Pollution Essay Essay Example for Free

Contamination Essay Contamination happens completely all over the place, each and every second of the day, wherever on earth. It occurred in any city, any town, or any state. You can discover contamination in vehicles, home hardware, individual cleanliness items, catastrophic events, and even your own home. Contamination is poison for whatever lives and inhales; it could toxify water, air, land, people, and creatures, and isn't to be messed with. As a law people ought to be progressively thoughtful of their environmental factors and invest more energy to safeguard the world we live in, regardless of whether it is badly arranged to us. In such a case that we don’t spare ourselves, who will? The impacts we could do to spare our planet from contamination could be proactive, rather than calamitous and grievous. Everybody benefits when we have clean water, air, land, and so on not only a certain something. For instance, you never hear any news on the TV, or over the web discussing how an individual died from clean air overdose, that would be insane. Rather we hear news like, man passed on from contamination, family living in home contamination, water tests show contamination particles, the rundown could go on until the end of time. By recognizing the issue early, we can begin to invert the contamination procedure. Along these lines, we can take what we have now and set new measures and laws that can help us from executing ourselves over the long haul and placing the earth in an all the more perfect state. The issue is, not every person concurs with the way that contamination is harming us at the present time, or going to hurt us, and new ages to come. Individuals get this data from unimportant and bogus sources and afterward spread that data to others that will energetically tune in, without protest. This announcement overlooks what's really important however; the truth of the matter is individuals are attempting to help us now. Also, despite the fact that we probably won't feel the negative impacts, it doesn’t mean it’s not transpiring at this moment. A few spots have more elevated levels of contamination in their air and water and those individuals may be in more peril than others, and they probably won't know it. Hence one individual can't do this without anyone else, it needs overall exertion, from everybody. Individuals need to quit being languid and accomplish something for themselves, as well as other people. Additionally individuals need to begin considering the future, and not simply the year that’s going on this moment. To fulfill these high needs of work and cost, I figure individuals ought to be required to carpool with others a couple of times each week, or quit utilizing young lady items like hairspray and different jars of artificial synthetic compounds and CFC’s that exhaust the ozone layer and cause minor however noteworthy contamination. In the event that individuals truly tried to change something little they do each day, and everybody did it, consider how much good change could occur. What's more, never think in light of the fact that something’s little, it won’t hurt â€Å"As much† on the grounds that its kin like that who picked the most exceedingly terrible choices. Additionally I’m sure for most items, or individual cleanliness items wouldn’t have an issue changing a couple of synthetic substances in their item to make it more individuals and planet neighborly. There have been such a large number of organizations and associations that have helped the earth and have diminished the measure of poisons we use. Individuals ordinary attempt to think of new thoughts, and systems to get us where we have to go, and what we have to do, without the unsafe impacts of synthetic concoctions and poisons. So as iv expressed commonly in this paper, one little individual can have an enormous effect, however not just one individual can do only it. We as a whole need to attempt to assist with sparing our condition from contamination for ourselves, and for people in the future. Furthermore, simply think, if everybody changed something in their day by day schedule to make it more planet amicable, how that could end up helping we all over the long haul.

Import and Export Markets in the United Kingdom Essay - 1

Import and Export Markets in the United Kingdom - Essay Example This exploration will start with the explanation that the United Kingdom delivers a huge measure of items for fares and imports a wide scope of hardware, food, oil, and other customer merchandise. The utilization of higher innovation produced merchandise has caused a sensational increment in the two fares and imports. In any case, the ongoing money related emergency experienced far and wide has prompted a decrease in imports and fares. In 2009, UK imports and fares totaled to $1,256 billion, which was comparable to 4.3 of the world exchange. The money related emergency has caused an ascent in return paces of a real pound, which has caused a 8.6% lessening in sends out and 9.1% decline in imports (Great Britain, 2009). In the course of recent years, the UK has been a net oil exporter, yet creation has been diminishing reliably over the previous years. The oil business has recorded a normal lessening of 5.3% every year in trades. This has changed over the UK from an oil fare to an oil import land. Oil creation in the district is not as much as request, which calls for supplements through expanded imports. Imports of other vitality sources, for example, coal, power, and gas have expanded in the course of recent years. In 2010, the importation of melted petroleum gas expanded to represent 35% of all out gas imports, while gas sends out have diminished marginally over a similar period. Gas has additionally been progressively utilized for power flexibly with the sum required expanding by 47%. Changes in the monetary part influence business slants and speculation choices, which are connected to worldwide exchange. Information administration sends out toward the beginning of 2007 were around 30 billion pounds while imports were around 33 billion pounds. Mid 2008 recorded the pinnacle imports and fares at 40 billion and 34 billion pounds separately. The pace of imports and fares of information administrations diminished reliably since 2008 arriving at a low of 32 billio n in imports and 29 billion in trades in mid-2009. Nonetheless, an expansion was recorded towards the finish of 2010 with imports and fares arriving at 41 and 35 billion separately.

