals, and when neither men nor women overuse their power of gender that society gives them, is when true equality will exist in the world. Work Cited Ibsen, Henrik. â€Å"A Doll’s House†. The Bedford Introduction to Literature: Fifth Edition.Ed. Michael Meyer. Pg. 1483-1542. Print.

Financial Management And Analysis Assignment Example | Topics and Well Written Essays - 4000 words - 1

Financial Management And Analysis - Assignment Example The company intends to offer competitive prices besides other programs such as buyback/trade program that makes it easier for the members to access and read Finance books online. My Finance Resource Limited intends to provide a friendly and relaxing environment that facilitates reading and browsing. Apart from selling Finance books and other resources, the management intends to use the website for other activities such as the auction of finance materials, post classified ads, advice users on latest products and the best books for their courses, provide teacher evaluation among others. The website will enable the users to share information and criticize some of the books and published materials. These will then be evaluated and shared with the authors. Apart from text books, students will be able to access course guidelines and class notes, tutoring services among others. It will also offer services such as specialized contents, weblogs and retails. The website intends to set itself as leading centre that offers interaction among students and superb latest finance resources to facilitate the running of the business. It will establish itself as the best centre for university finance materials by combining internet technologies and applications and market expertise to increase revenue generation. The company will achieve market dominance through utilization of extensive domain experience, high quality software, highly skilled management team, formation of strategies alliances and partnership with other key companies in the industry. The company will also involve key finance experts across the globe on a 24-hour basis to ensure that all the advisory services are offered 24/7. My Finance Resource Limited is a limited liability corporation registered in the United Kingdom. The firm is owned by an entrepreneur who was a former Finance student. Having experienced the need for updated Finance materials at the

INTERNATIONAL FINANCIAL MARKETS AND INSTITUTIONS Coursework Essay

INTERNATIONAL FINANCIAL MARKETS AND INSTITUTIONS Coursework - Essay Example Cases in point are explored through some major financial institutions to show the financial statements unreliability to measure asset values. The role of financial intermediaries and imperfect information are then delved into, as to how they propelled the crisis. In order to provide a conclusive view of the global financial crisis, the paper ends with a discussion about how asset securitisation has ended up in speculations, market manias, and eventually a financial crash in the global financial system. With all these, certain regulations are proposed The invisible hand view of the economy, as explored in the book â€Å"Economics† by Samuelson and Nordhaus, will fail to exist under two conditions: when there is imperfect competition and imperfect information, and when there are market externalities. The failure in major financial markets exists because of either of these conditions. Prior to the financial crisis, the financial markets such as stocks, bonds and mutual funds markets are considered markets where the invisible hand operates. The stock market has always been referred to as an efficient market by economists. According to Brealey, Myers and Marcus, â€Å"the competition [in this market] to find misvalued stocks is intense. So when new information comes out, investors rush to take advantage of it and thereby eliminate any profit opportunities (2004, 165).† An efficient market, according to Samuelson and Nordhaus in their book â€Å"Economics† is defined as â€Å"one where all new information is quickly understood by market participants and becomes immediately incorporated into the market prices (2004, 534).† This characteristic of the stock market as an efficient market is attributed to the availability of timely information which is incorporated in the prices of the stocks. The stock market indeed needs investors who believe

Chiang Kai-Shek Leadership Research Paper Example | Topics and Well Written Essays - 2250 words

Chiang Kai-Shek Leadership - Research Paper Example Chiang Kai-shek passed on in 1975, after living for 88 years. For two decades, Chiang Kai-shek served as the Chinese head of state on the Chinese mainland until 1950 when he served as the president of the Republic of China in Taiwan. He was born on October 30, 1887, in a place known as Chi-Kou, Chiekang. His father was a salt merchant who died in 1886, leaving the burden of Chiang’s upbringing solely to his mother, who was his third wife. In 1905, Chiang Kai-shek went to Ningpo in pursuit of education where he decided to venture into a military career. The following year, Chiang Kai-shek traveled to Tokyo but failed to qualify for military training. This was when he decided to go back to Tokyo, where he studied at the Paoting Military Academy, after which he furthered his education at the Shikan Gakko Military Academy, in Tokyo. Kai-shek was a very close ally to fellow Chekiangese Ch’en Chi-mei, who sponsored Chiang’s entry into the controversial Sun Yat-Sen†™s revolutionary party T’ung-Meng Hui. Chiang returned to Shanghai when a revolution broke out on the 10th of October 1911, in Wuhan. Cheng returned to fight against their adversaries under Ch’en. A sequence of triumphs by the Ch’en, as well as other revolutionists in the Yangtze Valley, set the ball rolling for the installation of Sun Yat-sen as the official provisional ruler of the Chinese Republic. In 1913, there was yet another bungled second revolution in which both Chiang Kai-shek and Ch’en Ch’i-mei also fought.

Management skillsDiversity within in the Workplace Article - 1

Management skillsDiversity within in the Workplace - Article Example This reflects AusBank’s external and internal customer base and there place as banking firm in the country. In order to create diversity at work place, it is vital to establish a diversity council which in turn will foster great initiative that aims in developing women and creating more opportunities for them. It has been witnessed having balanced leadership with women in leadership position leads to a diverse team of leaders at work. Although AusBank has been identified as the only institution promoting diversity at work place, its hierarchy is shaky in that it negatively influences employees who are not white especially male employees. More so, in order to promote diversity, it significant that an organization treat all its members based on the skills, abilities and experience but not gender, race or religion as they derail success in the organization due to conflicts. In addition, presence of personal skills and abilities such as self awareness, interpersonal an group skills are important towards promoting diversity since there is mutual understanding of tasks through effective communication. In addition, workers are intrinsically and extrinsically motivated to

Business Plan Essay Example | Topics and Well Written Essays - 12500 words

Business Plan - Essay Example The partners have agreed that they should be co-equal partners in this venture, each providing one-third of the equity financing. Based on their experiences, skills and training, Brandon Beaver will take on the financial control and risk management, Kevin Gillin will oversee the organizational management as well as the manufacturing and operations aspect, because of his background in leadership and engineering. Brian Giuliano is a marketing professional in the field of medical devices, therefore his expertise is relevant in the market analysis and the sales and marketing activities for the venture. The line of products that the team proposes to manufacture include devices and technologies that do either one, two, or all of three things: (1) they detect the presence of certain substances, such as alcohol or drugs, which may be detectable in the breath, sweat, or subcutaneous layers of the skin; (2) to sense the physical or mental state of the driver with regard to fatigue, age, or disability by which a driver’s skill or attention may be compromised; and (3) on the basis of these findings, if the detected substance or condition has reached a critical level, to disable the car’s ignition or provide a signal or alarm to the driver, particularly in the case of drowsiness, or a similar signal to a remote location, such as to the parents of the youthful driver, with information as to the location of the vehicle if supplemented with GPS capability. Cannabis, more commonly known as marijuana, has been legalized for medical use in at least three countries (Israel, the Czech Republic, and Canada), and in several states in the United States although US Federal law bans the possession and use of the substance. Its use has been decriminalized in several countries and possession is legal in the Netherlands. Commencing 2013, recreational use of marijuana is legal in the two US states, namely Washington and Colorado. As a result of the increasingly

Walter dill Scott Essay Example | Topics and Well Written Essays - 250 words

Walter dill Scott - Essay Example Walter suggested that for productivity in an organization to increase and the issues to be solved, selection of the best employees is important. The selection can be done through psychological testing of the employee’s knowledge, skills and other attributes that are important for the organization. This article insists that if an organization wants to solve its issues and analyze its concern, then it has to follow the work and ideologies of Walter Scott mentioned above or those discussed in his book â€Å"Theory of Advertising.† According to me, the ideas of Walter Scott discussed in the article and which are suggested to be necessary for analyzing the issues in the workplace can work if the organization’s management implements them. This is so because employee selection is an important element of industrial psychology and it sets the foundation of the organization’s performance and all other issues or concerns. If the employees are therefore selected correctly and based on their qualifications, then all other issues and concerns in the workplace can be dealt with. Tyler, M. (2010, December 15th ). â€Å"Benefits of using of organizational psychology in business.† Helium. Retrieved on April 16th 2012 from:

Risk analysis and system requirements Essay Example | Topics and Well Written Essays - 750 words

Risk analysis and system requirements - Essay Example This essay discusses that the functionality of the app will depend on a number of factors. First, the PDA will need to be Wi-Fi enabled so that it can connect to the internet in Wi-Fi hotspots. Secondly, the refrigerators will also need to be integrated with simulators to receive the commands from the PDA. In this case, the appliance will be Wi-Fi enabled. Today’s systems employ more functionality than ever; elaborate GUIs, network connectivity and inter-processor communication. At the same time, the time constraint has to be met. Cost of production will also be a strong challenge because the project calls for great investment from key players.Since the app will depend on wireless connectivity, some risks inherent in wireless connectivity could be imminent. Wireless technology uses WAP/Bluetooth protocols for communication (Wiergers 2003). Each of this protocol has built-in security to block break-in by hackers. This could be problematic for apps that require user identificati on. In this regard, access control flows may arise allowing unauthorized access. This issue arises when we have unclear access policy and improper app design (inadequate input validation). Such risks can be avoided through accurate input validation and clear definition of the access policy. Buffer overflows could also arise causing the app to lose control of its execution. The project requires cooperation from three key players; a refrigerator manufacturer, Wi-Fi Service provider and me. The app will require windows 5 PDA (Palm OS) and Web platforms.... doors, temperature components, electrical circulation, humidity. In this case, the device will be portable so that the user can still get these analyses even when out of the house through Wi-Fi technology. The device will be helpful to the old and the disabled. The app will allow for convenient refrigeration control. The device will rely on wireless technology. The device will be light, portable and ergonomic with simple navigation. It will rely on low power requirements (either batteries or electric current). System Requirements User Interfaces The app will be installed on Wi-Fi enabled PDAs allowing the user to manipulate the refrigerator from any Wi-Fi hotspot. Users will use either virtual keyboards or touch screen technology on their PDAs to manipulate their freezers. The PDA should provide the app link on the screen so that a single touch opens up the app’s page where the user can operate the appliance. The page should offer options to the user on how to proceed. User ca n therefore be able to input commands and check analyses. Hardware Interfaces The app will be installed on PDAs with Palm Operating System, Software Interfaces The PDA should run on any platform with a Java 6 compatible Runtime Environment. This Includes Palm Operating System, Windows, Mac OS, Linux and Sun Solaris. Communication Interfaces The PDA should have Bluetooth to enhance exchange of data and Wi-Fi Connectivity. In this regard, users will be able to connect to the internet when in Wi-Fi Hotspots and operate their Wi-Fi enabled appliances. Functional Requirements The functionality of the app will depend on a number or factors. First, the PDA will need to be Wi-Fi enabled so that it can connect to the internet in Wi-Fi hotspots. Secondly, the refrigerators will also need to

