Conventional cars to electric cars

IntroductionIf we count the autos on the whole planet we will make a figure bigger than 500 million. These autos give us great freedom, but they bring some jobs excessively. They burn fossil fuels like oil so they pollute our planet and they do a major part to the planetary heating. In U.S 33 % of entire C dioxide emanations comes from the autos with internal burning engines. Most people want to hold electric autos that are fuel, efficient and cleaner than the gas guzzlers they drive today. However, these yearss, there are some jobs which are waiting for solutions like battery capacity, bear downing Stationss, new grid systems and paying systems. In this work we will analyze how can we go through from conventional autos to electric autos? hypertext transfer protocol: //www.explainthatstuff.com/electriccars.html hypertext transfer protocol: //ecobridge.org/content/g_cse.htmEnvironmental Friendly Technologies and Their NecessityEnvironmental engineerings or green engineerings assist straight with energy preservation and they help the environment by cut downing the sum of waste produced by human activities. These engineerings besides conserve natural environment and resources. Today, the universe is in danger. Everyone must confront to have an consequence on Earth. We must cognize the effects of our life manners and we should rearrange our lives harmonizing to it. The best solution is the use of environmental engineerings in our day-to-day life. In this perspective environmental footfalls divide into two classs ; as a authorities and as a individual. Governments can modulate the policies and give more importance to renewable energy. However, most of import portion is personal actions. Human history shows that ordinary people have adequate power to alter the systems like authoritiess and governments. Why ca n't we change earth ‘s fate? By safeguards that we will take, we can salvage our natural resources. For illustration ; we should give importance to recycling that we bring the use of clean energy to our lives. By utilizing solar energy and alternate fuel vehicles, including plug-in intercrossed and pure electric autos can salvage our kids ‘s hereafter. hypertext transfer protocol: //en.wikipedia.org/wiki/Environmental_technologyElectric Car IdeaElectric autos are fundamentally alternate fuel cars which use electric motor and electric power to travel. Although electric auto thought shows so fresh, electricity is one of the oldest auto propulsion methods. Yet late, they have gained more importance with planetary clime treatments. â€Å" Electric auto † by and large used for cars powered by electricity. There are some types of electric autos but they have different names such as, electric autos powered by sunshine are solar autos, and electric autos powered by gas generator are intercrossed autos. Hybrid autos with batteries that can be recharged by linking a stopper to an external electric power beginning is a plug-in intercrossed vehicle ( PHEV ) . An electric auto that obtains its power from an interior battery battalion is called a battery electric vehicle ( BEV ) . Although electric autos save natural resources and the clime, electricity as a propulsion method could non be achieved gasoline autos ‘ comfort and easiness of operation. ICE engineering has some advantages ; gasolene autos have greater scope and small refueling times and there is a immense gasolene distribution substructure to supply gasolene for autos. Besides that a gasolene auto ‘s monetary value is much cheaper than an electric auto. There are non merely electric autos ‘ disadvantages. They are more environmental, friendly and their maintaining and running costs are cheaper than ICE autos ‘ . By indispensable policy alterations and electric distribution substructure investings, in short clip ICE autos may replace with electric autos. Today, intercrossed electric autos have become the most popular signifier of electric auto, we can easy purchase a intercrossed auto with an low-cost monetary value. For case, Toyota Prius or Chevrolet Volt. Besides we can purchase a plug-in loanblend or a pure electric auto such as Tesla Roadster or Th! nk City. hypertext transfer protocol: //en.wikipedia.org/wiki/Electric_car

Spikes Volleyball Court

1) Perform a Business Sizeup Spike’s Indoor Beach Volleyball and Rock Climbing Inc. caters to a niche market in the Canadian sports industry. As there were no indoor beach volleyball courts in Canada, Spikes faced little competition. The volleyball crazed locality of London, Ontario provided the perfect geographical location for the operations of Spikes. In addition to indoor beach volleyball courts, Spikes had also added an indoor rock climbing wall, a small restaurant with a bar, and had also upgraded the lighting, heating system, computer servers and had added a big-screen television in the lounge area.Spikes did face some competition in the rock-climbing wall division as there were 2 other competitors in the vicinity who offered similar services at comparable rates. Holistically speaking, the business was doing immensely well and faced little or no environmental threat apart from the fact that the premises was not owned by the business itself. It was leased from another pe rson and was constantly at risk of zoning laws banning the establishment, as it was labeled as a high intensity residential area.This meant that the lease owner could cancel Spikes lease at any reasonable notice and construct high-rise apartment buildings in its place however Spikes reasoned that since there was no pressure from the neighborhood he would not face too much risk in this regard. As it is, the cost of a potential lease cancellation cannot be quantified and will affect the going concern of the business. Apart from that the business is in a very healthy condition, having around 130 regular teams per season that feed its main operations i. e. olleyball and Spikes has engineered various complementary services to squeeze more revenue out of its main operations which is mainly the restaurant bar and rock-climbing wall. 2) Analyze the expansion qualitatively. The main aim of Misener was to encourage more people to stay after volleyball matches and games via the outdoor patio. Additionally the outdoor patio would be directly over the new outdoor beach volleyball court hence would create an area for the audience to sit, enjoy a match along with some drinks and refreshments which eventually will increase revenues and popularity.Having a 200 person capacity will provide enough room for spectators to enjoy a match without any congestion. Additionally, Misener has estimated that there will be 95 good weather days out of 120 days per season during which the patio can be open which implies an efficiency of around 80%. Having an extra court meant that four matches can be conducted per day meaning that Spikes can cater to around 8 more teams on a daily basis which will increase their operating revenues.The downfall of constructing this patio was that Misener was already facing a risk of his lease being cancelled and if the business were to construct an outdoor patio, residential complaints might increase as it will cause noise disturbance as well as littering from the patio. Spikes was in no position to face residential complaints as it could push his lease towards cancellation and he would have to locate another suitable premises to operate from which could essentially destroy his business.Lastly, the estimates provided by Misener are very optimistic and would require analysis from different projections to ensure that the expansion does remain viable in all possible scenarios. 3) List all the cash flows associated with the expansion, and classify them as relevant (cash, future and different), recurring or one-time costs. Cash Flow| Relevant| Recurring or one time? | Incremental bar revenue| Yes, Future cash flows| Recurring| Incremental food revenue| Yes, Future cash flows| Recurring| Additional league fees| Yes, Future cash flows| Recurring| Beverage COGS| Not relevant| N/A|Food COGS| Not relevant| N/A| 5 days food inventory| Only applicable as a change in Net Working Capital which is valid for first year only| One Time| 5 days liquor inve ntory| | One Time| Accounts payable| | One Time| Accounts receivable| No change in AR| N/A| Servers| Yes, Future cash flows| Recurring| Bartender| Yes, Future cash flows| Recurring| Cooks| No Extra cooks are hired| N/A| Maintenance| Yes, Future cash flows| Recurring| Utilities| Yes, Future cash flows| Recurring| Insurance| Yes, Future cash flows| Recurring|Nets & Balls| All of these cash flows fall under Capital Expenditure made in the first year, hence only relevant for first year. | One Time| Retaining Wall/Fencing| | One Time| Zoning & Permits| | One Time| Stairway| | One Time| Patio Furniture| | One Time| Washroom| | One Time| Amortization| Yes, till end of useful life| Recurring| Bank Loan| Not relevant| N/A| Interest| Yes, for 2 years| Recurring for 2 years| 4) Perform a differential analysis, with sensitivity analysis where necessary. What is the return on investment?What is the payback period? In the attached file, there are calculations of relevant cash flows and their diff erent impacts on the expansion analysis. The capital expenditure of the first year comes out to be about $43,500 which is financed via a 6% loan with monthly payments. Amortization of $9,300 per year will be charged to depreciate the capital expenditure which yields a tax shield (20% tax) of $1,860 annually. The per month interest payment comes out to be $1,927. 95 and the entire loan will be paid off in two years.As a result, the annual interest tax shield comes out to be $4,627. 1 for the two years during which the loan is active. The first incremental revenue will come from 8 additional teams playing per day in the new outdoor court. Charging a per season fee of $650 per team, the total increment in revenue from increased teams is calculated to be $15,600 per year. According to Misener, due to the rooftop patio, liquor sales will increase to $6000 a day implying a $3000 revenue increase per day. Assuming 95 days in a season of 120 days during which the patio will be open and acti ve.As there are 3 seasons in a year the total incremental revenue comes out to be about $427,500 of profit per year. Applying similar calculations to the increase in food sales of $1000 per day yields Spikes additional profit of $99,750 per year. As these are profits before taxes, the company will need to pay taxes which are a cash outflow. Assuming a 20% tax rate, the annual tax payable from incremental revenue comes out to be $108,570. There will be some incremental operating expenses which are a direct consequence of running the patio.Firstly 2 additional servers will be hired for 8 hours a day at $8. 5 per hour and another bartender will be hired for 8 hours a day at $10 per hour. This comes out to about $61,560 per year after considering the 95 operating days per season assumption. Maintenance and Utilities will be paid at $500 a month and $200 a month which yields $8,400 for the whole year. Insurance will increase by 10% per year which, after considering last year’s ins urance of $12,225, comes out to be $1222. 5.The bar will have to keep inventory of Liquor and food of 5 days and will pay back the suppliers in 10 days which will decrease our net working capital by $10,750 (calculations in excel). Totaling the above will yield us the differential annual cash flows for the expansion. The cost of equity for Spikes, after searching through comparable entities, comes out to be about 15%. The ratio of debt to value of the expansion is calculated to be 10. 26% which yields equity to value ratio of 89. 74%.The cost of debt is 6% as stated earlier; after plugging these values into the formula for weighted average cost of capital, the WACC comes out to be 14. 08%. Using the above calculated weighted average cost of capital, the terminal value of cash flows for the expansion calculated is $2,592,710. 76. As a result, cash flows for the entire life of the project are calculated and the NPV of the project comes out to be $2,647,878. 40 indicating the expansion will create value of over $2 million. The payback period is less than a year, around 34 days as incremental revenues are vast and the initial outlay is only $43,500.The return on investment, more commonly known as internal rate of return or IRR, comes out to be 872%. 5) As Earl Misener, would you go ahead with the expansion? Earl Misener should not go only by the numbers which seem too good to be true. In fact, they are too good to be true as one critical factor has not been quantified i. e. the potential risk of losing the lease due to the expansion. If Misener loses the lease then not only will the expansion be redundant, he will have to locate his business elsewhere which for a business like Spikes will spell certain death.The location is gold as it is situated away from competitors who lower competitive risk and is located near residential areas making it easier for his customers to commute to Spikes. As Earl Misener, he should analyze his fall-back plans and strategies on how to ensure the lease does not get cancelled. If possible, Earl should also try to buy the premises instead of relying on a lease. In my opinion, it is too soon to expand and Earl should solve the lease problem before expanding.