Books on Essay Writing

Books on Essay WritingAre you in the process of deciding which books on essay writing to buy? It can be a daunting task. There are some great books that can help a person to master writing skills. Here are five great books on writing skills and techniques that you should look into.'The New World of Grammar by Eugene Loeb and David L. Webster is an easy to read introduction to writing. It is an essential resource for students who are trying to learn to read. Every student should have this book to help them learn the rules of grammar.''Writing For Short, Long, and Goofy'. By Carol Eckert and Patricia Yago. This is another essential guide on essay writing. It will help a person achieve their goal to write at a high level in their writing.'Essay: The Art of the Essay.' By Deborah Orenstein. This book is packed with tips on essay writing and how to go about writing a persuasive essay.'The most important thing is to be passionate about what you are writing about. If you do not feel any kin d of enthusiasm for your topic, you will be very difficult to convince to work on your project.' -Stanislav Grof'Essays by Essay' by Jeremy Farley. This book offers many valuable tips for writing essays. It will teach a person to organize their thoughts and find a new way to present their thoughts.'This Book Loves You' by Joanna Flynn. This book teaches you the secrets to turning people around with a one sentence sales pitch. This book will teach you the ins and outs of sales letters and persuasive selling. It will teach you how to make a sale from anyone and if you are willing to try it you can succeed.These books on writing are great resources for any writer. These books cover writing styles and techniques for people who want to improve their writing skills. They will help a person to write with style and create effective writing.

Why Beyonce Had Album Of The Year - 855 Words

The Grammy’s aired this weekend and what was expected to be a Beyonce landslide turned out to be a Beyonce preview. Lemonade an album that shook 2016 to it’s core and was nominated for the coveted â€Å"Album of the Year†. Unfortunately, Queen Bey was snubbed†¦.again. Just like you, MEFeater was confused and so we comprised a list of 25 reasons why Beyonce had Album of the Year It incorporated multiple genres This was not just an RB album or a Pop album. This was an album that related to people of all backgrounds and paths of life. It included rock, country, soul, you name it. Beyonce even performed at the CMA awards with a song off this album. Inside scoop on a side of Bey we’ve never seen We’ve seen Beyonce cry, scream, and love. But all†¦show more content†¦Political music has always been seen as radical and pushed away. Lemonade put poli-music on the radio, on commercials, and at the Superbowl. It included different types of art Spoken word, storytelling, and cinematic expression all held integral parts in It had a storyline unlike most albums today Bey was the narrator and each song flowed together like a well written novel. I don’t about y’all, but I don’t remember anxiously waiting for a new chapter in 25. It was unapologetically black Unlike the Grammy’s, this album was an event where unapologetic blackness was celebrated IT HAD A VISUAL We didn’t have to wait for the video or the album. It came all together. Your fav could never release a visual and studio album at the same time. Out all of her AOTY nominations, Lemonade truly deserved it Beyonce has made memorable albums in the past, but if we’re talking albums that are Library of Congress worthy†¦..I’m betting on Lemonade 25 times. The last album by a black woman to win was â€Å"The Miseducation of LH† Lauryn Hill was the last black woman to win Album of the Year. That was in 1999. Enough said. Even Adele thought she deserved it Her opponent used her speech time to talk about why she deserved the award. Um, that’s enough evidence to show that Bey was robbed It embraced black womanhood We weren t the big booty video vixen or the RB crooner to come in and sing the hook. We were at center stage and we had baby hair and afros. ItShow MoreRelatedMovie Analysis : The Song Lemonade 1194 Words   |  5 Pagesagain when she dropped her visual album, Lemonade, exclusively on HBO. This is the sixth studio album for the superstar. Lemonade has quickly become a trending topic online and in the news. The film follows Beyoncà © as she confronts the issues of infidelity, and also pays a bold tribute to the perseverance of African American women. The film was advertised on HBO as only a special for the cable network, but halfway through the feature, Beyoncà © dropped the album by the same name- Lemonade. The oneRead MoreThe Media And The Platform1548 Words   |  7 Pagesbeing said, many celebrities do indeed use their platforms to speak on social injustices happening daily, one in particular being Beyonce Knowles. Beyonce Knowles is an artist who has been very active in the media for at least a decade now. She began her career as a vocalist in the RB group Destiny’s Child and rocketed her career from there. Many of the songs Beyoncà © [is clearly in support of] promote feminism and girl power which is no secret; one in particular, â€Å"If I were a Boy,† written in 2007Read MoreAnalysis Of Beyonce And # Blacklivesmatter, By Anna Leszkiewicz1305 Words   |  6 PagesBeyoncà ©Ã¢â‚¬â„¢s visual album Lemonade gives a more personal view of her upbringing and how it influences the person she is today. One song in particular, â€Å"Formation,† explains how she was raised and how hard she worked to earn everything she owns. As a black woman, Beyoncà © worked especially hard to overcome prejudice to become the iconic artist she is today. Beyoncà ©Ã¢â‚¬â„¢s intention behind â€Å"Formation† is