Hong Kong and Shanghai Banking Corporation Case Study

Hong Kong and Shanghai Banking Corporation - Case Study Example Through its ardent thrust in being "The World's Local Bank," HSBC highlights its devotion in building mutually beneficial partnerships with customers worldwide regardless of their nationality, race, belief, and culture (HSBC 2007). Supporting the international bank's new positioning strategy is its quest in understanding and delivering customer needs. In order to know this, HSBC asserts: "To truly understand a country and a culture, you have to be a part of it" (HSBC Website 2007). Having numerous branches scattered globally, HSBC opts to personalize the services being offered by opening up local banks all over the world, which are manned by local people. In doing this, the company establishes a lasting relationship with the customer as the international bank provides its clients with bank personnel who shares the same culture, value, and situation with them making it relatively easy for them to understand and relate to each other. It should be noted that conflicts in values and clashes in culture can hamper the emergence of a good relationship with a bank and its clients. HSBC puts a strong emphasis in local knowledge and uses it as a competitive advantage in attracting and retaining customers. Being a local bank doesn't mean that a branch is isolated from the HSBC system. Each of the company's local bank shares the innovation and ideas in the network. All of these advancements are geared in providing customer satisfaction all over the world (HSBC Website 2007). 2) HSBC manages to attract and retain their customers very well on a global level. How do they manage to do this Link your answer to the way they advertise (to attract) and to Relationship Marketing, specifically the topic customer retention. Attracting and retaining customers has been in the core of HSBC's operation which is highlighted in the company's high retention of customers in the global market. HSBC's effort in attracting and retaining their customers is in part because of their effort in localizing the products and services that they offer. The international bank manages retain customer because of its customized services which are tailored specifically to each of its client's needs. Retaining customers has also been possible because of the company's investment in a customer relationship management database which can be accessed by bank personnel when dealing with a client. The use of customer relationship management allows the bank to record the profile of a customer together with his or her potential banking needs. With this, the international bank retains customer through the identification and provision of his financial needs. HSBC has been able to employ a more targeted marketing approach because of its knowledge of its customer. The company also allows customers to access their account through different means by maintaining an extensive ATM facility, website, and telephone (HSBC Website 2007). Customer retention is also made possible by the employment of personnel which are very much attuned to customers' satisfaction. HSBC's recognizes that its products have an intangible component which is the quality of service that its staff offers.

Labelling Processes Essay Example for Free

Labelling Processes Essay The labelling theory is a micro interactionist approach, this is because it focuses on how individuals construct the social world through face-face interactions. It recognises the concept of the ‘procedural self’ where ones identity is continuously constructed and recognised in interaction with significant others, this results in the individual’s behaviour, including that related to crime and deviance. Significant others are those who are in high social power and thus able to dictate influence and actively determine an individual’s life. Such individuals may include police officers, prison officers, politicians, parents and teachers. Feminists would argue however that these are all the males in society, determining and controlling the lives of females, keeping society patriarchal. The influence that significant others place on individuals lives is through the use of labels, the labels aren’t usually based on individual characteristics, more so stereotypes, working assumptions and professional knowledge. For example Cicaurel found that police patrolled working class areas more intensively, resulting in more arrests, this is due to the police’s stereotypical view that delinquent individuals are part of the working class. Lemert distinguishes between primary and secondary deviance in society. Primary deviance involves minor offences such as vandalism or smoking underage and these acts are usually uncaught or insignificant. However an individual may be caught for such acts and inturn be labelled as delinquent or deviant, the social reaction of this label results in the development of secondary deviance: more serious crimes such as assault or drugs. This therefore illustrates that it is not the act itself but the hostile societal reaction by significant others that creates serious deviance, thus crime and deviance being products of the labelling process. Support for this idea is research conducted by Jock Young on hippy marijuana users. Drugs were associated with hippies which demonstrate primary deviance. Police then labelled and persecuted hippies for their behaviour, excluding them from normal society. AS a result a deviant subculture emerged where hippies retreated into closed groups, grew hair out long, wore eccentric clothes and drug use became a central activity. Gove argued that there are two consequences of labelling: creation of sigma, modification of self images. Stigma is the negative branding of an individual and refers to the public condemnation and exclusion of the criminal. The media tend to exaggerate the behaviour of such people, causing increased fear and moral panic in society, resulting in avoidance and constantly being treated with suspicion. Becker refers to a ‘master status’ where once a person is labelled all of their actions are interpreted in light of the label and only negative aspects of that individual’s behaviour are focussed on. Because of the stigma created from the label a modification of self image occurs in the individual. The individual essentially lives up to their deviant label, becoming the person described in the label. The process of deviancy amplification whereby any punishments or treatment therefore reinforce the individual perception of the criminal, thus more crimes fitting to the label are carried out. This theory can however by criticised because it is determinist, where individuals have n control over the process and once they have been labelled they will inevitably turn deviant or criminal. Social action theorists believe in free will and individual’s choice to reject their label. In addition the label may cause the opposite result where an individual seeks to actively prove their label wrong by thriving and succeeding in their work/ life. Furthermore the labelling theory claims that deviant and criminal behaviour only occurs when a label is given, it does not account for crimes committed by those who have no labels placed upon them. Marxists, for example, would argue the theory fails to explain middle class, white collar or corporate crime, since the offenders have high social power and would be significant others rather than the individuals labelled. In conclusion although the labelling theory offers some explanation as to the crime and deviance in today’s society there are many gaps. Other explanation such as subcultural crime and deviance would argue that it is not the interaction of individuals but the illegitimate opportunity structures within society that results in crime and deviance.