Benjamin Franklin Gender Roles

Gender and the Age of Reason â€Å"In these two books, we have the story of a young man coming of age and finding success in the world and the story of a young woman coming of age and failing to do so. In either book, what gender roles prevailed? † In The Autobiography of Benjamin Franklin, we are reading the path that one man took to go from a middle class child to a well respected adult. Benjamin Franklin created what we know today as the American dream. Today we understand the American dream to be that one can go from rags to riches with a little hard work.The autobiography is based around the age of reason and a time man was thought to be able to be perfected by means of science and invention. The Autobiography of Benjamin Franklin is full of success, however, the male gender prevails much more than the female gender. The Autobiography of Benjamin Franklin begins in 1706, when Benjamin was born. He was the fifteenth of seventeen children. His father, Josiah, had intended t hat Benjamin go to school to become a minister. However, Benjamin showed a great love for reading and writing and soon enough the path to become a minister was abandoned.At age ten, he was soon taken out of school to begin work with his father Josiah. This work included making candles and soap. During this time, Ben’s father taught him the importance of debate, which would stick with Ben for the rest of his life. Not long after, Benjamin began to work for his brother James, a printer. Ben signed an eight year work contract with his brother. Ben disliked his fathers trade and preferred working for a printer because it allowed him to read and hone his writing skills. This brief history of Ben’s childhood alone shows the importance of the male gender during the 1700’s.A female would never have been given a job at a printing press or put through school in the same way that Benjamin was. His success began right when he was born because of his father putting him throu gh school and finding jobs for him. More importantly, his father teaching him the importance of debate is a groundbreaking moment. Benjamin Franklin is known as a political figure and scientist/inventor. Learning the importance of debate at such a young age clearly served him in great and many ways. Benjamin Franklin spent his teen years practicing his writing. In 1720, James started a newspaper known s the New England Courant. According to Franklin, this was the second newspaper in America. Franklin worked as a delivery boy and would publish his own writings anonymously. Franklin often disputed politics and books with another â€Å"bookish lad† by the name of John Collins. One of their arguments speaks directly about the female gender during the 1700’s. â€Å"A question was once, somehow or other, started between Collins and me, of the propriety of educating the female sex in learning, and their abilities for study. He was of opinion that it was improper†¦Ã¢â‚¬  (Franklin, Benjamin.The Autobiography of Benjamin Franklin. New York: Bantam Books, 1982, pg 14. ) Collins shares the same views and mentalities that many men of the 1700’s shared. At the time, it was understood that education and teaching was not to be wasted on women. Not only was it a waste but Collins specifically states that it is improper. â€Å"I took to the contrary side, perhaps a little for disputes sake. † (Franklin. The Autobiography of Benjamin Franklin, 14. ) This statement, made by Benjamin Franklin, is of great importance. He goes against the general population, whether by choice or simply for the sake of argument.When he states that it was perhaps a little for disputes sake, he leaves room for the reader to assume that he was in fact for the education of women. That being said, this doesn’t mean he is wishing their success in following the American dream like many women are more than capable of doing today. Nonetheless, the fact that Franklin promotes their educational well-being at all is a big step and is of significance. Benjamin Franklin doesn’t mention too much about his own family’s success. However, the beginning of The Autobiography of Benjamin Franklin is written as a letter to his son, William.William did succeed however, quite well in fact. He went on to be the royal governor of New Jersey in 1771. Benjamin’s wife, Deborah Read, was never mentioned as being a very successful woman. In fact, together, they lost a son who was only four years old at the time. This death is only given a brief mention, most likely in order to not relive the tragedy. Within Franklin’s family, the male gender prevails. The most significant sign of this is with William Franklin’s rise to royal governor of New Jersey. However, there is also a great deficit within the male gender of Franklin’s family.The passing of Franklin’s second son shows that while the male gender succeeded greatly d uring the Age of Reason, there was also a great loss as well. The 1700’s were designed for a male to succeed. From the beginning of the discovery of America, which was done by Columbus and mostly men, the male gender has taken leadership. It has taken nearly five hundred years for females to become as successful as they are today, and yet they still aren’t equal with men. In conclusion, even if it wasn’t by choice, Benjamin Franklin and the male gender in general were much more successful than the female gender during the 1700’s and the Age of Reason.

Assignment Example | Topics and Well Written Essays - 750 words - 91

Assignment Example Zoning restrictions and state laws help to minimize the proximity of pornographic and liquor establishments to schools. The site should provide an attractive landscape that supports vegetation. Besides, the schools should have beautiful buildings that give a positive impression and motivation. There should be provision for maintenance, drainage, and parking. Middle school requires more space than high school. Streets and parking areas should be stable and smooth for easy use during all seasons. Sharp curves, dead-end streets, and excess corners should be avoided. The site should be elevated and provide contour for proper drainage and avoid soil erosion. Fault areas, steep slopes, and mines should, however, be avoided. The topographical orientation should be modest for both middle and high schools. The choice of soil type should allow good drainage schools in lowlands should be elevated to facilitate drainage that also impact on daily care costs. Scoring drainage should thus also consider student movement patterns regardless of their age. Elementary schools require for outdoor activities such as physical education and informal play while high schools need athletic and practice fields. Nature trails are also important to beauty and science learning, but open waters should be avoided. All age levels need sufficient paths, both onside, and offside, including visitors and employees. A desirable, safe walking pattern is necessary for young children vehicular and pedestrian traffic flow should be considered. Sidewalks are also requisite. There should be one parking space for every teacher and member of personnel. About 50% of older students often drive and should have parking space. Each car space should be 300 square feet. Curb cuts and 2% of the available spaces should be reserved for the disabled. The school design should blend with the physical environment. Elementary schools should be appealing, but massive structures should be avoided.

Problem Prevention Plan Coursework Example | Topics and Well Written Essays - 500 words

Problem Prevention Plan - Coursework Example Therefore, I have decided to include such rules for the classroom that will help me improve the behaviors of the children. Punctuality is the first rule, which I have developed for the children. In creating this rule, I consulted my senior teachers because they have much experience regarding students’ issues. I wanted to create this rule because when the students come late, they cannot pick the lessons efficiently creating problems for themselves. Therefore, in order to make them learn effectively, I have ordered them to come to the classroom within time. Next rule for the students is to learn their lessons within time. I took the students in confidence and educated them the importance of revision before implementing this rule. â€Å"Teachers who involve their children in the rule making process contend that students are more likely to follow them† (Davies, n.d.). When the students do not revise their lessons on the day they are delivered, it puts burden on them when the exams come. Therefore, in order to make students learn and revise their lessons daily and to reduce the course overload in exams, I implemented the rule to learn the lessons within time. Another rule for the students is to work in groups for some specific tasks. I discussed this rule with my senior teachers in order to get their viewpoints. Almost all teachers appreciated my decision. Group work not only promotes harmony among the students but also creates a task-oriented learning environment in the classroom. Therefore, in order to promote interactions among the students, I implemented the rule of group work for the students for some specific tasks. Another rule is to ensure discipline in the classroom. I implemented this rule after consulting my senior teachers and the principal. Weak discipline codes not only create problems for the whole classroom but also affect the behavioral development of the students.