to empower all black people, but especially black women. Malcolm X’s speech â€Å"Who Taught You to Hate Yourself†Read MoreThe Importance Of Innovations In Music1027 Words   |  5 Pagesartist Beyonce, and her creative director Tourso, who shes been collaborating with since 2013. Their brand new visual album Lemonade has had all 12 of the albums songs chart on Billboards Hot 100 which is nearly unheard of. The release of Lemonade was accompanied by a one-hour film aired on HBO that was as much of a media sensation as the album itself. â€Å"It goes to show that these things don’t have to be at the Tate,† says Fitzgerald, K. â€Å"You can absolutely argue the cultural impact of Beyonce hasRead More`` Pretty Hurts `` By Melina Matsoukas970 Words   |  4 PagesDefining Beauty Every year, millions of dollars are spent by women on various cosmetic surgical procedures. This type of surgery can sometimes require months of painful recovery, and a lot of pain killers. After learning this statistic, one might ask why they are spending so much money on plastic surgery to alter their bodies. Also a posing question could be, why are woman so willing to inflict pain on themselves to be â€Å"beautiful?† Although there may be other contributing factors, one of the mainRead MoreThe Popularity Of Celebrity Endorsements2265 Words   |  10 Pageslive in a celebrity-fixated world where celebrity endorsements have become common practice for advertisers, marketers and PR professionals. They provide brand recognition, create buzz and help drive sales. Since the early 20th century, radio programs had brand sponsors, and hosts grew to be associated with their sponsor’s products. In the decades that followed, we started to see movie and television stars appeari ng in endorsements for tobacco brands, athletes appearing on the front of Wheaties boxesRead MoreQueen B. The Most Popular Women Singers Of All Time1858 Words   |  8 Pagesherself. Her recent album â€Å"Lemonade† is more based on how she felt betrayed and lonely after her husband’s actions. She really knows how to be a confident business lady and not let her husband disrespect her like that. However it is mentioned in Hilton Als’s analysis, â€Å"A canny businesswoman, Beyoncà © knows how to build a character†(par. 9). Not only she is fighting for herself in the album, but she is fighting for all black women being treated terribly. Why do many people see Beyonce as a Goddess? ARead MoreWhy Are All Of The Black Kids Sitting Together?1170 Words   |  5 Pagesbeing â€Å"Why Are All of the Black Kids Sitting Together in the Cafeteria?† by Beverly Tatum. It was a quick enough read, it made sense, and was easy to retain. This book had an emotional impact on me, and I have a feeling it would impact many students like the ones before me. }}}} *take out A piece of music I would use in my class would be an album called â€Å"Lemonade† by Beyonce, but more specifically the song â€Å"Formation†. I know this has probably said many times and many ways, but this album was a statementRead MoreThe Wave Of Streaming Media2277 Words   |  10 Pagesinto the fray in 2015 with genuine lossless quality; its 1.4Mbps is more CD quality than mp3. When Jay-Z bought Tidal s parent company Aspiro in 2015, the music industry was turned on its ear. Owned by artists such as the aforementioned Jay-Z, Beyonce, Madonna and a plethora of others, Tidal offers high fidelity, lossless music quality and exclusive content for its subscribers. Being owned by the artists themselves, Tidal claims to pay the highest percentage of royalties to musical artists andRead MoreThe Music Of Music Today1936 Words   |  8 Pagesthrough music streaming companies like Spotify. Streaming companies are nice because you can listen to almost any song or album for free. It saves a lot of money because songs are usually $1.29 and albums are around $12.99. This has become an alternative for buying music for a lot of people. Just in the first half of 2016, music streams have increased by 53.7 percent compared to last year according to Billboard. Due to the increase in music streaming, the industry has changed how it tracks music sales

The Industrialization Of The World Trade Markets Essay

intro Before the 1900s Latin America began to strengthen their economy by means of industrialization. In doing this they developing railroads, roads, and port facilities which increased trade and profits. Because of these advancements, they were able to participate in the world trade markets. Some larger countries such as Brazil and Argentina grew exponentially by trading there products (coffee and wheat). After the World Wars, trade declined in world markets and Latin American governments found it necessary to practice Import Substitution Industrialization (ISI). ISI is the creation of domestic industry to provide products previously imported. ISI was Latin America’s principle method in achieving economic growth. Though the ISI was not successful in Latin America, it was victorious in Brazil- raising Brazil from a third-world country to first world status. During the early stages of Industrialization, Brazil’s earnings from traditional exports of goods were declining. According to____, shows the importance of various merchandise in the world trade markets. It’s concluded that the importance of food products and agriculture have declined. Also with the decline in world trade, like the rest of Latin America, Brazil’s policy makers agreed that ISI was necessary for economic growth. Following the WW there was an industrialization spurt which called for new policies. Some policies that were formed were import licensing system, multiple exchange rate system, and modified system.Show MoreRelatedThe Economic Development Of China1130 Words   |  5 Pagesdevaluing