Feminist Movement 1960s

Feminist Movement 1960s The Women Movement has been divided into three phases by the feminist experts. Each phase dealt with different issues regarding to females. In the First Wave of Feminism, the movement started from the 18th century which lasted in the beginning of the 20th century. The hurdles of inequality such as property rights and voting rights were the major concerns. Virginia Woolf is the founder of the ideas of this first wave of movement. The first wave completely paid attention to the idea and rights of suffrage. The Second Wave of Womens Movement which is also known as Feminist Movement or the Liberation movement of women in the USA began during the early years of 1960s and lasted throughout the late 1980s. Simone de Beauvoir is allied with the idea of this wave. The second wave of feminism focused on the issues of gender inequality, sexuality, workplace, family and reproductive rights. This wave argued that women have to face the political as well personal tyranny in a society which is male dominant. (Barbara Sinclair, 1983) The womens movement in the 1960s emphasized on attaining freedom in terms of reproductive and sexual. The demands are women specific like centers for rape crisis, birth control options, very reasonably priced child care, emphasis on womens health and other needs of women. This movement resulted in creation of municipal Rape Treatment Center Act, 1974 by which in all city hospitals, rape treatment centers established. This movement also challenged the abortion law in Illinois where abortions were illegal by law by creating an organization named Jane. Other goals of these movements were the equality in terms of economics from 1960 onwards. This movement emphasized on gender equality unlike earlier movements which were aimed for legislation only. Another organization was formed for the rights of women in 1974 name The Coalition of Labor Union Women with the targets like maternity leave, pension benefits deduction and other rights like biased insurance rates and provided access to women who were never before on union level. Women which were already working in Chicago fought hiring and biasness for jobs. The period from 1917 to 1960s had two world wars and an economic boom because of which many women came into Workplace. During the war, women served as labor and then they started working to achieve and maintain the new higher and better living standards which were enjoyed only by middle class families. When women joined the workplace, they soon realized the discriminated behavior towards them in terms of unequal economic and social status. Many movements such as Civil Rights act and student movements were at its peak during the years of 1960s. The women adopted and followed the practices of these movements. They adopted the different methods of awareness raising, demonstrations, protests, and political lobbying to bring in front their own agenda. National Organization for Women (NOW) was established in 1966 which was an official group to represent and fight for the issues and problems of women. This new group of women was not instant success of them but by the end of second years of its creation growing to its members up to the mark of 1035 and was divided by ideological partitions. The founders of NOW began working on the legislation that could improve the living of the women and they also forced the politicians to become aware of the problems of the women. This group worked out six factors which are considered to be essential for womens equality with men which includes the abiding of laws by employers for equal opportunity employment and end the discrimination, equivalent and isolate education as of men. The other factors were maternity leaves, tax deductions and training to poor women while on job. At the same time many other organizations started to establish for the welfare of the women. The two factors on which NOW face d serious problems were Equal Rights Amendment to the US Constitution which makes sure the equivalent rights regardless of gender and the demand of contraception and abortion. United Auto Workers which was supporting NOW with the office space took out its support because the ERA law will prohibit freedom for women. When some of the NOW members called to revoke the abortion amendments, many other members left NOW. NOW was struggling to re-establish itself as a national organization for women for the period of two years. There were other groups formed due to this blow to NOW by female antiwar, civil rights and members who left NOW due to refusal to readdressing the womens concerns. Women during 1960s period were demoralized by unequal treatment. In 1964 at Student Nonviolent Coordination Committee (SNCC) conference a womans resolution was presented, Stokely Carmichael who was Black Nationalism in United States cut off all the debate with the argument that the only place for women in SNCC is prone. NOW aimed on womens rights, the new radical groups emerged with wider themes of womens freedom and spread in Chicago, Toronto, Seattle, Detroit and other places and towns. Although these radical groups structure was not strong as NOW has its national structure. In no time, womens liberation movement was wide spread and can be observed every where. Liberation movement had no officers nor offices, no addresses and no printed agenda to present their point of view. Miss America Pageant presented the image of womanhood during the protest at Atlantic City and New Jersey in 1968. Redstockings which is one of the feminist radical groups published The Bitch Manifesto based in New York City in 1969. In 1969, NOW called the congress to unite women in which was aimed to unite the radical and moderate wings of the womens movement which was almost impossible task. NOW leaders were aimed to have a reform while the radical groups were aimed to revolution. In 1975, the National Agenda of Women the comprehensive program of legal and political reforms- was presented to the president Gerald Ford, all state governors and all the members of the Congress. Subsequently, in 1977 an action plan was presented to the government official in National Womens Conference in Houston to remind them about the feminine constitution which is their responsibility. National Womens Political Caucus and National Organization for Women keep focusing and pressurizing the politicians and legislators and making prominent of womens issues on media. The legal success of the movements were the Affirmative action, Title IX and Women Education Equity Act, The Equal Credit Opportunity Act (1974), the act of Pregnancy Discrimination (1978), the illegalization of marital rape and legalization of no fault divorce in all states. Beside all these victories, the change of social attitudes in favor of female is considered the biggest victory of the womens movement. The year of 1980 is the decline of the second wave of feminine movement. During the early 1980s, it was thought that females have achieved all of their demanded goals. In 1982, the Equal Right Act (ERA) was failed, because only three states did not approve this. The second wave of womens movement was successful except the ERA. (Flora Davis, 1999) Pros and Cons Despite of problems faced by Womens movement due to its leadership and ranks, the movement attained some goals in a very short time. Due to support of the Equal Employment Opportunity Commission in 1965, women in US got jobs in every corner of US and the employees which have decimation histories are required to provide the durations in which they increase the women strength in their companies. Some laws including Divorce laws were relaxed; ensuring that employers can not fire the pregnant women from jobs and some new study programs for women are introduced in universities and colleges. In 1972, Congress passed an amendment in the Higher Education Act which ensured that there must be no discrimination on the bases of gender in educational programs which are getting federal financial helps and also ensured that there must be same space for womens in all male schools. ERA amendments in the US laws including state sodomy laws, existence of single sex bathrooms in public places, legalization of same-sex marriage and relationship and making abortion as a legal right funded by the taxpayer fund. This law required 38 states which were not achieved as expected and amendment fell short of three states support. There was a growing sense that womens movement goals are already achieved. NOW sustained its new role in new millennium by struggling for womens rights including equality in military and federal funding for child care programs and to prevent any violence against womens of US. Despite of its popularity and its membership and funding growth, its activism fragmented and burdened with opposition. In sum, the second wave of womens movement was very successful for the welfare and in status up gradation of women. It has many successes and the only failure is the ERA. In the Third Wave of Feminism started in 1990s and present till today. This movement started in result of the perceived failures of the second wave of Feminism. The Equal Rights amendment is still in question and in progress which was supported by second and third wave movement leaders.