Compare movie to articles Essay Example | Topics and Well Written Essays - 1000 words

Compare movie to articles - Essay Example However, his art became a treat of his legacy when he was called as a friend witness in the House Committee on Un-American Activities (HUAC). He released a list of eight members who were in the communist party to the anti-communist. He went against his own principle by testifying in about the influence of communist in the film industry. The backlist of communist had invaded the film industry for about ten years. It had created a big division in the film industry. The division increased as time moved and thus the blacklist destroyed many lives during its operation. According to Kazan, the blacklist communists aimed at manipulating the culture of US institutions by maneuvering to advance a belligerent foreign policy. Kazan wanted to counter the situation which led him to testify in the House Committee on Un-American Activities (HUAC). His actions made him to be awarded in the Oscar awards. Half of the audience who attended the Oscar awards ceremony got angry about the award given to Ka zan and thus decided to protest against the decision of giving Kazan the award (Barzman 32). They argued that Kazan was morally compromised since he was also a communist. His artistic form of film directing gave him the chance to expose illegal activities in the government through films and also helped in the depiction of the civil society. A lot of people could not understand why he decided to expose the eight communist. However he clearly stated in his defense that the communist named in the blacklist were in the verge of manipulating the US culture thus he acted in order to conserve it. Distorting the US culture would greatly affect the production of film in the United States. Kazan used the film ‘On the Waterfront’ to justify his testimony before HUAC as he focuses on a temporary hero who turns out to be a focal summit of collective action. This directly pointed to his case where he tried to save the cultural value of the state and ended up being the victim of his o wn contribution as people turned to criticize his actions. This is the same way many readers disagree with the readings and ideas in the film ‘On the Waterfront’. Kazan does not focus fully on politics as he also introduces the art of love story in his film (Horne 25). This was to show that he was not only advocating for communism but also considered the moral culture of the society. The story of job in the bible can be compared to the moral approach in the case of Kazan. God gave the devil permission to test the faith of Job. Job always thought that his sons had in a way sinned against God. This made his offer burnt sacrifices on several occasions to pardon their sins. This notion shows that Job was greatly concerned about the conservation of morals that were pleasing to God. Therefore, he made sure that his sons kept good morals and were not swayed away by the devil. This can be related to Kazan’s case as he advocated for the conservation of the American cultur e and would go to the extent of unlashing the names of his colleagues whom he felt were going against his beliefs. The release of the blacklist portrays this aspect as it contains Kazan’s fellow directors. Job was tested by the devil in several occasions but he stood farm to his belief in God. His family abandoned him since they say that his beliefs would not heal him. Job faced rebellion from his own people in the same way Kazan experienced a period of

Environmental Article Critique Example | Topics and Well Written Essays - 750 words

Environmental Critique - Article Example This indicates the insufficiency of empirical studies to identify effects of environmental tools on environmental performance. Empirical data for this research was obtained from cross-country data on various environmental tools such as taxation and government involvement as well as the environmental performance of such countries. Statement of Research Procedure Motivated by the need to engage in empirical study to obtain the link between environmental tools and performance, Im and Wonhyuk (2011) decided to obtain cross-country data in order to evaluate their research objectives, which was to evaluate the link between environmental tools and environmental performance through empirical data. Most of the empirical data in this study was obtained from the World’s major economies. The data included mainly the involvement of the various governments through research and development or environmental governance impact of such government. After obtaining such data, Im and Wonhyuk (2011) decided to measure the performance of environmental governance whilst defining the environmental performance through literature review. ... In addition, econometric model was used to identify the correlation between dependent variable (environmental performance) and the independent variables (R&D and taxation). The econometric model included regression analysis, variance analysis; least squares procedures, and QUE estimates to provide the necessary covariance matrix for identification of error. Results of the regression analysis were presented using tables after which a discussions based on such results were conducted. The discussions were linked to various levels of success of applicable environmental policy tools within the global spectrum. Flaws in Procedural Design Despite having a beautiful research procedure in a bid to attaining their objectives, Im and Wonhyuk (2011) research was flawed within the procedural design. Firstly, the researchers did not mention it anyway other than the introduction on the research design. In other words, Im and Wonhyuk (2011) research did not provide for research methodology. Every re search conducted should explicitly provide research methodology, which will guide not only the researchers but also the users of the document into how the study was conducted. Another flaw was on the data analysis. Im and Wonhyuk (2011) just given the analyzed data after stating the statistical tools they had used. It would have been better if such econometric models were included within the research other than just mentioning them. Lastly, despite obtaining empirical data from the selected major countries, which they did not explicitly indicate, there was need to identify the sample size and sampling method of the major countries they though would effectively represent the entire globe. Analysis of Data Analysis of

Company report Essay Example | Topics and Well Written Essays - 750 words

Company report - Essay Example In the wake of new era of the then company`s CEO, John F. Welch, General Electrics was at its worst financial and economic doldrums (Slater). During his tenure as the CEO of the company, General Electrics underwent a series of radical financial changes. In 1988, the CEO had managed to salvage the economic performance of the company by acquiring about 338 product lines and business at a cost of $11.1 billion. In the year 2009, the company registered a financial success setting its net income at $0.5 billion with consolidated revenue of $3.4 billion. Similarly, the industrial cash flow arising from the company’s operating activities was at $16.6 billion, a financial figure that remained superior as at that time. The table below shows the financial performance of the General Company from 2009 to 2013. General Electrics has a several competitors in the industry. Some of its active competitors include Citigroup Inc and Koninklijke Philips N.V. The table above shows the direct comparison of General Electric with other companies In the beginning of the week, the GE tries to pursue the Alstom assets to possible purchase of the same. This move seems interesting to the investors and it explains the high opening prices. However, in the course of the week, another setback seems to derail the acquisition of the Alstom; French government signs into law a bill that that bars foreign companies from acquiring local companies. Towards the end of the week, General Electric Company makes a payment of $59 billion as pension but it also introduces benefits to workers who are not productive. These further explain the slight drop in the closing price. The stock prices’ marking the beginning of this week was pegged at 26.55. However, at the end of the week, there was a significant change in stock prices of General Electric. Different news outlets reported that Jeff Immelt, company’s CEO reviewed

MGMT Essay Example | Topics and Well Written Essays - 1000 words - 1

MGMT - Essay Example This leadership style entails implementing new ideas, with the leaders as the best example of such new idea adoption. The training on this type of leadership should be introduced to the leaders of the company within the first 4 months, after which the phase of implementation of the new leadership style follows in the next 8 months. To address the challenge of change resistance by the leaders of the company, a performance-based evaluation should be introduced in the organization within the first 6 months of new company leadership, where the leaders failing to address the required changes in their areas are replaced with others. To motivate the company employees, while attracting and retaining more talented employee, an employee motivation program should be established in the organization, within a duration of 4 months of the new CEO joining the company. The motivation program should entail cash rewards, training and development as well as promotion of the employees whose performance and exceeds the set targets (Phillips, 1847). In addressing the challenge of reduced profits for the company, a change in the type of products manufactured by the company should be introduced, where the products that are not profitable are scrapped off and replaced with the newly developed products, generated by the R & D department of the organization (Phillips, 193). Facing off the old and non-profitable products and their replacement with new products should be implemented within the first 12 months of the introduction of new leadership. Additionally, strategies for minimizing the costs of production should be sought, with the COO leading a team of researchers to investigate the appropriate production systems and processes that should be installed to reduce costs (Phillips, 188). The whole process of investigating and installing the new systems should be implemented by the end of one year of