the rupee, encouraging private sector competition, and deregulating the economy after 40 years of central planning. By opting for market-oriented reforms in 1991, India’s GDP has grown at a rate of 6.6% annually over the past 20 years. As a rapidly emergi ng economy and a member of the BRICS, we must continue to push our strategy of export led industrialization and economic liberalization. We should recognize the success that China has had with export-led growth and want to emulate the policiesRead MoreImperialism And The United States Experience During World War I855 Words   |  4 PagesDuring World War One, the United States encountered many challenges, affecting America and Foreign Nations and their respective populations. Imperialism, economic expansion and industrialization impacted the United States’ experience during World War One. Americans were forced to recognize their strengths and weaknesses internally and externally. Imperialism is defined as a policy or practice by which a country increases its power by gaining control over other areas of the world . Prior to UnitedRead MoreExport Promotion Strategy vs. Import Substitution Strategy1745 Words   |  7 PagesAmerica countries had committed to an alternative strategy, import substitution (IS). The IS strategy yielded disappointing results: most of these countries did not succeed in either industrialization or economic growth while export-oriented industrializations (EOIs) sustained fast economic development. Data from the World Bank (1993) showed that the real GDP of EOIs (7.6%) grew faster than IS countries (3%) during 1965-1990. There is no doubt that EOIs outperformed countries that adopted IS strategyRead MoreGlobalization : A Short History1720 Words   |  7 PagesThroughout history much has evolved in the world we live in today. Nations that were once empowering and controlled many parts of the world today are seen less superior and most l ikely to keep peace and order rather than starting violence. In Jujen Osterhammel and Niels P. Petersson’s book Globalization: A Short History, they investigate what led to globalization. They discuss events in history starting from the 1800s to the cold war era and what events led to globalization. Osterhammel and PeterssonRead MoreImport Substitution1497 Words   |  6 PagesSubstitution Industrialization (ISI) Definition Government strategy that emphasizes replacement of some agricultural or industrial imports to encourage local production for local consumption, rather than producing for export markets. Import substitutes are meant to generate employment, reduce foreign exchange demand, stimulate innovation, and make the country self-reliant in critical areas such as food, defense, and advanced technology. What Does Import Substitution Industrialization (ISI) Mean?Read MoreType Of Chinese Economic Reform1278 Words   |  6 Pagesrenaissance gradually. One of the most important changes is in resource allocation. Now, resource allocation is mainly influenced by the market rather than the central planning. As the alternative mechanism, government interventions take place when the market mechanism is not enough to maintain the good performance of economy. Besides, China is opening to the outside world away from the closed and self-fettered condition. Four special economic zones, fourteen coastal cities and three open coastal economicRead MoreGuns, Germs, And Steel By Jared Diamond1394 Words   |  6 Pageswas civilized. This paper responds to the questions raised from the books â€Å"Guns, Germs, and Steel† by Jared Diamond; â€Å"The Origins of the Modern World: A Global and Ecological Narrative from the Fifteenth to the 21st Century† by Robert Marks; â€Å"A History of the World in Six Glasses,† by Tom Standage; and the â€Å"Stuffed and Starved: The Hidden Battle for the World Food System† by Raj Patel. Global civilization Diamond argued his case in a manner that demonstrated the global north as a region that enjoysRead MoreIndian Economy After Independence : India1310 Words   |  6 Pagesrich in natural resources and labor which has helped India progress after attaining independence from British rule in 1947. The purpose of this research paper is to trace the Indian economy after independence. India is the largest democracy in the world with a stable democratic government. Recently, India has elected a new prime minister, Narendra Modi who took office in the year 2014. (India Today). The new government in India is credited with reviving the economy and strengthening India’s foreignRead MoreComparing Japan and Russias Response to industrialization before 1914.1519 Words   |  7 PagesRussia and Japan were forced to make reforms and modernize by industrialization. They both had to do so rapidly because of Western interference and the Wests increasing power in trade. During the early 20t h century, Russia and Japan had managed to reform, industrialize, and make sufficient changes to build powerful nations, although they still couldnt compete with the Wests supreme military and technological strength. The industrialization process for both Russia and Japan began during the same timeRead MoreEconomic Development And Development Of Welfare1640 Words   |  7 PagesWhen discussing the origins of welfare states it is easy to make an assumption that the development of welfare states was in direct response to social needs brought by industrialization and economic development. In fact the early scholarship in social policy did not question the causational effect between economic development and development of welfare states. Understanding that economic development alone cannot sufficiently explain why some countries developed into full welfare states while others

Comparison on the Differences of Chinese Long and Western...