The features of the United States Dollar

The features of the United States Dollar The symbol $, usually written before the numerical amount, is used for the U.S. dollar (as well as for many other currencies). The signs ultimate origins are not certain, though it is possible that it comes from the Pillars of Hercules which flank the Spanish Coat of arms on the Spanish dollars that were minted in the New World mints in Mexico City, Potosà ­, Bolivia, and in Lima, Peru. These Pillars of Hercules on the silver Spanish dollar coins take the form of two vertical bars and a swinging cloth band in the shape of an S. An equally accepted, and better documented, explanation is that this symbol for peso was the result of a late eighteenth-century evolution of the scribal abbreviation ps. The p and the s eventually came to be written over each other giving rise to $. A fictional possibility suggested is that the dollar sign is the capital letters U and S typed one on top of the other. This theory, popularized by novelist Ayn Rand in Atlas Shrugged [23], does not consider the fact that the symbol was already in use before the formation of the United States. United States one-dollar bill ($1) Diagram shoes the obverse of the $1 bill The United States one-dollar bill ($1) is the most common denomination of US currency. The first president, George Washington, painted by Gilbert Stuart, is currently featured on the obverse, while the Great Seal of the United States is featured on the reverse. The one-dollar bill has the second oldest design of all U.S. currency currently being produced, after the two-dollar bill. The obverse seen today debuted in 1963 when the $1 bill first became a Federal Reserve Note. The inclusion of In God We Trust on all currency was required by law in 1955. The national motto first appeared on paper money in 1957.An individual dollar bill is also less formally known as a one, a single or a bone. The Bureau of Engraving and Printing says the average life of a $1 bill in circulation is 21 months before it is replaced due to wear. Approximately 45% of all U.S. currency produced today is one-dollar bills. All $1 bills produced today are Federal Reserve Notes. One-dollar bills are delivered by Federal Reserve Banks in blue straps. Diagram shows reverse of the $1 bill Obverse of current $1 bill Detail of the Treasury Seal as it appears on a $1 bill The portrait of George Washington is displayed in the center of the obverse of the one-dollar bill, as it has been since the 1869 design. The oval containing George Washington is propped up by bunches of Bay Laurel leaves. To the left of George Washington is the Federal Reserve District Seal. The name of the Federal Reserve Bank that issued the note encircles a capital letter, (A-L), identifying it among the twelve Federal Reserve Banks. The sequential number of the bank, (1: A, 2: B, etc.), is also displayed in the four corners of the open space on the bill. Until the redesign of the higher denominations of currency beginning in 1996, this seal was found on all denominations of Federal Reserve Notes. Since then it is only present on the $1 and $2 notes, with the higher denominations only displaying a universal Federal Reserve System seal, and the bank letter and number beneath the serial number. To the right of George Washington is the Treasury Department seal. The balancing scales represent justice. The chevron with thirteen stars represents the original thirteen colonies. The key below the chevron represents authority and trust; 1789 is the year that the Department of the Treasury was established. Below the FRD seal (to the left of George Washington) is the signature of the Treasurer of the U.S., which occasionally varies, and below the USDT Seal (right side) is the Secretary of the Treasurys signature. To the left of the Secretarys signature is the series date. A new series date will result from a change in the Secretary of the Treasury, the Treasurer of the United States, and/or a change to the notes appearance such as a new currency design. On the edges are olive branches entwined around the 1s. Reverse of current $1 bill President Franklin Roosevelts conditional approval of the one-dollar bills design in 1935, requiring that the appearance of the sides of the Great Seal be reversed, and together, captioned. The reverse of the one-dollar bill has an ornate design which incorporates both sides of the Great Seal of the United States to the left and right of the word ONE. This word appears prominently in the white space at the center of the bill in a capitalized, shadowed, and seriffed typeface. A smaller image of the word ONE is superimposed over the numeral 1 in each of the four corners of the bill. THE UNITED STATES OF AMERICA spans the top of the bill, ONE DOLLAR is emblazoned along the bottom, and above the central ONE are the words IN GOD WE TRUST, which became the official motto of the United States in 1956. Below the reverse of the Great Seal on the left side of the bill are the words THE GREAT SEAL, and below the obverse on the right side are the words OF THE UNITED STATES. Both reverse and obverse of the Great Seal contain symbols of historical, political, religious, and numerological significance. The Great Seal, originally designed in 1782 and added to the dollar bills design in 1935, is surrounded by an elaborate floral design. The renderings used were the typical official government versions used since the 1880s. The reverse of the seal on the left features a barren landscape dominated by an unfinished pyramid of 13 steps, topped by the Eye of Providence within a triangle. At the base of the pyramid are engraved the Roman numerals MDCCLXXVI (1776), the date of American independence from Britain. At the top of the seal stands a Latin phrase, ANNUIT COEPTIS, meaning He (God) favors our undertaking. At the bottom of the seal is a semicircular banner proclaiming NOVUS ORDO SECLORUM meaning New Order of the Ages, which is a reference to the new American era. To the left of this seal, a string of 13 pearls extends toward the edge of the bill. The obverse of the seal on the right features a bald eagle, the national bird and symbol of the United States. Above the eagle is a radiant cluster of 13 stars arranged in a six-pointed star. The eagles breast is covered by a heraldic shield with 13 stripes that resemble those on the American flag. As on the first US flag, the stars and stripes stand for the 13 original states of the union. The eagle holds a ribbon in its beak reading E PLURIBUS UNUM, a Latin phrase meaning Out of many [states], one [nation], a de facto motto of the United States (and the only one until 1956). In its left talons the eagle holds 13 arrows, and in its right talons it holds an olive branch with 13 leaves and 13 olives, representing, respectively, the powers of war and peace. To the right of this seal, a string of 13 pearls extends toward the edge of the bill. Conspiracy The symbology of the Great Seal of the United States, and its subsequent use on the dollar bill (especially the pyramid and the Eye of Providence above the pyramid) are popular topics among conspiracy theorists. Conspiracy theorists are of the opinion that much of the symbolism involves occultism. For example, because the Eye of Providence above the unfinished pyramid is similar to the ancient Egyptian Eye of Horus, a charm, relating to the Pagan/Egyptian sky-god Horus which symbolized that worshipers will be protected and given royal powers from Pagan deities. In fact, Eye of Providence was a common Christian emblem symbolizing the Trinity throughout the Middle Ages and Renaissance. Conspiracy theorists also note that the unfinished pyramid has thirteen steps (or that some other element of the Seal numbers thirteen), and are of the opinion that the number 13 has conspiratorial significance. The explanation for the repetition of the number thirteen is that this number represents the original thirteen colonies which became the first thirteen states. United States two-dollar bill ($2) The United States two-dollar bill ($2) is a current denomination of U.S. currency. Former U.S. President Thomas Jefferson is featured on the obverse of the note. The reverse features an engraved modified reproduction of the painting The Declaration of Independence by John Trumbull. The bill was discontinued in 1966, but was reintroduced 10 years later as part of the United States Bicentennial celebrations. Today, however, it is rarely seen in circulation and actual use. Production of the note is the lowest of U.S. paper money: less than 1% of all notes currently produced are $2 bills. This comparative scarcity in circulation, coupled with a lack of public awareness that the bill is still in circulation, has also inspired urban legends and, on a few occasions, created problems for people trying to use the bill to make purchases. Throughout the $2 bills pre-1928 life as a large-sized note, it was issued as a United States Note, National Bank Note, Silver Certificate, and Treasury or HYPERLINK http://en.wikipedia.org/wiki/Treasury_(Coin)_NoteHYPERLINK http://en.wikipedia.org/wiki/Treasury_(Coin)_NoteCoinHYPERLINK http://en.wikipedia.org/wiki/Treasury_(Coin)_NoteHYPERLINK http://en.wikipedia.org/wiki/Treasury_(Coin)_Note Note. When U.S. currency was changed to its current size, the $2 bill was issued only as a United States Note. After United States Notes were discontinued, the $2 bill later began to be issued as a Federal Reserve Note. United States five-dollar bill ($5) The United States five-dollar bill ($5) is a denomination of United States currency. The $5 bill currently features U.S. President Abraham Lincolns portrait on the front and the Lincoln Memorial on the back. All $5 bills issued today are Federal Reserve Notes. Five dollar bills are delivered by Federal Reserve Banks in red straps. The $5 bill is sometimes nicknamed a fin. The term has German/Yiddish roots and is remotely related to the English five, but it is far less common today than it was in the late 19th and early 20th centuries. The Bureau of Engraving and Printing says the average life of a $5 bill in circulation is 16 months before it is replaced due to wear. Approximately 9 percent of all paper currency produced by the U.S. Treasurys Bureau of Engraving and Printing today are $5 bills. United States ten-dollar bill ($10) The United States ten-dollar bill ($10) is a denomination of United States currency. The first U.S. Secretary of the Treasury, Alexander Hamilton, is currently featured on the obverse of the bill, while the U.S. Treasury is featured on the reverse. (Hamilton is one of two non-presidents featured on currently issued U.S. bills. The other is Benjamin Franklin, on the $100 HYPERLINK http://en.wikipedia.org/wiki/United_States_one_hundred-dollar_billbill. In addition to this, Hamilton is the only person featured on U.S. currency who was not born in the continental United States, as he was from the West Indies.) All $10 bills issued today are Federal Reserve Notes. The Bureau of Engraving and Printing says the average life of a $10 bill in circulation is 18 months before it is replaced due to wear. Approximately 11% of all newly printed US banknotes are $10 bills. Ten dollar bills are delivered by Federal Reserve Banks in yellow straps. The source of the face on the $10 bill is John Trumbulls 1805 portrait of Hamilton that belongs to the portrait collection of New York City Hall. The $10 bill is the only U.S. paper currency in circulation in which the portrait faces to the left (the $100,000 bill features a portrait of Woodrow Wilson facing to the left, but was used only for intra-government transactions). United States twenty-dollar bill ($20) The United States twenty-dollar bill ($20) is a denomination of United States currency. U.S. President Andrew Jackson is currently featured on the front side of the bill, which is why the twenty-dollar bill is often called a Jackson, while the White House is featured on the reverse side. The twenty-dollar bill in the past was referred to as a double-sawbuck because it is twice the value of a ten-dollar bill, which was nicknamed a sawbuck due to the resemblance the Roman numeral for ten (X) bears to the legs of a sawbuck, although this usage had largely fallen out of favor by the 1980s.[1] The twenty dollar gold coin was known as a double eagle. Rather than a nickname, this nomenclature was specified by an act of Congress. The Bureau of Engraving and Printing says the average circulation life of a $20 bill is 25 months (2 years) before it is replaced due to wear. Approximately 22% of all notes printed today are $20 bills. Twenty-dollar bills are delivered by Federal Reserve Banks in violet straps. United States fifty-dollar bill ($50) The United States fifty-dollar bill ($50) is a denomination of United States currency. Ulysses S. Grant is currently featured on the obverse, while the U.S. Capitol is featured on the reverse. All $50 bills issued today are Federal Reserve Notes. The Bureau of Engraving and Printing says the average life of a $50 bill in circulation is 55 months before it is replaced due to wear. Approximately 5% of all notes printed today are $50 bills. They are delivered by Federal Reserve Banks in brown straps. A fifty dollar bill is sometimes called a Grant based on the use of Ulysses S. Grants portrait on the bill. Andrew Jacksons actions toward the Native Americans as a general, as well as during his Presidency, have led some historians to question the suitability of Jacksons depiction on the twenty-dollar bill. Howard Zinn, for instance, identifies Jackson as a leading exterminator of Indians, and notes how the public commemoration of Jackson obscures this part of American history. Those opposed to Central Banking point out the irony of Andrew Jackson on a Federal Reserve Note. Jackson spent much of his Presidency fighting against the Bank of the United States, which was at that time the government sanctioned Federal Bank. An email emerged after the events of 9/11 which alleged that folding the twenty-dollar bill a certain way produced images appearing to be 9/11 related (specifically the World Trade Center and the Pentagon burning).[9] United States one hundred-dollar bill ($100) The United States one hundred-dollar bill ($100) is a denomination of United States currency. The redesigned $100 bill was unveiled on April 21, 2010, and the Federal Reserve Board will begin issuing the new bill on February 10, 2011. U.S. statesman, inventor, and diplomat Benjamin Franklin is currently featured on the obverse of the bill. On the reverse of the banknote is an image of Independence Hall. The time on the clock according to the U.S. Bureau of Engraving and Printing, shows approximately 4:10. The numeral four on the clock face is incorrectly written as IV whereas the real Independence Hall clock face has IIII. (See Roman numerals in clocks.) The bill is one of two current notes that do not feature a President of the United States; the other is the United States ten-dollar bill, featuring Alexander Hamilton. It is the largest denomination that has been in circulation since July 14, 1969, when the higher denominations of $500, $1,000, $5,000, $10,000 and $100,000 were retired. The Bureau of Engraving and Printing says the average life of a $100 bill in circulation is 60 months (5 years) before it is replaced due to wear. Approximately 7% of all notes produced today are $100 bills. The bills are also commonly referred to as Benjamins in reference to the use of Benjamin Franklins portrait on the denomination. They are also often referred to as C-Notes based on the Roman numeral C which means 100.One hundred-dollar bills are delivered by Federal Reserve Banks in mustard-colored straps ($10,000).The Series 2009 $100 bill redesign was unveiled on April 21, 2010 and will be issued to the public on February 10, 2011. Federal Reserve Note A Federal Reserve Note is a type of banknote. Federal Reserve Notes are printed by the United States Bureau of Engraving and Printing on paper made by Crane HYPERLINK http://en.wikipedia.org/wiki/Crane__Co.HYPERLINK http://en.wikipedia.org/wiki/Crane__Co. Co. of Dalton, Massachusetts. They are the only type of U.S. banknote that is still produced today and they should not be confused with Federal Reserve Bank Notes. Federal Reserve Notes are authorized by Section 411 of Title 12 of the United States Code. They are issued to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. The notes are then issued into circulation by the Federal Reserve Banks. When the notes are issued into circulation they become liabilities of the Federal Reserve Banks and obligations of the United States. Federal Reserve Notes are fiat currency, with the words this note is legal tender for all debts, public and private printed on each note. (See generally 31 U.S.C.  Ã‚  5103.) They have replaced United States Notes, which were once issued by the Treasury Department. Various Federal Reserve Notes, c.1995. Only the designs of the $1 and $2 (not pictured) are still in print. The New $100 Bill The redesigned $100 bill was unveiled on April 21, 2010, and the Federal Reserve Board will begin issuing the new note on February 10, 2011. The redesigned $100 note incorporates a number of security features, including two new advanced features, the 3-D Security Ribbon and the Bell in the Inkwell. It offers a simple and subtle way to verify that a new $100 note is real. These security features were developed to make it easier to authenticate the note and more difficult for counterfeiters to replicate. There are several new security features as stated below: 3-D Security Ribbon: Look for a blue ribbon on the front of the note. Tilt the note back and forth while focusing on the blue ribbon. You will see the bells change to 100s as they move. When you tilt the note back and forth, the bells and 100s move side to side. If you tilt it side to side, they move up and down. The ribbon is woven into the paper, not printed on it. Bell in the Inkwell: Look for an image of a color-shifting bell, inside a copper-colored inkwell, on the front of the new $100 note. Tilt it to see the bell change from copper to green, an effect which makes the bell seems to appear and disappear within the inkwell. Additional Design and Security Features: Three highly effective security features from the older design have been retained and updated in the new $100 note. Several additional features have been added to protect the integrity of the new $100 note. Portrait Watermark: Hold the note to light and look for a faint image of Benjamin Franklin in the blank space to the right of the portrait. Security Thread: Hold the note to light to see an embedded thread running vertically to the left of the portrait. The thread is imprinted with the letters USA and the numeral 100 in an alternating pattern and is visible from both sides of the note. The thread glows pink when illuminated by ultraviolet light. Color-Shifting 100: Tilt the note to see the numeral 100 in the lower right corner of the front of the note shift from copper to green. Raised Printing: Move your finger up and down Benjamin Franklins shoulder on the left side of the note. It should feel rough to the touch, a result of the enhanced intaglio printing process used to create the image. Traditional raised printing can be felt throughout the $100 note, and gives genuine U.S. currency its distinctive texture. Gold 100: Look for a large gold numeral 100 on the back of the note. It helps those with visual impairments distinguish the denomination. Micro printing: Look carefully to see the small printed words which appear on Benjamin Franklins jacket collar, around the blank space containing the portrait watermark, along the golden quill, and in the note borders. FW Indicator: The redesigned $100 notes printed in Fort Worth, Texas, will have a small FW in the top left corner on the front of the note to the right of the numeral 100. If a note does not have an FW indicator, it was printed in Washington, D.C. Federal Reserve Indicator: A universal seal to the left of the portrait represents the entire Federal Reserve System. A letter and number beneath the left serial number identifies the issuing Federal Reserve Bank. There are 12 regional Federal Reserve Banks and 24 branches located in major cities throughout the United States. Serial Numbers: The unique combination of eleven numbers and letters appears twice on the front of the bill. Because they are unique identifiers, serial numbers help law enforcement identify counterfeit notes, and they also help the Bureau of Engraving and Printing track quality standards for the notes they produce. Large Denominations of United States Currency Today, the base currency of the United States is the U.S. dollar, and is printed on bills in denominations of $1, $2, $5, $10, $20, $50, and $100. At one time, however, it also included five larger denominations. High-denomination currency was prevalent from the very beginning of U.S. Government issue (1861). $500, $1,000, $5,000, and $10,000 interest bearing notes were issued in 1861, and $5,000 and $10,000 United States Notes were released in 1878 There are many different designs and types of high-denomination notes. The high-denomination bills were issued in a small size in 1929, along with the $1 through $100 denominations. The designs were as follows, along with their 1929 equivalents in current purchasing power (except for the $100,000 bill, which uses the 1934 equivalent): $1,000: Grover Cleveland, equal to $12,700 in 2010 dollars $5,000: James Madison, equal to $63,500 in 2010 dollars $10,000: Salmon P. Chase, equal to $127,000 in 2010 dollars The reverse designs abstract scrollwork with ornate denomination identifiers. All were printed in green, except for the $100,000. The $100,000 is an odd bill, in that it was not generally issued, and printed only as a gold certificate of Series of 1934. These gold certificates (of denominations $100, $1,000, $10,000, and $100,000) were issued after the gold standard was repealed and gold was compulsorily purchased by presidential order of Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102), and thus were used only for intra-government transactions. They are printed in orange on the reverse. This series was discontinued in 1940. The other bills are printed in black and green as shown by the $10,000 example (pictured at right). Although they are still technically legal tender in the United States, high-denomination bills were last printed in 1945 and officially discontinued on July 14, 1969, by the Federal Reserve System.[1] The $5,000 and $10,000 effectively d isappeared well before then: there are only about two hundred $5,000 bills, and three hundred $10,000 bills known, of all series since 1861. Of the $10,000 bills, 100 were preserved for many years by Benny Binion, the owner of BinionHYPERLINK http://en.wikipedia.org/wiki/Binions_HorseshoeHYPERLINK http://en.wikipedia.org/wiki/Binions_Horseshoes Horseshoe casino in Las Vegas, Nevada, where they were displayed encased in acrylic. The display has since been dismantled and the bills were sold to private collectors. The Federal Reserve began taking high-denomination bills out of circulation in 1969. As of May 30, 2009, there were only 336 of the $10,000 bills in circulation; 342 remaining $5,000 bills; and 165,372 $1,000 bills still being used.[2] Due to their rarity, collectors will pay considerably more than the face value of the bills to acquire them. For the most part, these bills were used by banks and the Federal Government for large financial transactions. This was especially true for gold certificates from 1865 to 1934. However, the introduction of the electronic money system has made large-scale cash transactions obsolete; when combined with concerns about counterfeiting and the use of cash in unlawful activities such as the illegal drug trade, it is unlikely that the U.S. government will re-issue large denomination currency in the near future. According to the US Department of Treasury website, The present denominations of our currency in production are $1, $2, $5, $10, $20, $50, and $100. Neither the Department of the Treasury nor the Federal Reserve System has any plans to change the denominations in use today.