United States v Nixo Essay Example for Free

United States v Nixo Essay A grand jury returned indictments against seven of President Nixon’s White House staff members and political supporters of the President for violation of federal statutes in the Watergate affair,. The President on the other hand was named as an un-indicted co-conspirator. The Special Prosecutor Leon Jaworski filed a motion under Federal Rule of Criminal Procedure Rule 17 for a subpoena duces tecum, a court summons ordering the President to appear before the court and produce tapes, documents and other tangible evidence relating to precisely identified conversations and meeting between President Nixon and his aides. The District Court initially treated the subpoena material as presumptively privileged, but then concluded that the Special Prosecutor made sufficient showing to justify a subpoena for production before trial. The District Court then issued an order for an in camera examination of the subpoenaed material, rejecting President Nixon’s contentions that the judiciary lacked authority to review his assertion of absolute executive privileged and the dispute between him and the Special Prosecutor was nonjusticiable as an â€Å"intra-executive† conflict. The District Court of the District of Columbia issued an order for in camera assessment of subpoena material consequently rejecting President Nixon’s arguments. President Nixon then sought appellate review in the Court of Appeals. The Special Prosecutor Leon Jaworski subsequently filed a writ of certiorari and President Nixon filed a cross-petition for a writ challenging the grand jury. The U.S Supreme Court granted both petitions. Under the laws of the constitution, can the President of the United States, upon his non-indictment for conspiracy which violates federal law, invoke absolute executive privilege that interferes with a District Court order directing him to produce certain tape recordings and documents relating to his conversations with aides and advisers? 1. Article II Section 2: He shall have Power, by and with the Advice and Consent of the Senate, to make Treaties, provided two thirds of the Senators present concur; and he shall nominate, and by and with the Advice and Consent of the Senate, shall appoint Ambassadors, other public Ministers and Consuls, Judges of the Supreme Court, and all other Officers of the United States, whose Appointments are not herein otherwise provided for, and which shall be established by Law: but the Congress may by Law vest the Appointment of such inferior Officers, as they think proper, in the President alone, in the Courts of Law, or in the Heads of Departments 2.Federal Rule of Criminal Procedure Rule 17 (c): A subpoena may order the witness to produce any books, papers, documents, data, or other objects the subpoena designates. The court may direct the witness to produce the designated items in court before trial or before they are to be offered in evidence. When the items arrive, the court may permit the parties and their attorneys to inspect all or part of them. 3.Fifth Amendment: No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation. 4.Sixth Amendment: In all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the State and district wherein the crime shall have been committed, which district shall have been previously ascertained by law, and to be informed of the nature and cause of the accusation; to be confronted with the witnesses against him; to have compulsory process for obtaining witnesses in his favor, and to have the Assistance of Counsel for his defense. The Supreme Court proceeded in determining a resolution to the case by acknowledging and evaluating the presented arguments of both parties. They began with assessing the argument by President Nixon’s counsel that the dispute between the President and the Special Prosecutor Leon Jaworski was an intra-branch dispute between a subordinate and superior officer of the Executive Branch and is not subjected to judicial resolution. Based on that claim, the Supreme Court introduced the regulations of the Authority of Article II, Section 2 and indicated that under those regulations Congress has vested in the Attorney General the power to conduct the criminal litigations of the United States Government. Along with that, the Attorney General also has the power to appoint subordinate officers to assist him in the discharge of his duties. For cases such as this and in conformation of the statutes, the Attorney General delegated authority to Special Prosecutor Leon Jaworski to represent the United States. Based on the governing statutes and the delegation of authority, the Supreme Court agreed that the Special Prosecutor was indeed acting within the scope of his express authority. They also included that the fact that both parties are officers of the Executive Branch could not be viewed as an avoidance of justifiability and would however be inconsistent with applicable laws and regulations. As a result of that, the Supreme Court’s concluded that the Special Prosecutor has standing to bring action and that a justifiable disagreement had been presented for decision. The second argument the Supreme Court reviewed was the way in which the evidence was sought, by determining whether the issuance of the subpoena duces tecum in the federal criminal proceeding was in accordance with the requirements of the Federal Rule of Criminal Procedure -Rule 17 (c). The Supreme Court concluded that the Special Prosecutor satisfied the requirements by ensuring that production of the evidence sought displayed relevancy, admissibility, and specificity to the criminal case. Along with that, the Supreme Court agreed that there was sufficient likelihood that each of the tapes contained conversations relevant to the offenses charged in the indictment. Finally the Supreme Court evaluated the argument by President Nixon’s counsel, of immunization from the subpoena on the basis of absolute executive privilege. The Supreme Court weighed the importance of general privilege of confidentiality of Presidential communication and took into account that the basis for the claim of privilege was not on the grounds of military or diplomatic secrets. In the absence of a claim of military, diplomatic or sensitive national security secrets, the Supreme Court rejected the argument of confidentiality of Presidential communication, stating that the allowance of the privilege to withhold evidence that proves relevant in a criminal trial would cut deeply into the guarantee of due process of the law depicted in the Fifth Amendment. Along with that the Sixth Amendment confers upon every defendant in a criminal trial the right â€Å"to be confronted with the witnesses against him† and â€Å"to have compulsory process for obtaining witnesses in his favor. Therefore full disclosure of the facts is essential to the carrying out justice of the Sixth Amendment right to face adversaries. The Supreme Court concluded that when the grounds for asserting privilege against the production of subpoenaed material sought for the use in a criminal proceeding is based on a general interest in confidentially, the claim of privilege must yield to the specific need for evidence. The Supreme Court justices exerted strenuous effort to agree upon a decision in this case. Their efforts resulted with a unanimous 8 to 0 ruling, ordering President Nixon to comply with the subpoena and produces the tapes and documentation to use as evidence in the trial court. In regards to the claims of absolute executive privilege the Supreme took into account that the President’s communications and activities encompass a wide range of sensitive material and is therefore entitled him deference. However since the basis for asserting privilege was not related to important military or diplomatic secrets affecting national security, the need to ensure a fair trial outweighed the principle of executive privilege. Ultimately the Supreme Court’s final ruling gave preference to the fundamental demands of due process of the law in the fair administration of justice. My opinion is that the President refused to turn over the evidence because it contained relevant facts that would indicate his involvement; therefore invoking a right to privilege of confidentiality was a way in which to avoid an order that could possibly reveal information that could convict him as well. However despite the President great dissent for the ruling, once he exercise the order by the Supreme Court to produce the relevant evidence, the content undoubtedly revealed the President participation in the Watergate scandal. As a result of this President Nixon resigned from office in effort to avoid impeachment, becoming the first President of the United Stated to ever resign his position.