Introduction Chinese long (Chinese dragon) and Western dragon exist in many countries’ legendaries and literature works. They have some similarities but they still have many differences and should not be lumped together. This paper tries to find out their differences and show that they are different in many ways. Chinese long (Chinese dragon) and Western dragon originate from different legendaries and contain people’s different emotions. Their figures and capabilities are different. Chinese long (Chinese dragon) is a combination of several animals and it can fly without wings. Western dragon looks like a winged dinosaur. It can fly with its wings and spring fire from its mouth. Chinese long (Chinese dragon) combines several propitious†¦show more content†¦In 1934, Wei Juxian came up the idea that the antitype of Chinese long (Chinese dragon) was crocodile. Liu Chenghuai believed that the main body of Chinese long (Chinese dragon) was snake, lizard and horse. According to Zhu Tianshun’s opinion, Chinese long (Chinese dragon) originated from lightening. Hu Changjian believed that Chinese long (Chinese dragon) originated from rainbow. The origination of Chinese long (Chinese dragon) is still an open question, but we can see that no matter what Chinese long originates from, it plays an important role in Chinese history. The newest study believes that Chinese long (Chinese dragon) originated from thundering. It is studied that combined with the natural stone long which is discovered in Yichuan, Henan Province, and the sound of Chinese long (Chinese dragon), the scholars gain a new realization on the origination of Chinese long. Through the study of the natural stone long, scholars find that the natural stone long located near the famous capital Luoyang. In the prehistoric civilization, ancient people found that each year, if the thunder sound came from the area where the stone long located on the day of Spring Equinox, the year will be a harvest year. if the thunder sound came before the Spring Equinox, the summer will be flooded, and if the thunder sound came after the Spring Equinox, the summer will be drought. In ancient time, people lived on farming. TheShow MoreRelatedThe Origin Of The Dragon2970 Words   |  12 Pages7 October 2014 Dragons Transformed Dragon have been predominant in many cultures for centuries. Its function may differ culture to culture but its identity has become a universal symbol; we all have the dragon in common. Dragons are everywhere and appear to be the most documented creature in all of ancient history, second to that of the human being (Isaacs 19). These magnificent creatures like any other monster have an origin. Scholars, however, debate the origin of the dragon pointing to severalRead MoreComparison and Contrast Between Chinese and English Education Cultures2358 Words   |  10 PagesComparison and Contrast between Chinese and English Education Cultures [pic] ç ® ¡Ã§ â€ Ã¥ ­ ¦Ã©â„¢ ¢ è ´ ¢Ã¥Å  ¡Ã§ ® ¡Ã§ â€ 0801 æ ²Ë†Ã© ¢â€" 3080101911 Comparison and Contrast between Chinese and English Education Cultures ç ® ¡Ã§ â€ Ã¥ ­ ¦Ã©â„¢ ¢Ã¨ ´ ¢Ã¥Å  ¡Ã§ ® ¡Ã§ â€  æ ²Ë†Ã© ¢â€" 3080101911 Abstract: The difference between Chinese and British education will bring a huge impact on the will-be overseas Chinese students. By illustrating Chinese and British education culture differences in learning methods, center of class, teaching approaches, and the importance attached to teachers andRead MoreThe Forbidden City And 19th Century Merchants1848 Words   |  8 PagesHow did changing energy conditions affect the design of the homes of powerful people – comparison between the Forbidden City and 19th century merchants’ houses in Liverpool Introduction- This essay will discuss the similarities and differences between The Forbidden City and 19th century merchants’ house in Liverpool, in terms of the material used, the scale of the buildings, the structural engineering designs and the decorations, despite being in two completely different energy conditions. TheRead MoreCompare and Contrast Business Systems in Japan and China. Answer with Reference to Relevant Theories and Use Comparative Country and/or Corporate Examples.1868 Words   |  8 Pagesuse comparative country and/or corporate