Dangers of RU486 :: essays research papers

RU-486 is not the same as the â€Å"morning after† pill (postinor -2). RU-486 is the generic term for mifepristone, an artificial steroid that blocks progesterone, a vital nutrient hormone. It causes the vital nutrient lining of the mother’s uterus to disintegrate, and the embryo withers and dies. RU486 has had people under the illusion it is a inexpensive less traumatic option when compared to decide between it and surgery. However conversely, RU486 continues to shock people and destroy lives., it has been proven to be more traumatic and painful then surgical abortion. unfortunately users are not notified properly of these side effects and forced to bear the consequences. A great risk of psychological and physical side effects can result in the use of RU486, such as prolonged bleeding -which requires medical intervention. Women in rural communities have limited access to hospitals or general practises, and it is these woman, those who come from undeveloped, conserv ative countries who are most likely going to require these facilities. The great debate continues over RU486- the issue involving whether it should be available to Australian women. Mifepristone needs to be interpreted by the public as a dangerous and fatal drug, not as â€Å"easy† alternative. The media must publicise the potential side effects more effectively and destroy the perceptual set that Australians view RU486 to be. More then one million women worldwide have used RU486 to end their pregnancy. RU846 is effective from the fifth to the seventh week. Following the last menstrual period, with decreasing effectiveness up to the ninth week. Used alone, RU486 has an abortion rate of 60-80 percent. The convenience of swallowing one tablet to terminate a unwanted pregnancy may sound intriguing to a lot of women. This perception has devoured any subconscious thought in women’s minds concerning doubt or issues involved with using RU486. The sudden outbreak of this newly formulated drug has raised the issue of whether RU486 is the safer then surgical abortion. A common side effect is severe pain similar to that of a miscarriage, with over half of women requiring specific pain medication and one third requiring narcotics. Other side effects include nausea and dizziness, serious bacterial infection, sepsis, prolonged bleeding and even death. The side effects which develop as a result of taking RU486 are clearly much more severe then a general surgical abortion. The statistics continue to prove mifepristone as a dangerous alternative to surgical abortion.

The Legal Classification of Men and Women :: Social Justice Legal Essays

Usually sex classifications were challenged by women who felt they deprived of equal legal treatment, but they were also challenged by men who felt women were given unfair legal protection. Originally, most of the gender specific legislation in the United States was passed because stereotypes regarding women pervaded the mentalities of many of our nation's lawmakers. Slowly the government realized that women had been sealed into the domestic sphere and attempted to reverse this discrimination by giving women special compensations. In some instances the treatment women received was leftover from old notions of role typing, while in others, laws directly tried to remedy harmful effects of the past. In both cases, men claimed their equal protection rights were violated by laws which separated women from men. In Stanley v. Illinois 1972, Peter Stanley challenged an Illinois statute which "automatically conferred custody on a married father and on a mother, married or unmarried, and automatically denied it to an unmarried father" after the death of a parent (Goldstein 196). Stanley claimed that his equal protection right, protected by the Fourteenth Amendment, was violated because other parents who were similarly situated, that is, women and married men, were given a benefit which he was denied. A constitutional law must demonstrate a clear goal of the state, and represent the "least restrictive means to achieve those ends" (Mezey 16). In this case, however, the Supreme Court observed "that the State registers no gain towards its goals when it separates children from the custody of fit parents" (Goldstein 199). Clearly this law is a remnant of the past when women were thought to be the only caretakers of children. The underlying motive for this law was "the theory that an unwed father is n ot a "parent" whose existing relationship with his children must be considered" (Goldstein 198). While it is common for the state to defend their stereotypical legal relics on the grounds of "administrative convenience," the Court now identifies these laws as problematic (Reed v. Reed 1971, Frontiero v. Richardson 1973). "Procedure by assumption is always cheaper and easier than individual determination(,) but when the procedure... explicitly disdains present realities in deference to past formalities... it cannot stand" (Goldstein 200). Thus, the Illinois law which automatically awarded women the custody of their children, but not similarly situated men, was declared unconstitutional, because it was grounded in outdated stereotypes. Leon Goldfarb, in Calfifano v.

Philips Versus Matsushita: the Competitive Battle Continues Essay

1. How did Philips become the leading consumer electronics company in the world in the post-war era? What distinctive competence did they build? What distinctive incompetencies? Philips became the leading consumer electronics in the world in the post-war period by a strong investment in research and development of their independent national organizations, and good communication between the organizations. Philips has continued this tradition with fourteen divisions of product development, production and distribution in the world, which is another factor n the success of Philips, national organizations. Distinctive competence Philips They had built national organizations that recognize a great advantage of the situation and respond to differences in local countries had, and finally product development was based on local market conditions. They also had to transfer their assets abroad in trusts in the United Kingdom and the United States and they moved most of its research staff in England, and senior executives in the United States. There were distinctive in that Philips skills are no longer able to make decisions ad one company’s technology is o put new products on the market, but each had The national organization tried to take care of their own problems and but they have lost the ability to manage the company as a whole administration. They tried to establish areas of products, but they also failed. 2. How did Matsushita succeed in displacing Philips as No. 1? What were its distinctive competencies and incompetencies? Matsushita was able to move Philips as Number 1 in consumer electronics with a unified global strategy, allowing increasing volumes Matsushita to lower the cost of pushing the lowest price, and hey have finally surpassed the strength Philips its related manufacturing. Matsushita basic skills were they. Control of the company’s subsidiaries and a single global strategy, they were allowed to reduce their production and enhance the coastline there were distinctive skills that they do not develop the innovation and they were not able to develop innovative foreign companies. 3. What recommendations would you make to Gerald Kleisterle? To Eumio Ohtsubo? Both Philips and Matsushita changed its business some things better and some things for the worse.  Philips has its international corporate culture, but it seems that Philips is finally turning around again and again in his fundamental beliefs in research and manufacturing. It will be difficult, but with all the cost savings they had to do while trying to get there, and they need to have confidence in it. They used to make their production continues to improve in the development of research, but they need to promote innovation, to develop the company where he was. Matsushita will never recover it vocation is terrible and they were slow to respond to the recession in Japan. They lost their advantage in the manufacture of other low-cost competitors and they do not recover this advantage, because many companies have lost faith in Matsushita and how they do business. We think Philips and Matsushita are the same things need to improve their business. Both companies to consolidate their production by improving innovation, outsourcing products in low-wage countries, back with a strong research and development, and improve communication within the organization. If they do, there should be an increase in revenue over time. You lose money in advance, but it will be worth it in the end.