Strategically Evaluate The Accor Expansion Plan Tourism Essay

Strategically Evaluate The Accor Expansion Plan Tourism Essay The author has to strategically evaluate Accors expansion plan of adding 10,000 rooms per annum in total during two years (2007-2008) in both established market chosen as United States of America and emerging market chosen as China. The author will also review the marketing, financial strategies that Accor has adopted in these markets till now and then suggest future strategies to expand in these markets. The author will also be suggesting about the brand that Accor should look forward to expand. Accor  is a large  French  multinational corporation operating in nearly 90 countries and Accor Hospitality, the Accor hotels branch, has more than 4,000 hotels worldwide. It starts from the most luxurious hotels to the most economic lodging solution. Under its belt there are brands like sofitel, novotel, mercure, ibis, red roof inns, etap, motel 6, studio 6 and formule 1. The group is looking to expand its hotel business in an established (USA) and establishing (China) market by adding 20,000 rooms over the period of two years. The author has to strategically evaluate and make suggestions to the group. With a corporate representation throughout the world, Accor Hotels have become one of the largest players in the industry. It is an intricate organisation with multiple brands and qualifications of hotels, as well as supplementary products and services. Accor finds it important to incorporate the small and medium-sized hotels in managing customers needs and requests as they are the direct link to the customers. Accor  is a large  French  multinational corporation operating in nearly 90 countries. Accor is the European leader in hotels (Accor Hospitality) and a global leader in corporate services (Accor Services). Accor Hospitality, the Accor hotels branch, has more than 4,000 hotels worldwide. It starts from the most luxurious hotels to the most economic lodging solution. (Reference: http://www.fundinguniverse.com) Aims Objectives: This report aims to develop international expansion plans for Accor in established and emerging market in the given span of time during the year 2007-2008. The objective is to provide rationale for the selection of markets, and propose branding, finance, and marketing strategy to the Board of ACCOR to add an additional 10,000 rooms per annum across both established markets (Europe, including France and North America) and other areas of the world (Latin America, Africa, Middle East and Asia/Pacific). Research Methodology: This report is based on the case study for the ACCOR group of hotels which is from the module study guide and is a piece of research by the The Centre for Hospitality Research at Cornell University. The various secondary sources accessed have been as following: internet, journals, professional reports, government reports and others to produce data for the targeted markets. In 1967 Gà ©rard Pelisson and Paul Dubrule opened their first Novotel hotel on a roadside near Lille in northern France. Travel was booming in France in the 1960s and the hotel industry had not yet expanded to meet the demand. French hotels, in general, were either rural inns or luxury hotels in city centers. Dubrule decided to build American-style highway hotels in the medium price range and collaborated with Pelisson, a former head of market research at IBM-Europe. Through Pelissons connections the partners were able to secure a bank loan, and the Novotel firm was launched. The companys ensuing success was in large part due to its being first to break into the unexploited European market for highway lodging. Each Novotel provided standardized rooms, ample parking facilities, and restaurants featuring local cuisine. Soon Novotels also were established at airports and popular vacation sites, such as the seaside and mountain areas. The acquisition of the Mercure hotel chain in 1975 pushed the company into metropolitan areas and the business traveler market, and these hotels varied according to regional demands in style, character, and restaurant offerings. By the end of the 1970s Novotel had become the premier hotel chain in Europe with 240 establishments in Europe, Africa, South America, and the Far East. Accors brand worldwide Formule1 Lowest rates on the market. Functional room for one, Two or three people. All-you-can-eat breakfast buffet. Round-the-clock check-in. Etap Pleasant convenient room for one, two or three people. Budget price. All-you-can-eat breakfast buffet. Round-the-clock check-in. Motel 6 The lowest price of any national chain. Red Roof Inn Renovated product. Low rates. Comfortable beds. RediCard Preferred Member loyalty program. Ibis Simple, reliable pricing policy. Always very well situated, in city centres, close to airports or near major tourist or business areas. Service quality (ISO 9001 certification and 15-minute satisfaction guarantee). Environmentally friendly waste, water and energy management systems. Teams on duty around the clock. Breakfast served from 4:00 a.m. to noon. Hot snacks available at any time. Mercure Shared values, such as a strong regional focus, a unique personality and an exceptional wine list. For business and leisure stays, in city centres, at the seaside or in the mountains. Novotel Open spaces featuring contemporary design, for rest and relaxation. Bright, spacious, pleasant rooms where guests can work or unwind in a comfortable setting. Customers can eat whatever, whenever and wherever they want. Offers adapted to the needs of all travellers. Suite Hotel Innovative, modern concept. 30-square-meter modular suites. With Boutique Gourmand, food can be purchased around the clock in the hotel lobby. Free relaxing massage every Thursday evening. The longer the stay, the lower the price. Smart cars made available free-of-charge to medium-stay customers. Sofitel Prime locations in leading business centres and resorts. Each hotel is unique in its design, architecture and culture. Sofitels exclusive MyBed concept, the guarantee of a good nights sleep. Restaurants offering innovative, contemporary cuisine that surprises diners, awakening their senses and stirring their emotions. Hotel Distribution Worldwide Accor has its 4,000 hotels in 90 countries. It has its presence all seven continents and in all mojor cities. (Reference: www.accorhotels.com) Europe Africa Asia Australia North America Andorra Algeria Cambodia Australia Canada Austria Benin China Fiji Islands Mexico Belgium Burkina Faso India French Polynesia USA Bulgaria Burundi Indonesia New Zealand Cyprus Cameroun Japan Norfolk Island Czech Republic Chad Laos France Egypt Malaysia Germany Equatorial Guinea Philippines Greece Gabon Singapore Hungary Ghana South Korea Ireland Guinea Thailand Italy Ivory Coast Vietnam Lithuania Mauritania Luxembourg Mauritius Monaco Morocco Netherlands Nigeria Poland Reunion Portugal Rwanda Romania Senegal Russia South Africa Spain Tunisia Development strategy Accors hotel business has continued its sustained pace of development. Most importantly, they devised a new, more efficient business model based on two foundations: Stronger brands those are now more visible, more attractive and more strategically aligned. An asset right real estate strategy, which consists of adapting operating structures to the profile of each country and market segment. Pelisson and Dubrule developed their expanding company with a decentralized management and a unique dual chairmanship. Although to comply with French law the partners took turns holding the official position of chairman, they made all decisions jointly and shared responsibilities, immersing themselves in all aspects of the business. The companys specialty became variety, providing hotel chains to fit every need. In 1973 Sphere S.A. was created as a holding company for a new chain of two-star, no-frills hotels, called Ibis; the first Ibis was opened the following year. During this time, the company also acquired Courte Paille, a chain of roadside steakhouses founded in 1961, which reflected many of the same priorities as Novotel: practicality, easy parking, consistent quality, and quick service. (Reference: http://www.fundinguniverse.com) Accor expanded at a far swifter rate than its international rivals, becoming the largest operator in Europe. It led the market in France and West Germany, and expanded in the medium and economy range in Spain, Italy, and Britain with its $75 million investment budget. The companys European base provided three-quarters of its revenue, with more than half coming from hotels and the rest from its foodservices. (Reference: http://www.fundinguniverse.com) In 1997, Dubrule and Pelisson decided to retire from active management and were succeeded by Jean-Marc Espalioux. Espaliouxs new management team focussed on relocating Accors cash. In an effort, to deleverage themselves and free resources to provide for expansion, Accor disposed of à ¢Ã¢â‚¬Å¡Ã‚ ¬3 billion of real estate assets as part of a sale and leaseback programme. (Reference: http://www.fundinguniverse.com) Business Mix Accor S.A. operates in hotels and services sector worldwide. It provides luxury and upscale, midscale, and economy hotel services. It also designs, develops, and manages prepaid solutions, including food vouchers, welfare and assistance programs, family assistance solutions, gift vouchers and cards, loyalty programs and incentive campaigns, and expense management services to corporate clients and public institutions. In addition, the company operates restaurants and casinos, as well as provides onboard train services to the railway sector. Accor was incorporated in 1960 and is headquartered in Evry, France. Financial Performance Profit before tax rose to à ¢Ã¢â‚¬Å¡Ã‚ ¬727 million in 2005, an all-time record, and the Groups balance sheet was more solid than ever. Based on these results, shareholders will be asked to approve an ordinary dividend of à ¢Ã¢â‚¬Å¡Ã‚ ¬1.45 per share, a 26.1% increase, plus an exceptional dividend of à ¢Ã¢â‚¬Å¡Ã‚ ¬1.50 per share, representing a total payout of à ¢Ã¢â‚¬Å¡Ã‚ ¬320 million. This dividend policy is accompanied by a share buyback program that has had a positive effect on earnings per share. (Reference: www.accorhotels.com) Accors 2006 results were excellent, as can be seen in three key figures: à ¢Ã¢â€š ¬Ã‚ ¢ Revenue rose by 6.6%, the biggest increase since 1998. à ¢Ã¢â€š ¬Ã‚ ¢ Profit before tax rose by 28% to à ¢Ã¢â‚¬Å¡Ã‚ ¬727 million, a record. à ¢Ã¢â€š ¬Ã‚ ¢ EBITDAR margin, at 27.4%, was our highest ever. These figures prove that Accor is developing fast and enjoying very good financial health, as illustrated by their low level of debt. Another reason for satisfaction is that these improved results concern both the Services and the Hotels businesses. For the year, revenue was up 15.5% in Services and 6.1% in Hotels. And, if 2006 was a very good year, the outlook for 2007 is also very encouraging. With the two businesses growth potential, the economic turnaround (especially in Europe with the upturn in the hotel cycle) and the emerging markets of China and India, they have every reason to be optimistic. For 2007, Accor is on track to step up the pace of growth, with the goal of adding 200,000 rooms by 2008. (Reference: www.accorhotels.com) Strategy Very quickly too, it became apparent that there was a need for a clearer strategy that would enable the Group to more accurately identify its development priorities and, more importantly, focus its managerial and financial resources. In addition to this two-pronged strategic shift, senior management, under the leadership of Gilles Pà ©lisson, outlined a sustained expansion strategy combining acquisitions, notably in the Services business, and stepped up organic growth in the Hotels business with the opening of 200,000 new rooms between 2006 and 2010, especially in China, India and other fast-growing regions. Redefining the market positioning of the brands also made it necessary to reposition the Sofitel brand and create a new non-standardized banner in the economy segment, All Seasons. The brand strategy has led to a shift away from the Accor corporate banner toward the operating brands. Accor focuses repeatedly on a specific vision for growth and believes in sustainable, profitable growth through three pillars: A geographically and structurally balanced portfolio A disciplined, and results-oriented management of resources and assets A set of powerful, aligned brands (Ref: case study) The Right Approach became Accors strategic vision of its Hotels division focussed on making Accors Hotels business more profitable, less cyclical and well appreciated by its clients: To achieve these goals, five levers drive the Right Approach: Align the brand portfolio with customer expectations (The Right Brands) Redefine the networks around this brand portfolio (The Right Network) Improve hotel operating performance in the reconfigured business base (The Right Operating Performance) Adapt hotel operating structures to improve return on capital employed and reduce cash-flow volatility (The Right Asset Management) Shift the corporate culture to deliver the best value-added services to hotel owners (The Right Service Provider). Ownership Structure For the lower and mid segment hotels Accor can consider giving franchises or entering in joint ventures. However, for the high end segment hotels like sofitel and novotel, Accor should maintain ownership approach as these properties have higher profit sensitivity. In 2003, Accor opened 10 new properties under these brands, and they owned or leased these new properties. Accor should have less capital-intensive operating structures, which is a key to their success, especially in economically sensitive countries. While Accor owns and leases some properties, they also look to management contracts and franchising. (Reference: case study) Developed Market For the developed market the author has chosen three developed markets from which one will be shortlisted after the analyses. The author has chosen UK, France and USA as its markets for analysis. Accor has great presence in all the three markets. Accor has 125 hotels in UK mainly in the mid-segment. The demand for mid-segment hotels in the UK is strong and most of the Accor hotels are doing well. However, UK is not a big market compared to the US for