examples. Abstract The comparison and contrast of the business system between Japan and China Introduction In Japan much of its arts, languages, religion and culture are imported from China hence there are some similarity in both countries’ business system but over the centuries, Japan was able to convert this commonalities into differences which is uniquely theirs and these differences have a huge impact on the business system of China and Japan. OverviewRead MoreComparative Study of Pakistan Chinese Cultures13385 Words   |  54 Pages2013 Comparative study of Pakistan and Chinese Cultures Muhammad Rashid (ID:2012420078) This report has compared the two cultures namely the Chinese and Pakistani culture by considering different parameters. The material and non-material aspects of culture are expressed and comparative study of two cultures is performed. Both the cultures have strong roots with the shades of thousands of years of civilizations. The ideology, ethics and living styles are compared with some examples and details. TheRead MoreComparison of Chinese and American Film Industry Essay6288 Words   |  26 PagesComparison of Chinese and American Film industry Introduction A Film, also called a movie, is a modern art that combines pictures and voices to entertain people and express certain ethnic or political attitudes and other concerns. Movies have absorbed the characteristics of literature, photography, painting, music, dancing, writing, sculpture, architecture and many other kinds of arts. However, they are not produced through a simple combination, but rather, with a process that includes digestionRead MoreCompare the Business Culture of the Uk with That of Japan.3190 Words   |  13 Pageslens of a Western Christian culture and remain relatively unaware of the religion and history of the Japanese. This essay will examine how UK delegations can better understand and negotiate with the Japanese by learning about both the Japanese and their own national culture and history through literature, folktales and religion. Through this preparation a UK team can discover commonalties between the two cultures, which can help to strengthen the relationship, as well as identify differences that needRead MoreLenovo and Ibm23938 Words   |  96 PagesAbstract With social structure and technology rapidly changing, business globalisation has been regarded as a worldwide trend. While there have been many cases and literature on management of culture integration for merger and acquisition from a Western perspective, few have discussed cultural integration in an Asian context. This study provides a case study of cultural integration strategies Lenovo has undertaken to manage employees from both teams after the MA. It adopts a semi-structure face-to-faceRead MoreIndia and China Comparative Economic Analysis5875 Words   |  24 Pagestwo fastest- growing economies have become the most salient aspect of their bilateral relationship. Both have begun to behave like normal neighbors— allowing trade and investment and promoting people- to-people contact. But in the economic sphere Chinese and Indian econ-omies are still more competitive than complementary. More importantly, resource scarcity has now added a new dimension to the traditional Sino- Indian geopolitical strategy. The real issue, of course, isnt where China and IndiaRead MoreBook III in Wang Shifus The Story of the Western Wing3231 Words   |  13 Pagesthe Western Wing One of China’s most popular love comedies, The Story of the Western Wing (Xixiang Ji) by Wang Shifu (1250-1300) dramatizes a scholar-and-beauty romance. Zhang Sheng, a promising student, and Cui Yingying, a beautiful maiden, meet in a temple, fall in love at first sight and after a series of thwarted attempts, they end up happily marrying each other, after the student has passed the civil exam as the top one, of course. Among the five books of The Story of the Western Wing

Bw/Ip International free essay sample