Noah and Utnapishtim’s Wild Ride Essay

Almost every religion in the world has a story about the â€Å"Great Flood† which destroys the earth, and each teaches its followers a different story about this disaster. While the Babylonians have the story of Utnapishtim from the Epic of Gilgamesh, the Judeo Christians have Noah from the Bible. Both men save a few people and many animals. In these stories, Noah and Utnapishtim seem to have similar situations, but a further analysis shows how truly different the two stories are. The boats in each story are exceptionally different. In the Epic of Gilgamesh, Utnapishtim’s boat was six stories high, had nine apartments in each story, had a flat bottom, and was one hundred and twenty cubits high as well as wide (par 5-6). Utnapishtim covered the inside of his boat with bitumen, and covered the outside of it with pitch (par 6). Noah’s ark was made of cypress wood, and was coated in pitch on the inside and out (6:14). It was three hundred cubits long, fifty cubits wide, and thirty cubits high (6:15). It had three decks, a door, and a roof (6:16). The Lord shut Noah in the ark with his family and the animals, and Utnapishtim shut himself in when the flood waters came (7:16; par 9). Each story tells of a storm, but there are conflicting differences in each one. The storm in Utnapishtim’s story lasted for six days and six nights (par 14). On the seventh day, the rain stopped and the waters receded (par 14). They stayed in the boat for at least another week before they decided the land had dried enough (par 16). The storm in Noah’s story lasted for forty days and forty nights (7:17). The floods were on the earth for a hundred and fifty days (7:24). Noah, his family, and the animals stayed on the ark for three hundred and ninety two days (7:6, 8:14). Utnapishtim stayed on the boat until the raven did not come back, and Noah stayed on the ark until God told him to come out (par 16; 8:15-16). Noah and Utnapishtim each sent out birds to let them know when they could leave the boat, but sent out different ones in different parts of their stories. When the waters started to recede, Utnapishtim sent out a dove first, and she came back finding no place to rest (par 16). He then sent out a swallow, which also returned (par 16). The third bird he sent out was a raven, and she did not return, for she had found a place to rest (par 16). The first bird Noah sent out was a raven (8:7). He sent out the dove next, but she returned with no place to rest (8:8-9). He waited for a week and sent the dove out again, and she brought back an olive branch (8:10-11). He waited yet another week and sent her out again, but this time, she did not return (8:12). In each story, the birds that let them know the water is gone are different. Noah and Utnapishtim seem to survive similar situations in each story, but they are a far cry from each other. Each of their boats is built in different dimensions, are made from varied kinds of materials, and structured differently. The storms in each story lasted for assorted periods of time, and they were inside the boats for different lengths of time as well. They both sent out different birds for various reasons in their stories. Each story clashes with the other in numerous distinctive ways.