Accor. Accor already has a good presence in the European market and hence there is limited scope of expansion. Similarly, in France Accor have a staggering number of hotels and resorts in all segments. It also has a lot of services in France. It has its strongest presence in France considering the size of France to the UK and the US. Accor already has a very good presence in France in all the segments. Hence it has little scope for growth. In the USA, Accor has motel 6 and studio 6. It is also present in the upscale market. However, it still has a large scope for expansion in all the segments as the US market is so vast and diverse. Therefore, in the developed markets, the author has shortlisted the US market for the addition of 10,000 rooms in the year 2007-08. Developing Market Like the developed market the author will choose three developing markets and shortlist one of them for the analysis. The developing markets are India, China and South Korea. South Korea is relatively a small country and the economic growth is not impressive enough for Accor to add 10,000 rooms in this market. Accor entered the Indian market in the early 80s and failed miserably. Accor has few operational hotels in India mainly business hotels. However, the political system in India is somewhat chaotic as compared to China. The third market chosen is China. China is a huge country in terms of land and is the fastest growing economy in the world. It has a stable government and its foreign policies towards the hospitality industry are very friendly. Therefore, the author has shortlisted China as its developing market. ESTABLISHED MARKET (USA) _______________________________________________________ Rationale The United States of America (commonly referred to as the United States, the U.S., the USA, or America) is a federal constitutional republic comprising fifty states and a federal district. At 3.79 million square miles (9.83 million km ²) and with about 305 million people, the United States is the third largest country by total area and third largest by land area and by population. The United States is one of the worlds most ethnically diverse and multicultural nations, the product of large-scale immigration from many countries. The U.S. economy is the largest national economy in the world, with an estimated gross domestic product (GDP) of US$14.3 trillion (23% of the world total based on nominal GDP and almost 21% at purchasing power parity). (Reference: http://www.wikipedia.com) Geographical Location North America  is the northern  continent  of the  Americas,  situated in the  Earths  northern hemisphere  and almost totally in the  western hemisphere. It is bordered on the north by the  Arctic Ocean, on the east by the North  Atlantic Ocean, on the southeast by the  Caribbean Sea, and on the south and west by the North  Pacific Ocean;  South America  lies to the southeast. North America covers an  area  of about 24,709,000  square kilometres  (9,540,000  square miles), about 4.8% of the planets surface or about 16.5% of its land area. As of July 2008, its  population  was estimated at nearly 529 million people. It is the  third-largest  continent in area, following  Asia  and  Africa, and the fourth in population after Asia, Africa, and  Europe. (Reference: http://www.wikipedia.com) PESTLE Analysis Political A seldom-stated fact of life is that without political stability it is impossible to have economic progress. Until a nation has a stable political system in place, it is impossible for people to plan their lives, conduct business successfully and go about their daily routines with any hope for the future. The United States has enjoyed 135 years of political stability since the end of the Civil War. The United States is the oldest democratic republic. This is an incredible accomplishment. It is amazing that no other country has been able to copy the American system of government successfully. It is as if that system is uniquely suited to that single country. (Reference: http://www.wikipedia.com) With mass manufacturing long gone from America, hospiatality industry is one of the key generators of revenue. Hence the American government has given some concessions for the development and growth of the industry: Grant of Infrastructure Status for hotels Concession for Convention Centres Continuation of Concessions   Depreciation rate for hotel buildings Concession in Income Tax Act for the Hotel Industry (Reference: http://www.capitalmarket.com) Economical Fortunately for U.S. hotel owners and operators, actual RevPAR improvement through the first six months of 2004 has already reached 9.5 percent. Most encouraging was the 3.2 percent increase in ADR. Record-breaking growth rates for revenues and profits are certainly welcome news for U.S. hotel owners and operators. The industry leaders have forecasted growth in the coming years for hospitality industry in the USA. Also with backing of the US government the hospitality industry is believe to show good results in coming years. (Reference: http://www.wikipedia.com) Social The American population is comparatively young compared to other developed nations like Japan and Germany and a lot of young immigrant work force is also available in the country. Therefore, it is doubly beneficial for the hospitality industry, which is always on the lookout for young work force and customers. The American government safeguards the interests of its people through following agendas: the social inclusion process Coordination of social security schemes Anti-discrimination and relations with civil society Equality between women and men Social Agenda 2005-10 (Reference: http://www.childstats.gov) Technological The effective use of hospitality technology is one of the key factors in providing stellar customer service, since the proper implementation of this technology helps to ensure that key aspects of service are not accidentally forgotten or avoided. The hospitality sector in the US spent a total of $917 million in 2006 on RD activities, compared to $784 million in 2005. As the President outlined in his State of the Union Address, the ACI commits $5.9 billion in FY 2007 and more than $136 billion over 10 years to increase investments in research and development (RD), strengthen education, and encourage entrepreneurship and innovation. (Reference: http://www.capitalmarket.com) Legal The lobour laws in America are very stringent. Therefore, the hotel has to abide by the rules to avoid fines and getting into legal disputes. Some of the laws for the hospitality industry are as follows: Common Law System Right To Privacy American with Disabilities Act Safety and Security Food and Beverage Consumption Employment Workplace Contracts Travel and Tourism The international arrivals market for the United States has changed significantly since 2000. This goal of this analysis is to provide insights into changes affecting the top inbound markets to the U.S. The U.S. welcomed 56 million international visitors from 213 countries during 2006, up 10 percent from 2005. Total arrivals were also up 9 percent from 2000, the former record year for total non-resident visitation to the country. Arrival records were set by 72 countries, nine of which were among the top 20 inbound markets. Therefore, in 2007, the growth in arrivals was driven more from the emerging markets than the top arrival markets. Overseas arrivals (excluding Canada and Mexico) totalled 23.9 million during 2006, up 10 percent from 2005. Travel from overseas markets accounted for 43 percent of total arrivals to the U.S. and contributed significantly to the overall growth in international arrivals in 2007. Although overseas travel is rebounding from its low in 2003 it was down eight percent from its peak in 2000 (graph below). Fourteen of the top 20 overseas markets exceeded 2006 arrivals levels by double-digits: Germany, France, Australia, Brazil, Italy, India, PRC/HK, Spain, the Netherlands, Ireland, Venezuela, Colombia, Sweden and Israel. (Reference: http://www.travelstatistics.com) Economic Growth In real terms, Americas economy grew by 3.7 percent in 2006, faster than most other developed economies around the globe and faster than the historical U.S. growth rate, since 1970, of 3.2 percent. The overall level of GDP was $9.89 trillion (in 2000) when Bush was elected and $9.87 trillion in the third quarter of 2006. Exactly three years later, GDP is $10.88 trillion, a 10 percent real increase. To put that in perspective, just the growth of the U.S. economy over the past three years is larger than half of the entire French economy. (Reference: http://www.economicreform.com) Brand Selection Headquartered in Dallas (Carrollton), Texas, Accor North America operates more than 900 upscale and economy properties including nationwide economy leaders Studio 6 and Motel 6 and the upscale Sofitel and mid-scale Novotel and Ibis hotel locations in the U.S., Canada and Mexico. Its flagship chain, Motel 6, caters primarily to vacationing families in the US and Canada with a limited menu of amenities. Accors plan for the U.S. should focus on Motel 6, Studio 6, Sofitel and Novotel brands. The company should plan to grow Motel 6 and Studio 6 aggressively. Were working on new prototypes for both brands, Le Mener said. We intend to be very aggressive with a goal to develop 70 to 75 properties a year, Mener added. Novotel should follow the growth plan of Sofitel, which is to have properties only in the top 20 to 25 markets in the U.S. We see Novotel as an international network, he said. Business travellers and families on a vacation are looking for budget hotels as they want the cheapest mode of accommodation. Accor has a great presence in the low budget segment and therefore, it should continue to grow its hold in this segment. However, it should also look at growing in other segments of the market. This will help Accor in creating brand awareness and also increase its market share in the US. Accor in USA Brand Hotels Rooms Managed/Franchised Motel 6 815 85,421 127 Red Roof Inns 360 39,622 101 Studio 6 37 4,714 2 Sofitel 8 2,633 1 Novotel 6 1,835 3 Total 1,226 134,225 234 (Reference: http://www.accor.com) Financial Strategy Accor USA was struggling with manual account reconciliation that postponed month-end accounting for its growing number of properties. Department inefficiencies and error-prone manual processes caused delays with the identification of exceptions like missing and late deposits. High turnover at properties and reporting delays exposed the company to expensive losses with annual write-offs averaging $1.5 million. Accor USA had no process for escheatment and a 2004 audit resulted in $3 million dollars in penalties for unclaimed property that had not been filed with the appropriate states. (Reference: http://www.accor.com) Accor USA faces a lot of financial problems that cannot be sorted out in a matter of time. It has very less cash left to fund its operation in the USA. Although, the funds from operations increased 7% to $906 million in 2005, it still struggles to keep up. Capital expenditure for renovation and maintenance rose by nearly 15% to   $326 million during the year, and represented 4.5% of revenues, versus 4.2% in 2005. Free cash flow amounted to $580 million. (Reference: http://www.accor.com) As seen above, Accor USAs debt is decreasing and cash flows are increasing, therefore it should concentrate on the expansion programme as the cash flows increase. However, it should focus on economy hotels like Motel 6 and Studio 6 as they require less money. To fund these projects Accor can raise cash money from equity market and some from its operations. With its more substantial financial resources, Accor should step up the pace of growth and enjoy greater financial flexibility. The initial three-year (2005-2007) expansion budget has been increased by 39%, to EUR 1.7 billion from EUR 1.2 billion, to fund the development of various hotel projects in the U.S. (Reference: http://www.accor.com) To improve its financial flexibility, Accor should undertake an innovative real estate management strategy designed to meet two main objectives: Reduce capital intensity in upscale hotels. Variable holding costs in the midscale segment. In the upscale segment (Sofitel), Accor wants to sell the hotel properties while retaining the management contract, sometimes with a minority stake, in order to reduce earnings volatility in a segment that is more sensitive to business cycles. The objective is for 75% of all Sofitel units to be under management contract in 2006, versus 62% in 2004 and 52% in 2000. (Reference: http://www.accor.com) In midscale hotels, fixed leases are going to be transformed into variable leases based on a percentage of revenues with no minimum guaranteed.   One of the objectives is to variable a proportion of the hotels fixed costs. Marketing Strategy Accors big-spender approach has made it the arch-collector of brands, and some observers wonder whether the group can continue being all things to all people without diluting its focus. Nevertheless, its an approach that has established the French company as the worlds third-largest hotel operator, and its coverage of multiple market sectors allows it to spread the risks of a downturn in any one part of its business. Accor group should be focussing on marketing its hotels through advertisements in magazines, television and Accors other services operational in the U.S. It has joined hands with various magazines and is actively participating in television adverts, which will help in marketing its product. Many customers locate and book their Accor hotel accommodation through www.accorhotels.com and associated brand-specific web sites, where they are offered the opportunity to opt-in to an online communications programme. Accors online relationship marketing strategy should aim to convert prospects into customers and build customer value through increasing the depth of relationship and growing revenues from repeat bookings, cross-sales, up-sales and referrals. Customer relationship and marketing director of Accor Hotels, Mathieu Staat, said, Online relationship marketing is an important, but complex activity for us. Accor have several hotel brands and offer online communications in up to five languages to subscribers across 15 target zones. They also run six different loyalty and subscription cards.