Assumption: Tax rate: 38%. From 1991 to 1993, the tax rate remains to be constant, which is 38%. And we assume that the tax rate will continue to be 38%. Exhibit 1 shows the process of calculating tax rate: Growth rate:We assume the project will last for infinity, and grow in perpetuity after year 1992. And we use the average annually growth rate from 1990 to 1993 as our perpetuity growth rate, which is 2. 3%. Change in NWC:We subtract cash from NWC provided in the case and we get the adjusted change in NWC. The calculation is presented in Exhibit 2. Discount rate:Typically, the investment horizon of a common leverage buyout range from 5 to 10 years, so we use the ten years treasury yields, ending at 1987 as the risk free rate, which is 8. 79%. For the market return, we use the Samp;P 500 index in 1980s, which is 12. 79%. Thus, we can easily get the risk premium. Exhibit 3 shows the process of calculating discount rate. Tax shields:Giving the interest paid schedule, we can figure out the tax shield each year from 1988 to 1993 at the tax rate of 38%. Discount rate: with a pre-determined debt and interest paid, we should use the cost of debt to get the present value of interest tax shield, because the risk of tax shield is moving together with the risk of the loan (debt), instead of the total assets. We assume the corporate borrowing rate is the same with BBB long-term bond, which is the cost of debt, 10. 63%. Thus the present value of tax shield from 1988 to 1993 is 31. 91. We assume perpetual debt from the year 1994, and the same growth rate, which is 2. 3%. Exhibit 4 shows the processing of calculating tax shields. The FCF is presented in Exhibit 5. Sensitivity Analysis for BW/IP is presented in Exhibit 6 2? We favor the proposed acquisition of UCP. The primary sources of value in the transaction include: * Low capital or cash requirement UCP is a small firm, which would require additional borrowing by BW/IP of only 13 million. * Synergy and efficient gains. UCP’s product line complemented BW/IP’s extremely well because UCP’s most attractive feature was its installed base in the petroleum industry and together they would have the largest installed base in the petroleum segment. Improved management Takeover can improve management because interest and principal payments can force management to improve performance and operating efficiency. The proposed price is reasonable, because it is higher than the levered value of the project, which is 48. 17. Method: APV: VL=VU+PV (ITS). Assumption: Tax rate: Tax rate=38%, which is the same as the tax rate for BWIP. Growth rate: We use t he average annually growth rate from 1991 to 1993 as ourgrowth rate,which is 6%. Discount rate: We use the ten years treasury yields, ending at 1988 as the risk free rate, which is 9. 4%. Exhibit 7 shows the calculation of Vu Exhibit 8 shows the calculation of PV(ITS) Sensitivity Analysis for UCP/IP is presented in Exhibit 6 3. How do the various features of the BW/IP buyout affect the company’sdecisions about long-horizon opportunities such as the UCP acquisition? What are the advantages and disadvantages of the 1987 buyout, viewed as afinancial program? After the buyout, BW/IP became a privately owned company which was less dependent from Borg-Warner Corporation than before in decision making. For the opportunities that the managers favored, such as the UCP acquisition, the company had more chance to carry on the deal. However, for the case in which larger amount of financing is required, the company may not be competitive enough without Borg-Warner’s financial support. The buyout could generateda better and a more efficient management, by changing the corporate structure (including modifying and replacing executive and management staff, unnecessary company sectors, and excessive expenditures), BW/IP can revitalize itself and earn substantial returns. However, since the 1987 buyout is highly leveraged, the new company has a high debt-to-equity ratio, which means the company needs to achieve required return to pay the cost of debt or faced the chance of bankruptcy. Besides, the leveraged buyout is also considered to be a risky project, which may be easily affected by economics environment. The chance of success tends to be larger under steadily growing economy, while smaller in recession periods. 4. As one of BW/IP’s bankers, would you approve the company’s request for a waiver of covenants and financing of the UCP acquisition? Yes. A banker will not approve to finance a project unless he has confidence in the profitability of the project and in that he can get his money back. The projected NPV of the UPC deal is 48. 