Geely Auto Financial Report Analysis

Geely Auto Financial Report Analysis 1. 0 Executive Summary This report discusses the details of the Geely Automobile Company and an analysis of its financial statements in the past 5 years. The purpose of the report is an application of the knowledge learnt from the Financial Statement Analysis course, and tries to give recommendations. Rather than giving simple suggestions like buy, sell or hold the stocks, it is hoped that by analyzing the financial statements, the data can provide support for the recommendations such as the future profit and loss of Geely.As one of the four largest independent private automobile manufacturers in China, Geely Auto has been expanding rapidly. The sale of Geely has increased from 200 units in 1998 to 329. 100 units in 2009. In addition, in 2010, the purchase of Volvo greatly increases the reputation of Geely. Although the acquisition just happened few months ago, it is believed that it will beneficial to increase the market share. Further SWOT analy sis shows that, the well-established sales network and the emphasis on R&D capabilities will have a positive effect on the future growth of Geely.Moreover, the external environment such as the continuous growth in Chinese market and government policy support shows a promising future for Geely. However, there are also threats exist outside the market and weaknesses inside Geely. It is really hard to give any suggestions by simply analyzing the industry and outside environment. Therefore, the report mainly focuses on the analysis of the financial statements. Analysis includes the capital structure and solvency, liquidity, operating performance and profitability, and cash flow statements.By using common-size analysis, ratio analysis and trend analysis, taking the rapid expansion in recent 5 years into consideration. Though some results turn out to be either not satisfactory or below industry average, the overall performance of Geely is quite good. Geely was using its money effectively and investing the money in the right place in the past 5 years. It is recommended to buy Geely Stocks, with the potential growth in their production and profitability. It is quite pessimistic that the earnings of Geely is going to increase and therefore the stock price in future. . 0 Introduction Geely Automobile Holdings is a Chinese automaker and is with BYD, Chery, and Great Wall, one of the four largest independent private automobile manufacturers in China. Geely is now headquartered in Hangzhou, Zhejiang, and operates six car assembly and power-train manufacturing plants in China that are located in Lanzhou (Gansu province), Linhai (Zhejiang province), Luqiao (Zhejiang province), Ningbo (Zhejiang province), Shanghai and Xiangtan (Hunan province). These facilities enable a production capacity of approximately 300,000 cars per year. 2. Brief History Geely (Jili, meaning â€Å"auspicious, lucky†) was founded in 1986 as a manufacturer of refrigerators, and then moved to manu facturing decoration materials in 1989, and by 1992, motorcycle parts. In 1994, Geely began manufacturing motorcycles. By 1996, Geely had produced over 200,000 motorcycles and scooters. Automobile production started in 1998. Geely began exporting its first cars in 2003. Geely had its IPO on the Hong Kong Stock Exchange in 2004. Purchase of Volvo Geely was reported to have approached Ford in mid-2008 about a possible takeover of Volvo Cars.On October 28, 2009, Geely was named as the preferred buyer of Volvo Cars by Ford. On December 23, 2009, Ford confirmed that all substantive commercial terms for the sale to Geely had been settled. A definitive agreement was signed on March 28, 2010 worth $1. 8 billion, and the deal was completed on August 2, 2010. Management * Executive directors: Mr. Li Shu Fu, Mr. Gui Sheng Yue, Mr. Yang Jian, Mr. Ang, Siu Lun, Mr. Yin Da Qing, Mr. Liu Jin Liang, Mr. Zhao Jie, Dr. Zhao Fuquan * Non-Executive Directors:Mr. Xu Gang * Independent Non-executive Dire ctors: Mr.Song Lin, Mr. Lee Cheuk Yin, Mr. Yeung Sau Hung * Senior Management: Mr. Zhang Peng, Mr. Cheung Chung Yan Products * Xiali TJ7300-based * 1998  Ã¢â‚¬â€ HQ/Haoqing/Haoqing SRV * 2000  Ã¢â‚¬â€ MR/Merrie * 2002  Ã¢â‚¬â€ MR/Uliou/MS * 2004  Ã¢â‚¬â€ PU/Rural Nanny/Urban Nanny * 2002  Ã¢â‚¬â€ BL/Beauty Leopard/BO * Daewoo-designed * 2005  Ã¢â‚¬â€ CK/Freedom Cruiser * 2006  Ã¢â‚¬â€ MK/LG/KingKong * 2006  Ã¢â‚¬â€ FC/Vision * 2008  Ã¢â‚¬â€ Geely China Dragon Major activities and achievements * Geely’s JI-6360 model was certified by the government making Geely the first private company qualified to be producing automobiles in China. First Chinese automaker present at the Frankfurt Motor Show in September 2005. * First Chinese car maker to display at the US Detroit auto show. Winning the Special Contribution Grand Prize for Invention and Creation for its Blow-out Monitoring and Brake System (â€Å"BMBS†), a unique safety system independently d eveloped by Geely. * In Peru, Uruguay and Venezuela, Geely has already started to sell its products. Geely has also entered the Bangladeshi, Cuba, New Zealand, Pakistani, Romanian, Turkish and South African car markets. Figure 1; Development in sales, source: Geely annual report 1998-2009 3. Financial Analysis In the following sections Geely’s capital structure, solvency and liquidity, profitability and cash flow will be discussed. 3. 1 Analysis of Capital Structure Geely automobile Holdings Limited Analysis of Capital Structure| HK$'000| 2005| 2006| 2007| 2008| 2009| L-Tdebt| –| –| –| 87000| 1318000| Deferred taxation| –| –| –| 8018| 37727| other L-T liabilities| –| 682838| 309274| 0| 1442153| Total L-T liabilities| –| 682838| 309274| 95018| 2797880| Current liabilities| 54548| 227198| 5273470| 76378| 8907789| Total liabilities| 54548| 910036| 5582744| 171396| 11705669| %| 6%| 46%| 68%| 3%| 62%| | | | | | common shareho lder's equity| 798080| 1030157| 2441440| 4197862| 6375613| minority interests| 9013| 19769| 211760| 584619| 720907| Total equity capital| 798080| 1049926| 2653200| 4782481| 7096520| %| 94%| 54%| 32%| 97%| 38%| | | | | | | Total liabilities and equity| 852628| 1959962| 8235944| 4953877| 18802189| | 100%| 100%| 100%| 100%| 100%| These consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (â€Å"HKFRSs†) ————————————————-From common-size analysis, we know leverage rate of Geely is stable for year 2006 and 2007, declines sharply for year 2008, and then rebounds strongly to 62% in year 2009. Then look at the absolute value, it's not difficult to find out a great rise in both liability and equity capital. In 2009, the total liability is more than a trilion. Referring to its investment and operation in recent years, we think Geely is trading on the equity, which indicates it is using equity capital as a borrowing base in a desire to reap excess returns.This can be confirmed by its step-by-step acquisition of many assembly line and investment on new factories financed by bond and bank borrowing, which is conversely based on increasing equity (stock price stimulated by expansion). Those investments are revalued and taken into asset as a new backup. 3. 2 Solvency Analysis Geely Automobile Holdings Limited Solvency Ratios| HK$'000| 2005| 2006| 2007| 2008| 2009| D/E ratio| 0. 07 | 0. 88 | 2. 29 | 0. 04 | 1. 84 | Interest coverage ratio| –| 7. 66 | 10. 11 | 16. 06 | 15. 46 | S-T D/E| –| 0. 22 | 2. 16 | 0. 02 | 1. 0 | | The computation for Year 2009 is shown here:| D/E ratio= Total liabilities / Shareholder's equity = 2,797,880 / 6,375,613| Interest coverage ratio= EBIT / Interest Expense = 1,657686 / 107,226| S-T D/E= Long-term liabilities / Shareholder's Equity = 8,907,789 / 6,375,613 | | The computation for EBIT is shown below:| HK$'000| 2005| 2006| 2007| 2008| 2009| Net Profit| 115377| 214149| 318100| 866053| 1319028| Interest expense| –| 32390 | 35103 | 60952 | 107226 | Taxation| –| 1585 | 1673 | 51869 | 231432| EBIT| 115377| 248124| 354876| 978874| 1657686|Since the ratio of debt to equity capital is relatively high, we need to take a further look of its financial condition. Before assessing long-term solvency we want to be satisfied about the near-term fiancial survival of Geely. Unfortunately, Geely's short term debt to equity ratio is 1. 40, quite high in the most recent year. Although it can raise capital from HK listed market, equity is apparently not enough to make up its shortage of capital in short term. According to NOTE, Geely has discounted notes receivable to banks in exchange for cash with recourse in the ordinary course of business.Therefore, the risk resulting from its speeding expansion not only depends on its own performance, bu t its customers' financial distress. Interest coverage ratio is satisfactory, which means payment of the interest liability Geely has incurred on its long-term borrowing is in a less pressure. 3. 2 Analysis of Liquidity Geely Automobile Holdings Limited Analysis of Liquidity| | HK$'000| 2005| 2006| 2007| 2008| 2009| Industry norm| Accounts Receivable Turnover| 1. 91 | 0. 95 | 1. 99 | 1. 51 | 2. 29 | 19. 47| Acid-test ratio| 1. 13 | 0. 68 | 10. 44 | 0. 71 | 1. 19 | | Inventory turnover| 15. 9 | 11. 10 | 8. 36 | 136. 70 | 393. 17 | 31. 79| | | | | | | | The computations are as follows:| | Accounts Receivable Turnover = Net sales / Average accounts receivable| | Acid-test ratio = Cash and equivalents + Marketable securities + Accounts receivable / Current liabilities| | Inventory turnover = Cost of goods sold / Average Inventory| | The selected accouts used in computation are here:| | HK$'000| 2005| 2006| 2007| 2008| 2009| | Sales revenue| 101411| 127006| 137209| 4289037| 14069225| | C OGS| 90649| 110036| 121251| 3637752| 11528489| | Inventory | 5703| 9910| 14498| 26611| 29322| | urrent asset| 67212| 280681| 884331| 5110552| 12219411| | current liability| 54548| 227198| 79559| 5273470| 8907789| | Trade and other receivables| 44840| 59065| 65443| 2840255| 6144929| | Dividend receivable| 8220| 74840| 3560| –| –| | Accounts receivable| 53060| 133905| 69003| 2840255| 6144929| | cash ; cash equivalents| 8449| 20972| 761684| 889408| 4498155| | Marketable security| | | | | | | The accounts receivable turnover is much worse than industry average. However, an increase of accounts receivable may due to rise in sales or difficulty in collecting quite timely.Referring to NOTE, we know that receivables are guaranteed by established banks in the PRC and have maturities of six months or less. So the likelihood of timely collection is in less question. The inventory turnover is exaggeratedly higher than industry level, especially after its installment of P-SCM suppl y chain management system, which integrates ordering, producing, selling, and distributing. So we can conclude that Geely is doing excellence in inventory management and is enjoying a growth in market demand of its products 3. Analysis of Operating Activities To be able to make a comprehensive analysis of Geely’s activities, both the income statement and the balance sheet have been restated in appendix A and B, such that it is possible to identify operating and non-operating income, assets and liabilities. Assumptions regarding classifications are also available in the appendixes. Figure 2: illustration of revenue and operating income, Source Geely annual report 2007 -2009 Figure 2 illustrates how dramatic the development in especially revenue has been the last three years.Net sales are up by almost 200 percent from 2008 to 2009, while only a 60 percent increase in volume is reported in the annual report. Mainly the large growth is a result of full consolidation of the Groups manufacturing Operations. Moreover, the acquisition of â€Å"Drivetrain Systems† at June 30th 2009 generated extra revenue the last half year of 2009. Further the notes reveal that 95 percent of sales are within China in 2010, in 2009 it was only 81 percent. A decline in export can in a future growth perspective be a concern.Geely have improved profit margin over the last three years (18 percent In 2009), while the operating margin have been rather volatile (Appendix 1). This is caused by large income/expences from â€Å"share of results of associated companies†. It is expected that this account will be less important in the future as some associates now are fully consolidated. A large increase in distribution and selling expenses in 2009 (increase more than 200 percent) is worth to note. It raises questions as can Geely manage all the new acquisitions without getting less effective and the level of earnings quality.No extraordinary or unusual are identified in the fi nancial statement. It is a good sign since these accounts often are subject to earnings management. Comprehensive income is nicely increasing and no unusual increase in unrealized gains/losses of currency is identified. 3. 4 Analysis of Return on Common Equity This analysis show that the drivers behind the increasing return to common equity is mainly due to heavy increase in asset turnover and an equal percentage increase in leverage. The adjusted profit margin has unfortunately been declining heavily over the period.Geely is therefore relying on Non-operating activities to reach the growth in ROCE. From a shareholder perspective is an increase in ROCE due to leverage not sustainable. However it must be noticed that it was only last year the increase in leverage was heavy, while the increase in asset turnover has been for longer. From a financial point of view it can be argued that taking up debt while it is cheap, since the interest rate is currently low, is in the long run better for the shareholders, if the alternative was to finance expansion with more expensive equity.What is critical is if Geely is strong enough to turnaround their adjusted profit margin to keep growing healthy. 3. 5 Cash Flow Analysis It is useful to construct a summary of cash inflows and outflows by major categories because we can evaluate a firm's sources and uses of cash from operating, investing and financing activities directly. Geely Automobile Holdings LimitedSummary of cash inflows and outflowsYear ended 31 Dec 200X| HK$'000| 2005| 2006| 2007| 2008| 2009| Total|Operating activities| (7636)| (31858)| (17747)| 550977 | 948805 | 1442541| Investing activities| 5064| (660806)| 247079 | (274542)| (1305946)| (1989151)| Financing activities| 9452| 704988 | 542943 | (148711)| 3966382 | 5075054| Increase( decrease) in cash| 6880| 12324 | 772275 | 127724 | 3609241 | 4528444| Year 2009 cash reinvestment ratio = (operating cashflow-Dividends) / (Gross plant assets+investment+other assets+wo rking capital) = (948,805- 59,500)/[103+(293,697+97,788)+4,185,892+3,311,622) = 11. 