How Do Banks Increase Their Liquidity?

How Do Banks Increase Their Liquidity? This essay will be looking into liquidity problems within individual banks, exploring why it is absolutely essential for banks to have good liquidity and exploring the sources of liquidity that are available to them, should they need to increase it. Over the past year there have been an assortment of serious issues involving banks, with the nationalisation and part-nationalisation of several retail banks in the UK, including Royal Bank of Scotland, Bradford Bingley, HBOS and Northern Rock and the collapse of various large financial institutions in the US and Europe including Bear Sterns and Lehman Brothers. It will also look into why these banks faced such problems, and examine the role that the Central Bank plays in managing liquidity within the money markets, and how it can help individual banks and the entire banking system if liquidity becomes an issue. Explain why banks have become under-capitalised and insufficiently liquid and that there are ways for banks to sort out their liquidity. Firstly it is necessary to define liquidity, and explain the reason that liquidity is so important for banks. Liquidity is essentially immediately spendable funds or the ability to convert assets into spendable funds, quickly and easily without a significant loss. Banks need liquidity because of demands for spendable funds. These demands mainly come from customers wishing to withdraw money from their accounts and from customers with credit requests, either in the form of new loans or drawings upon existing credit lines. However banks will also have a demand for liquidity for other reasons including paying off liabilities that they have for example loans from other banks, or the central bank, payment of income taxes and the paying of cash dividends to their shareholders. Sources of liquidity that banks have available to them fall into two categories; asset liquidity and borrowed liquidity, with most banks tending to use a mix between them both known as balanced liquidity management. Banks using a balanced liquidity management strategy look at their expected liquidity demands, store some of these demands in liquid assets and the rest left down to prearranged lines of credit from potential suppliers of funds. The stock of liquid assets is held by banks solely as a reserve, which can be turned into cash in crisis conditions, when a bank cannot meet its financial obligation. These assets must be of high quality so that in times of need, they can be sold immediately with minimal losses. These liquid assets, other than cash, include: Commercial paper is issued by large corporations as a form of short term borrowing. The maturity of commercial paper is in most cases between 7 and 45 days, and is sold similarly to the treasury bills, at a discount to its maturity value. Commercial paper is generally unsecured, making it riskier than buying treasury bills. Companies using commercial paper will normally get a credit rating check from a credit rating agency and the better the rating they achieve, the smaller the discount they can issue it at, as it is a more secure investment. A certificate of deposit (CD) is a certificate stating that a deposit has been made with a bank for a fixed period of time, and that at the end of the fixed term, the original deposit will be repaid with interest. The advantage of CDs for the depositor is that they are tradable to third parties, so the depositor can make use of the funds, if needs be, before the maturity date. The advantage to the financial institution issuing the CD is that they can make use of the deposit for the fixed period, but because they offer the depositor flexibility, the bank gets it for a slightly lower price than they would normally have to pay for other time deposits such as repos. The disadvantage of the CD is that the depositor has to deposit a minimum denomination of  £50,000 which means that small companies may not have the money for them. Repurchase agreements (Repos) are a combination of two transactions, and play a critical role in the money markets. It works by firstly a securities dealer, such as a banks, sells securities it owns to an investor and agrees to repurchase them at a specified higher price at a date in the future. This is a great way for dealers to raise funds quickly. For the investor, repos can be a very profitable short term investment. This is because not only will they make money with the dealer buying the securities back at a higher price, but if they believe that the price of the securities will drop, then they can sell them, and then potentially purchase equivalent securities to return to the dealer just before the repo must be unwound. Therefore the investor has potentially made more money on top of the interest earned from the dealer. Treasury Bills are securities with a maturity of one year or less, and are issued by national governments. These are generally considered to be the safest of all investments, and for this reason they account for a larger share of money market trading than any other type of instrument. They are also known as zero coupon bonds, as they do not pay any interest, but instead are bought at a discount rate to their face value, depending on how long it is until the security matures. The main sources of borrowed liquidity available to banks inlcude: The Interbank lending market is a market where banks can lend money to each other. This provides banks with the ability to get funds quickly in times of bad liquidity and also provides an outlet for lending excess funds. The loans are normally short term loans, generally between 1 and 14 days, but can be longer. The interbank lending market has its own interest rate, called the London Interbank Offered Rate (LIBOR), which is currently stabilised at just over 0.6%, around 10 basis points above the current base rate. Euromarkets have been some of the fastest growing markets in recent years and are basically any instrument denominated in a currency other than that of the country where it is traded. Financial institutions will look for money at the lowest price, regardless of the currency, and then change it into the home currency. This can be a good way of finding cheap money quickly, especially if the interbank lending market has dried up as it has done recently. Bond Markets are a great way of getting liquidity as there is a huge market for bonds. Bonds offer the investor interest throughout the life of the bond, and repayment of the original principle at the end. Unlike shares, the owner of the bond does not have any degree of managerial control or ownership of the issuer. For this reason it is a great way to get liquidity, because the issuer is not losing any of the company or institution and therefore none of its powers. The interest rates however must be competitive on the day of issue, but need to be just right as if it is too high, then the issuer could end up with excessive costs, but if it is too low, then they may not be able to sell them. Explain what role the bank of England has, and how it operates in the money markets and how banks are affected by the operations of the bank of England (interest rates etc) The Bank of Englands principal function is to conduct money and credit policy to promote sustainable growth in the economy and avoid severe inflation. There are various tools it uses in its role of helping in maintaining stability in the financial system as a whole, finding potential problems and risks and trying to find ways of fixing these problems and reducing the risks. In trying to achieve its main goals, the Bank of England effects the operations of all the banks, and they must be prepared for all outcomes. The tools that the central bank uses are outlined below. The Bank of England is responsible for the Governments accounts, and provides them with regular statements and banking services. It is also the banker of all commercial banks, and all commercial banks are required by law to keep 0.15% of the liabilities in their account with the central bank. The central bank is the Issuer of bank notes in England and Wales, but not the rest of the UK. It controls the countries reserves of gold and foreign currencies for the government, and by buying and selling these the central bank can influence the exchange rate. The central bank is known as the lender of last resort, and will always lend to the banks if there is a shortage of liquidity in the banking system. This has been shown vastly over the last couple of years, and has been fundamental in stopping the banking system from the possibility of total collapse. One example of this was the Northern Rock PLC in 2007, where a rumour that the bank was in serious financial trouble led to people with deposits in the bank lining up outside the banks demanding their deposits. In this instance the Bank of England quickly helped the bank out as lender of last resort. The Bank of England supervises the banking system. There are two main reasons the bank needs to do this which are the fact that customers of the banks and institutions are at a disadvantage because they are not necessarily well informed about the affairs of the intermediary and therefore could be depositing their money into a bank that is on the brink of a collapse. The central bank looks at all of the accounts of the banks to make sure that they are not in a bad position. This leads on to the second reason which is that the consequences of bank failure can be catastrophic to the whole financial system, as we have seen over the past two years, which shows that the central bank should have perhaps been supervising the financial institutions more closely. The Bank of England is involved in advising on the monetary policy. Monetary policy involves controlling the price and quantity of money and credit in the economy, with the use of different policy instruments, which are interest rates and the availability of reserves. Changing interest rates effectively changes the demand for money. The main instrument used today is interest rates. By putting interest rates up, there will be less demand for money, as it costs more to borrow, and on the other hand by lowering interest rates, it will increase the demand for money as it is cheaper. By doing this the Bank of England can basically slow down or speed up the economy and rates of inflation. This has a huge effect on banks, because everything they do relies on interest rates. Look at recent events in the money markets and the responses from firms and government and analyse the impact of these event on both individual firms and financial markets as a whole. Since the financial crisis started with the collapse of the sub-prime mortgages, banks have faced liquidity problems. This is mainly due to the fact that there has been impaired liquidity in a lot of markets, the two main markets being the interbank markets and the securities markets. Banks became unsure of both their own liquidity and the liquidity of other financial institutions, and for that reason they did not want to lend to each other on the interbank markets. This therefore pushed interest rates up in both markets, and with banks becoming increasingly dependent on these markets, it did not look good for liquidity. Many other markets also relied on the banks using these markets, and problems spread into many different markets. This all ended up with banks entailing higher borrowing costs, which then had to be passed in their lending rates and also left the banks with much weaker results. This all lead to some banks defaulting on their payment obligations, as they just did not have the liquidity they needed. Many large institutions around the world had to be bailed out by central banks, with banks in the UK including Northern Rock, Alliance and Leicester, HBOS and Bradford and Bingley amongst several others. The above table outlines the measures that the Central banks around the world took to try to address the situation. The Bank of England used several of these methods to try to resolve the severe liquidity problems that the banks and markets that were facing. As shown in the Essay, it is essential for financial institutions to have good liquidity. It is not important just for the survival of an individual bank, but for the survival of the financial system as a whole. It is clear that in recent events, the banks did not have sufficient liquidity to cover the demands for spendable funds, and in the future they need to have a much higher stock of liquid assets, and not rely so much on borrowed liquidity. It is also clear that big mistakes were made by many financial institutions, and learning from these mistakes is essential in trying to rebuild trust in both the money markets and banks in general. I believe that the Bank of England needs to improve the way it is supervising the banking system, as the collapse of the money markets could potentially have been avoided if certain banks had been supervised more effectively. The financial systems also desperately need to be regulated globally, which was one of the main topics of the G20 summit in 2009. Gordon Brown said We have a global financial system, but until now no global co-ordination or supervision, only national supervisors and a new financial regulatory is due to be released later this year, which will fundamentally change how world banks and markets operate. I believe that this new global financial regulatory system will change the way banks operate for the good, and should stop anything like this happening again. The Things They Carried | Analysis The Things They Carried | Analysis Tim Obriens The Things They Carried is a perfect example of American Contemporary, also known as postmodern, literature, mainly supporting the characteristics of metafiction, and mixture of fiction and facts, all of which are commonly used throughout all forms of postmodern literature. Because this era is current, how it will have on impact on literature still remains to be seen, but what is clear is how the contemporary era has opened a new door to literature allowing people to view the world in a whole different manner also allowing authors to be freer in expressing ideas in their literature. Contemporary literature refers to literature written from 1945 to present. It is often referred to as the era directly after World War II. This era shares many of the characteristics introduced in the modern era, but is unique in the sense that the openness found in this literature is greater. Contemporary literature also has the tendency to contradict modernist thought and brings things into new light. It deals with events and issues within this time frame and for that reason we are able to comprehend a greater deal than before. It allows the reader to feel connected to the novel in a way that wasnt possible before. What both modernism and contemporary literature share is subjectivism. Modernist literature however saw fragmentation and extreme subjectivity as an existential crisis. In contemporary literature this crisis is avoided. It is more common to find self-consciously deconstructed and self-reflexive narrators unlike in modern literature it was all about the anti-heroes and to rtured souls. There is great inner narrative of the self in contemporary. This includes the self at war with itself, to the self as arbiter points back to the phenomenological roots of post-modern thought. As far as linguistic and stylistic characteristics go, contemporary literature has an open form of writing, allowing a writer to be freer with their thoughts and ideas. It is also common to find discontinuous narrative in these works. Intersexuality or borrowing and transformation of certain ideas form other texts is also quiet present in contemporary literature, often borrowing from past modern thought as well. There is an extensive use of classical allusions within the style. What is very interesting about contemporary is its tendency not only to borrow ideas, but the sharing of these ideas and themes that is found in other languages and cultures showing how wide of a spectrum contemporary literature is willing to go. These themes and ideas are often compared and combined. But with all its uniqueness, the thing that makes contemporary stand out from the rest is its unusual usage of metaphors in its literature. This has added richness to this type of literature that many will apprec iate. Contemporary literatures themes also set this era greatly apart from the rest. It has the tendency to shatter existing social customs and faiths, and focus more on depicting vividly the stark and bitter realities. This era of literature is heavily influenced by the severity of the scientific and technological changes of the 20th century. The famous authors and works of thisperiod are vast. Each author has their unique style and way of writing, but each share the same type of freedom found in contemporary literature. No point of view or way of thinking is excluded, but rather embraced and exposed to give insight into completely different worlds that we as people may not be to familiar with, but nevertheless are able to understand on some level. J.D Salinger, famous for the novel The Catcher in The Rye, proves this by giving us a glimpse into the mind of a young adolescent boy Holden who seems to be lost in his own mind. This novel greatly supports the man vs himself theme commonly found throughout contemporary literature. The Things They Carried by Tim OBrien truly expresses exactly what contemporary literature is. Tim OBrien skillfully places all his ideas and own experiences into this collection of stories that make this an excellent piece of contemporary literature. He does everything to make these stories feel as real as possible. Tim OBrien, which also happens to be the main characters name, does this by mixing reality with fiction, a technique commonly found throughout contemporary literature. From his own experiences of the Vietnam War he is able to capture the ugly truths and the harsh, raw, human emotions that real human beings feel. He expresses the dilemma people go through in making rash decisions, and the guilt and pain found in people who went to Vietnam, so accurately it causes one to almost feel these emotions themselves and allows the reader to connect on a level never really possible before the postmodern era. OBrien does an excellent job in making the novel feel as real as possible, which is not quite a necessary characteristic of contemporary literature, but is commonly used and effectively causes a richer literary experience. He said once A thing may happen and be a total lie; another thing may not happen and be truer than the truth. He expresses this view through all the work he does. Although he did experience many of the things he speaks of on some level, he never lets his stories become more than fiction. It is the fiction that represents and reflects our world that makes the real impact on people. Literature is just another form of art. Art serves to represent parts of reality and allow us to see reality in ways we didnt before. The same applies to contemporary literature and the way Tim OBrien tries to capture his audience. His purpose is not to just tell his stories of the war, but to tell these stories in a way that will allow us to reflect and connect on our own lives. He said Its partly a story about what happens to men in a war, but more deeply it touches people to actually look at their own lives and childhoods. The reason that book ends not in the war, but with little Linda dying of brain cancer, is that that chapter is meant to move away from war to the lives of all of us. In doing this the war and its horrors serve as more than just stories of hardships and pain, but as well as a tool that allows these stories to truly serve a purpose. It is still unclear what time of impact our era will make on history, but it is clear however that contemporary literature is greatly rich, unique, and has a tremendous amount of potential to be a impacting literary period that people will continue to study even as time goes by. Postmodernism was the mark of a new age were true free expression was possible and as we moved into the 21st century it has continued to evolve into literature that is free of outside restrictions dropping the boundaries for authors allowing them to right about what they have on their mind or real issues and situations in our past and current world. This is the main reason why contemporary literature focuses so strongly on fiction. Simply because fiction is fiction it leaves a door open to infinite possibilities, and almost unimaginable stories that can move or reflect society and cause one to view the world not from the small aspect that it was shown in earlier eras, but rather from all angles and perspectiv es. Contemporary literature truly allows people to experience the full rich literary experience getting rid of the mind caging structure authors stuck to for so many years.