17 million dollars, which is far bigger than the offer 18. 5 million dollars. To analyze this qualitatively, the expected success of the UCP acquisition comes from several aspects. Undeniably, the economic and industrial forecast is against financing a risky project . However, the deal will generate positive synergies since UCP’s product line complemented BW/IP’s extremely well. BW/IP will raise its competence in both original equipment and aftermarket sector domestically as well as internationally after acquiring UPC. Besides, as mentioned in the case, the good credibility of Mr. Valli and his team and that Camp;D’s principals were experienced and respected in the financial community will affect bankers’ attitude. Exhibit 1: Tax rate | 1987| 1988| 1989| 1990| 1991| 1992| 1993| EBT| -9. 56| -0. 001| 8. 91| 12. 95| 17. 31| 19. 49| 23. 57| Income tax| 2. 8| 0| 0| 3. 61| 6. 58| 7. 41| 8. 96| Tax rate| -29%| 0%| 0%| 28%| 38%| 38%| 38%| Exhibit 2: Change in NWC AR| 58. 68| 53. 1| 51. 69| 55. 08| 59. 11| 63. 6| 67. 91| 72. 54| INV| 58. 5| 58. 39| 60. 72| 64. 66| 69. 57| 75. 46| 80. 29| 85. 53| Other current asset| 3. 91| 3. 49| 4. 42| 4. 7| 4. 99| 5. 31| 5. 64| 5. 99| AP| 15. 78| 18. 12| 19. 73| 20. 94| 22. 32| 23. 78| 25. 19| 26. 69| Other current liabilities| 14. 92| 17. 29| 15. 19| 16. 12| 17. 1| 18. 23| 19. 36| 20. 56| NWC| 90. 39| 79. 57| 81. 91 | 87. 38| 94. 25| 102. 32| 109. 29| 116. 81| Change in NWC| | -10. 82| 2. 34| 5. 47| 6. 87| 8. 07| 6. 97| 7. 52| Exhibit 3: Cost of capital Cost of capital| 17. 5%| CAPM| Rf| 8. 79%| Exhibit 7 | ?a| 1| Hint| Market return| 12. 79%| Samp;P 500 index in 1980s| Risk premium| 4. 00%| | Exhibit 4: Interest tax shield | 1988| 1989| 1990| 1991| 1992| 1993| Total interest paid| 0. 63| 1. 75| 1. 66| 1. 51| 1. 4| 1. 22| ITS: tax [emailprotected]%| 0. 24| 0. 67| 0. 63| 0. 57| 0. 53| 0. 46| Cost of debt 10. 63%| | PV (ITS) 1988-1993| 31. 91| PV (Terminal value)| 37. 1| Total PV (ITS)| 69. 00| Exhibit 5: Free cash flow | 1986| 1987| 1988| 1989| 1990| 1991| 1992| 1993| FCF| | 39. 37| 26. 8| 24. 62| 24. 11| 24. 57| 24. 72| 25. 8| Growth rate| 2. 3%| Terminal Value| 270| VU| 232. 89| PV (ITS)| 69| VL| 301. 89| Exhibit 6: Sensitivity analysis for BW/IP * Buyout| | * NPV| * % change of NPV| * Growth rate| * 0. 00%| * 32. | * -47. 91%| | * 2. 30%| * 62. 39| * 0. 00%| | * 4. 60%| * 109. 5| * 75. 51%| * Discount rate| * 10. 79%| * 81. 5| * 32. 52%| | * 12. 79%| * 61. 5| * 0. 00%| | * 14. 79%| * 44. 5| * -27. 64%| * Cost of debt| * 9. 63%| * 64. 5| * 4. 88%| | * 10. 63%| * 61. 5| * 0. 00%| | * 11. 63%| * 59. 5| * -3. 25%| Exhibit 7:The calculation of Vu | 1988| 1989| 1990| 1991| 199 2| 1993| EBIT| -1. 15| 2. 59| 3. 29| 3. 96| 4. 34| 4. 74| Income tax @| -0. 44| 0. 98| 1. 25| 1. 50| 1. 65| 1. 80| NI| -0. 71| 1. 61| 2. 04| 2. 46| 2. 69| 2. 94| FCF| | | | | | | Depreciation| 0. 48| 0. 6| 0. 99| 0. 90| 0. 84| 0. 84| Change in NWC| | | | | | | Change in AR| 1. 13| -0. 15| -0. 22| -0. 20| -0. 13| -0. 14| Change in inventory| -0. 36| 0. 68| -0. 21| -0. 18| -0. 12| -0. 13| Change in other asset| 1. 73| 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| Change in current liability| 0. 27| 0. 18| -0. 01| -0. 35| -0. 04| -0. 04| Change in NWC| 2. 23| 0. 35| -0. 42| -0. 03| -0. 21| -0. 23| Capital expenditure| 0. 18| 1. 20| 0. 40| 0. 40| 0. 40| 0. 40| FCF| -2. 64| 1. 02| 3. 05| 2. 99| 3. 34| 3. 61| Growth rate| | | | -2%| 12%| 8%| Average growth rate| 6%| | | | | | Terminal value| | | | | 53. 15| | FCF| -2. 64| 1. 02| 3. 05| 2. 99| 56. 9| | VU| 40. 28| | | | | | Exhibit 8:The calculation of PV(ITS) | 1988| 1989| 1990| 1991| 1992| 1993| Interest | 0. 63| 1. 75| 1. 66| 1. 51| 1. 40| 1. 22| ITS: tax [emailprotected]%| 0. 24| 0. 67| 0. 63| 0. 57| 0. 53| 0. 46| Terminal value| 2. 18| | | | 10. 01| | PV (ITS)| 7. 97| | | | | | Exhibit 9: Sensitivity analysis for UCP/IP UCP| | NPV| % Change of NPV| Growth rate:| 0. 00%| 14. 35| -51. 76%| | 6. 00%| 29. 75| 0. 00%| | 12. 00%| 278. 5| 836. 13%| Discount rate:| 10. 79%| 46. 5| 57. 63%| | 12. 79%| 29. 5| 0. 00%| | 14. 79%| 20. 21| -31. 49%| cost of debt:| 9. 63%| 30. 5| 3. 39%| | 10. 63%| 29. 5| 0. 00%| | 11. 63%| 27. 5| -6. 78%|