27%|The summary of cash flow chart shows that during fiscal year 2005~2007 Geely experienced negative operating cash flow. Besides that it has used cash to finance increase in inventory and receivables, the ‘Share of results of associates' turnaround profits before tax from a positive position to a reverse one as it contributes more than 100% negatively before 2008 to Geely's profit after tax. This may be due to its stage of growth since total capital expenditures by its operating associates amounts to approximately RMB1 billion, which are mainly funded by the operational cash flow generated by associates.The insufficient operating cashflow part is made up by financing activities through issuing debt and securities and borrowing from banks. From fiscal year 2008 Geely was able to begin generate positive operating cashflow . However, positive operating cashflow may due to the decrease in its wor king capital. The cash flow statement shows that payables decreased significantly after 2008, which raises doubt on a possibility that Geely delayed payments to suppliers until its operating cash flow before adjustment of working capital become healthier.The major cash outlay is investing activities, corresponding to its funding for the research and development of new vehicle models, new engines and gearboxes, the construction and expansion of plants. Concerning financing activities, one point should be mentioned here is that Geely borrows with its receivables as collateral, the inflow of cash is reported as a financing activity in the cash flow statement. The second doubt come up when comparing with income statement.Earnings are significantly exceeding operating cashflow, this may be an indication of aggressive accounting choices, such as recognizing revenues too soon or delaying the recognition of expenses. Take a look at the free cash flow statement. From free cash flow to equity (FCFE) we know the cash flow availabel for distribution to common shareholders is sufficient. Along with its satisfactory reinvestment ratio, Geely proves that it is taking care of investors. Geely automobile Holdings LimitedFree cash flow statementYear ended 31 Dec 200X| | HK$'000| 2006| 2007| 2008| 2009|Net income| 214149| 305767| 866053| 1319028| Depreciation| 1403| 2282| 141053| 364598| intereset expense| 32390| 35103| 60952| 107226| net capital expenditure| 99304. 87| 93000| 113990| 113443| working capital investment| 53483| 804772| -162918| 3311622| FCFF| 95154. 13| -554620| 1116986| -1634213| Net borrowing| 716000| 330000| 1061000| 4300000| FCFE| 584837 | 219253 | 1497987 | 5135362 | net capital expenditure = approximate expenditure in RMB* rate of exchange prevailing at the balance sheet date| 4. 0 SWOT analysis of Geely Automobile Strengths 1.Continuously Increasing Revenue Geely’s gross profit margin has continued to grow over the past few years due to successful c ompany expansion and increasing market shares. The total sales for various kinds of Geely vehicles has accumulated to over 800,000 since 2001, and the Geely trademark has been recognized as a well-known mark in China. It has established over 200 sales service bases overseas, and performed SKD/CKD assembly production and sales in Ukraine, Russia and Indonesia and other countries. 2. Emphasis on Research ; Development CapabilitiesBy the end of 2009, Geely owns a total of 1,600 technology patents. Geely has a professional research and development team, the staff number of which exceeds 1,400, representing 12% of the total staff of the Group With its extensive investment in research and development, the group’s R;D team is capable of launching four to five new models every year, reflecting its leading position in R;D and technology innovation capabilities in China’s automobile sector. 3. Acquisition of Volvo and Enhanced Green TechnologyNew energy-powered vehicle is the la test trend and it will be the future of the world’s auto industry. Ford and Volvo have already invested millions of dollars over the past decade in terms of new energy technology. Acquiring Volvo may enhance Geely’s technology in new energy-powered vehicle area, help Geely take a step forward in competing with other homegrown brands, and pave the way for Geely to enter the global auto market. Weaknesses 1. Accounts Receivables Worse than Industry average Geely’s average turnover ratio of accounts receivables from 2005 to 2009 is 1. 3, which is substantially lower than the industry average, 19. 47. Although the previous analysis has shown less possibilities of payment collection problem, a low accounts receivable turnover ratio still indicates that there is an opportunity cost of holding receivables for a longer period of time. 2. Image of Lower-end Brand Although Geely has a well-established sales network and growing competence in core technology, it is hard for Geely to alter its lower-end brand image, since its original target market is low cost vehicle.But branding is about value and perceived quality, so price alone can never facilitate a victory. Enhancing quality and ensuring that its cars are on par with the global leading brands are still a major challenge for Geely. 3. Less Advanced Technology Despite the vast amount of investment in research and development, capital and talents for automobile core technology are limited, and it is hard for Geely to compete with the advanced technology of foreign automobile manufacturers. 4. Unsatisfactory Sales in Export Markets Motor vehicles sales in most parts of the world market remains fragile.As a result, Geely exports business could continue to face major challenges given the fierce competition and the short history of operation in its major export markets. Opportunities 1. Continuous Growth of China Sedan Market China's passenger vehicle market ended last year with a 59 percent year-on-ye ar sales increase to surpass the United States as the world's largest auto market for the first year. According to estimate of Goldman Sachs Global ECS research report, growth in China car market will be remained for the next 10 years and the industry GDP growth will be 11. % in 2010 and 10% in 2011. Goldman Sachs Global ECS research teams forecasts that China will further boost its No. 1 position in the car market with sales reaching 30 million units per year by 2020. 2. Government Policy Support In the past few years, the focus of Chinese government policies for automobile industry is to boost sustainable growth in the economy with auto industry as one of its pillars and to support domestic participants and industry consolidation. Threats 1.Fierce Competition from both Domestic and Foreign Brand The huge profit potential of China car market brings about fierce competition among both local and foreign automobile manufacturers. In the luxury automobile market, foreign manufacturers are in leader position due to their sophisticated technology and high brand recognition. While in lower end automobile market, local brands are strong competitors. 2. Possibility of Overcapacity in China Auto Market Some industrial experts concern that China's market may one day face vercapacity problems. A report from the official news portal of China's eastern Zhejiang province showed that, based on the production plan of China's 12 major auto manufacturers for the next five years, China's auto production would reach 32. 5 million units in 2015, far exceeding the forecast of 22 million units in the blue book of China's automobile industry. If Overcapacity problems occur, serious overproduction capacity will lead to negative market competitiveness a loss in enterprise efficiency, factory stoppages and other problems. . 0 Analyses of management discussion and analyst’s opinion Appendix C summarizes some Analysts view of Geely. However, not all Analysts agree upon whether you should sell, hold or buy the stock. Several reasons are discussed in the respective reports; though all analysts agree that Geely is a healthy company with a stable revenue base, increasing volume and satisfactory margins. What analysts do not agree upon is whether Geely can maintain their growth potential and gain market share in both the domestic and export market.The penetration in the Chinese passenger car market is extremely low compared to USA and Europe (JP Morgan, 2010) and as the Chinese people are getting wealthier the market potential will increase the upcoming years. Loads of Automobile manufacturer will compete to gain market share and earn extraordinary profit. Credit Suisse and CIMB are representing the negative analysts who believe that domestic market competition will increase as the nearest competitors have invested heavily in the industry and developing of new brands (CIMB, 2010).Geely Management has not commented upon this in their report, but instead they emphas ize they have sufficient funds to cover investments and R&D expenses to facilitate their own growth. Additionally, Credit Suisse (2010) emphasize that every auto manufacturer in the Chinese market are currently investing in production facilities. Credit Suisse is therefore worried it will result in an oversupply and consequently make inventories to rice. To bring inventories down a price war on vehicles can arise. This will affect margins negatively.JP Morgan represents a positive analyst that strongly believe that the current acquisition of Volvo will result in synergy effects and a technology platform that no one else can imitate in the near future. Further JP Morgan is confident that the low penetration of vehicles in the domestic market will ensure future growth, and therefore recommends buying the stock. DBS, Deutche Bank and Yuanta are recommending holding the stock, since they believe there are too many uncertainties connected to Geely and the future. Especially they all emph asize the lack of a clear growth catalyst to outperform the market.Further, the acquisition of Volvo seems to have longer prospects before profiting than expected at first hand (CIMP, 2010). As expected Geely’s management discussion is very positive towards the future and leaves the shareholders with the impression of a highly growing company with a healthy economy and a clear defined strategy, although it is noticed that very little space is used to comment upon the current competition in the market. Instead Geely Management has chosen to focus at their new strategic platform and how they can develop brands and product lines into a competitive advantage (Geely, 2010).It can be interpreted as an indirectly method to cope with the market competition without discussing the situation in detail. Shareholders, however, must be aware of this matter when evaluating the business. Even though current revenue is increasing heavily one must consider how sustainable this growth rate is i n the future. It can be concluded that Geely Management are slightly taking a too positive approach towards the current market conditions, since these are not discussed in depth and analysts report emphasize different issues than Geely.This analysis facilitate that there are no universal answer to trading with stocks. We all wants to buy the stocks that are undervalued and sell the ones that are overvalued, and the answer you get depends on the method, forecast and strategic mindset of the analyst. Geely is without doubt a healthy company so the buy, held, sell decision lies within how you value the growth opportunities, how Geely can facilitate R&D and implement acquisitions and thereby benefit from synergies. 6. 0 RecommendationGeely have the recent years had an expansion strategy, and as a consequence a high level of investment. This has resulted in a higher leverage and that earnings significantly are exceeding cash flows. However this is also a natural picture of a company in a n expansion phase. It is found that Geely has satisfactory interest rate coverage even though leverage is increasing. Furthermore, accounts receivables is found worse than industry average, but good bank agreements make it easy for Geely to meet liquidity issues. Inventory turnover is also good, as the focus on SCM systems have proven its worth.This is moreover expressed in the increased asset turnover which partly is the driver behind the increasing ROCE. However it is important to note that the adjusted profit margin is declining. The overall performance shows increased revenue/earnings, but it is very difficult to determine the earnings quality since most of the rise is due to consolidation and acquisitions. The positive free cash flow and satisfactory reinvestment ratio shows that Geely are taking care of investors. SWOT analysis identifies possible business catalyst as R&D and the new acquisition of Volvo that could create synergy effect.It is our opinion that these business dr ivers are rather uncertain but is very likely to succeed and combined with Geelys current healthy financial situation; we are taking a positive approach towards Geely and recommends to buy the stock. 7. 0 Bibliography Geely Automile Holdings Annual report 2005-2009 Investment Reports: DBS (8. June2010) Hong Kong/ China Company Focus; Geely Automobiles Holding; DBS Vickers Securities; Analyst: Miu, Rachel Credit Suisse (12. July 2010) Asian Daily – Geely Auto; Credit Suisse Analysis; Analyst: HungBin Toh CIMB (28. Sep. 010) Geely Automiles Holding LTD; CIMB Reasearch; Analyst: Cheam, The Shen JP Morgan (26. Sep. 2010 ) Geely Automiles Holding LTD – Initiating Coverage, JP Morgan Asia Pacific Equity Research; Analyst: by Li, Frank Deutche Bank (26. Aug. 2010) Geely Automiles Holding LTD; Deutche Securities Asia LTD; Analyst: Ha, Vincent Yuanta (26. Aug. 2010) Geely Automiles Holding LTD; Yuata Research; Analyst: Wong, Johnny Websites: Reuters (http://www. reuters. com/fi nance/stocks/analyst? symbol=0175. HK) Appendix A: Restated income statement Appendix B: Restated Balance SheetAppendix C: Overview of Analysts opinion Source: Reuters (http://www. reuters. com/finance/stocks/analyst? symbol=0175. HK) ——————————————– [ 2 ]. Industry average figure reference: http:// www. stats. gov. cn [ 3 ]. Property, plant and equipment are depreciated on a straight-line basis at the following rates per [ 4 ]. Goldman Sachs, China: Automobiles, May 19, 2010 [ 5 ]. Business Monitor International, BMI China Auto’s Report 2010, November 2009 [ 6 ]. Global Times, China's Expanding Auto Production Triggers Overcapacity Concerns, July 19 2010