Client Centered Therapy Essay -- Carl Rogers, Person Centered Therapy

It is inevitable that in psychotherapy there are numerous theories. Theories arise out of scholarly investigations of ideas on human behavior. Human behavior is an extraordinarily interesting subject and therefore produces a plethora of ideas from a variety of theorists. These theorists are influenced by their education, culture, and time period. One influential theorist is Carl Rogers. His contributions to human behavior have changed many of the theories that preceded him, and his theory contributed to many theories that followed. I want to explore Client/Person Centered Therapy. This is a type of therapy that was pioneered by Carl Rogers. This therapy is different because as the name suggests it solely focuses on the client. 'In focusing on the client, the client’s feelings are deeply explored. The assumption is however, that the client was never able to have their feelings heard by the people surrounding them. Person Centered Therapy would allow the client to then be able to express their feelings openly. According to Strupp (1971), â€Å"psychotherapeutic relationship is in principle indistinguishable from any good human relationship in which a person feels fully accepted, respected, and prized† (p. 39). Thus, there must be a therapeutic alliance between therapist and client. This therapeutic alliance should creative an environment for the client in which the client feels the therapist is judgment-free. I find that Roger's theory to be interesting and seemingly affective. It makes sense that a change in a clients negative relationship patterns would allow freedom for the client to express themselves emotionally. According to Strupp (1971), â€Å"The client, therefore, is not a patient who is sick and who is in need o... ...t's problems. Instead, it should permit the client to feel that she has support to dive into emotions she might have been afraid to do so before entering client centered therapy. It is interesting to note according to Raskin et al. ( 2011), â€Å"Our basic practice [client centered therapy] remains true to the core conditions no matter who our client may be. We also assert that our ability to form an initial therapeutic relationship depends on our own openness to and appreciation of respect for all kinds of difference† (p. 183). I believe that the cultural diversity that CCT maintains is important in a multiplicity open therapeutic environment. The implications for a non discriminatory form of therapy are that it can be used across populations. This allows for broader use of this theory and the chances for positive outcomes is increased because the availability.

Oedipus The King and the Existence of Man :: Oedipus the King Oedipus Rex

Oedipus The King and the Existence of Man      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Since the beginning of time, man has used various methods on which to pass down stories, beliefs, and myths which explain different aspects of life. From oral tradition, to pictographs, to clay tablets, and onto paper, all compose the world of literature. Literature has always been an infinite realm of ideas, morals, and trains of thought.   Although the sphere of literature is encircled with extreme diversity of thought, its core is focused on one theme: man. All literature carries with itself three main characteristics: it is written by man, for man, and about man. Oedipus the King, the great Greek tragedy by the unparalleled philosopher, Sophocles, is no exception to literature's domain. It deals with one king, Oedipus, and his plight to avenge the death of his predecessor, King Laios. In his determined search to find the murderer, he establishes a proclamation which would demand the banishment and even the death of the murderer. In his ironic action, the reader discovers that this murderer that Oedipus is so determined to discover is none other than Oedipus himself. In adhesion to the definition of literature, this tragic plot reveals to the reader three main commentaries about the nature of man: man cannot escape his past, pride is the sin which leads man to greater evils, and although the life of man is in itself a positive good, there will always be a shadow of terrible tragedy that falls across it.      Ã‚  Ã‚  Ã‚  Ã‚   All throughout literature, many works have portrayed characters who carry with them a dark and gloomy past, and try to tear this shameful history of their lives from the books of their life. Unfortunately, this is impossible due to the fact that the past is a precursor to the present which, in turn, determines one's future. It is one's past that makes one what he or she is today. For example, if an individual committed ruthless acts such as theft or murder, was not caught by the law, and later realizes that that particular aspect of his or her life has caused them great grief and regret, he or she will make the effort to change and become a new individual. Let us say that individual becomes Oedipus The King and the Existence of Man :: Oedipus the King Oedipus Rex Oedipus The King and the Existence of Man      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Since the beginning of time, man has used various methods on which to pass down stories, beliefs, and myths which explain different aspects of life. From oral tradition, to pictographs, to clay tablets, and onto paper, all compose the world of literature. Literature has always been an infinite realm of ideas, morals, and trains of thought.   Although the sphere of literature is encircled with extreme diversity of thought, its core is focused on one theme: man. All literature carries with itself three main characteristics: it is written by man, for man, and about man. Oedipus the King, the great Greek tragedy by the unparalleled philosopher, Sophocles, is no exception to literature's domain. It deals with one king, Oedipus, and his plight to avenge the death of his predecessor, King Laios. In his determined search to find the murderer, he establishes a proclamation which would demand the banishment and even the death of the murderer. In his ironic action, the reader discovers that this murderer that Oedipus is so determined to discover is none other than Oedipus himself. In adhesion to the definition of literature, this tragic plot reveals to the reader three main commentaries about the nature of man: man cannot escape his past, pride is the sin which leads man to greater evils, and although the life of man is in itself a positive good, there will always be a shadow of terrible tragedy that falls across it.      Ã‚  Ã‚  Ã‚  Ã‚   All throughout literature, many works have portrayed characters who carry with them a dark and gloomy past, and try to tear this shameful history of their lives from the books of their life. Unfortunately, this is impossible due to the fact that the past is a precursor to the present which, in turn, determines one's future. It is one's past that makes one what he or she is today. For example, if an individual committed ruthless acts such as theft or murder, was not caught by the law, and later realizes that that particular aspect of his or her life has caused them great grief and regret, he or she will make the effort to change and become a new individual. Let us say that individual becomes