Case study Essay Example | Topics and Well Written Essays - 500 words - 60

Case study - Essay Example The deal was going on well with the company making small losses and gains to balance the losses, an indication that all systems were right. However, in mid April 1994, Artzt, the chairman of P & G, made a shocking revelation that the company had made a whopping $157 million loss after liquidating two interest rate swap contracts (Smith, 68). This was in addition to a $102 million after tax charge against the company’s third quarter profits to cover the losses incurred in the transaction (Malkin, 1994). The scenario was that P $ G had a signed a contract that considerably magnified the interest rates swings in a 3 years swap in which the company paid a floating rate on Libor (Smith, 69). The intention of the company was to make an interest in the event that interest rates fell or remained constant, which could have led the prices of the relevant bonds increasing or remaining constant. As a result, the company could have paid the expected Libor rate while still benefiting from t he income from Bankers Trust for the options. However, the short interest rates rose significantly leading to a decline in the prices of the long term bonds, forcing P & G to buy the derivatives at rates way above the selling value. In other words, P &G found itself paying rates above the selling value due to the sensitivity of the long term bonds to the slightest movement in interest rates. Consequently, P & G had to pay much higher to purchase back the derivatives from Bankers Trust than what the bank had paid for them due to the increase in the value of the options held by the bank as a result of a rise in interest rates (Heffernan, 641). P & G incurred the above losses due to interest rates volatility in the market, which made the company buy its swiped instruments at much higher costs than the bank had paid. The outcome of the transaction was that two P & G employees considered to bear the

Microeconomics Term Paper Example | Topics and Well Written Essays - 1500 words

Microeconomics - Term Paper Example Their intent was to establish a national minimum standard of living and stabilize the economy by regulating pay of the poorest social class. The outcomes from this grand experiment are varied. Social activists maintain that it prevents greedy businesses and heartless corporations from exploiting the lowest wage earners. Economists hypothesize that it may actually reduce employment and deepen the wounds of poverty. Politicians seek to justify the law to constituent consumers and small business owners (many of whom pay must pay part-time workers above their market value). This paper will examine issues surrounding the Minimum Wage Law. Minimum wage’s ability to strengthen the economy remains subject to intense analysis and research. Legislators intend the law to provide workers and their families with a livable wage, yet many question whether it achieves that or whether it fits into our free market society. The New Deal and its associated recovery programs were viewed by some as "a drastic control of capitalist exploitation, involving a socially planned economy in which the depersonalized pursuit of private profit is subject to check at a thousand strategic points" (MacIver 836). In spite of these goals, traditional capitalists contend that the law contributes to inflation, creates unemployment, and harms small businesses. Some go so far as to call it unconstitutional and counter to the spirit of free market economics. Regardless of whether minimum wage fits into our free market ideology, leaders have an obligation to implement policies that offer significant overall benefits to the good of its citizens, especially those in the most need. This leads to three questions about regulating base pay: First, is it necessary to alleviate suffering, hunger, or inhumane hardship? Second, is there a significant economic reward gained by the employing individuals at a minimum cost?

Materials Used in the Marine Environment

Materials Used in the Marine Environment G.R.P Piping Used For Cargo Transfer Glass Reinforced Plastic Glass Reinforced Plastic (GRP) is widely used in the marine environment because of its many useful properties. Glass Reinforced Plastic is composed of fine glass fibres woven to form a flexible fabric. The weave pattern determines the strength and weight of the GRP. There are different weave patterns used for the production of GRP depending on the application. Different resins may be added to the woven fiberglass to give it added strength and allow it to be molded into numerous shapes. Weave patterns for GRP Advantages and Properties of Glass Reinforced Plastic piping GRP pipes have a major advantage of corrosion resistance (a typical property of plastics), their strength and durability. This makes them ideal for conveying all kinds of water, chemicals and other cargoes. The major advantages of GRP are: Corrosion resistance, of both the wall in contact with the fluid carried by the pipe and the external wall. Therefore the need for extra protection such as coating or painting is minimal. Chemical resistance. GRP is minimally reactive, making it ideal for chemical pipelines and other areas where chemicals are used. Easy installation procedure Low weight The smooth internal walls avoids the formation of deposits. Requires minimal maintenance after installation GRP can be made fire resistant by the addition of special additives. Glass reinforced plastics do not conduct electricity, they also resist electric sparks. Long life. Raw Materials Used in the production of GRP Polyester resins and glass reinforcements are the main raw materials used in the manufacture of Glass Reinforced Plastics. Resins Polyester resins are the major resins employed in the manufacture of GRP, although other resins such as phynol, epoxy and vinylester are used when certain performance characteristics are required. Polyesters offer a good balance of electrical, mechanical and chemical resistance properties, at reasonably low cost. They are easy to handle and also have good dimensional stability. Polyesters are usually manufactured by reacting glycols and dibasic organic acids, both of which contain a double-bonded pair of carbon atoms. The polyester resin is a thermoset, when subjected to the right conditions it is capable of being cured from solid or liquid state. There are two main types of polyester resins used. Orthophthalic polyester resin is the standard resin widely used. Isophthalic polyester resin is the preferred material in the marine industry where superior water resistance or required or high corrosive products have to be conveyed. Glass reinforcements Glass fibre is the most widely used reinforcing material. Various components are mixed to produce a basic compound which is then melted at high temperature in a furnace to produce glass. The molten glass is drawn into thin filaments which are then processed into strands that are the basic reinforcements for the resins. Glass fibres are made from silica (SiO2) sand which melts at 1993K or 1720 °C. SiO2 is heated up to 1720 °C and then rapidly cooled to produce glass. Although glass fibre can be made from SiO2 alone, other materials can be added to improve or add certain properties. There are major grades of glass necessary to produce pipes used in the marine environment; â€Å"C† glass grade: this grade has improved resistance to chemical attack and mostly used for making the inner liner of pipes. â€Å"E† glass grade: strong and low in alkali content, good tensile and compressive strength, good electrical properties but resistance to impact is relatively poor. This grade is not totally inert in chemically corrosive environments so a protective liner is required to protect the integrity of the glass. â€Å"E-CR† glass: this grade has long term resistance to chemicals. Although the composition doesn’t much from the E-glass, the resistance to acid corrosion is a lot better. This grade has Lloyd’s approval and are certified to meet the Boeing BMS-8-79 Specification. Some additional raw materials may include catalysts for polyester resins, accelerators, inhibitors, thixotropic agents, silica. Manufacturing Process Regulations associated with the use of GRP on ships The International maritime Organization has specific guidelines for the use of plastics for pipes on ships. The guidelines provide acceptance standards, design requirements, and fire testing performance standards for plastics in piping systems independent of service or location. The guidelines refer to both thermosetting and thermoplastic plastics, with or without reinforcement. Material Design Properties and Design Criteria for GRP Piping used for cargo transfer The piping should have adequate strength to accommodate severe conditions of temperature, pressure, and the dynamic conditions of the environment. Pipes should also have a minimum wall thickness to ensure sufficient strength for handling, cargo transfer and other activities on board ships. Internal pressure: The internal pressure of piping systems should not be less than the maximum working pressure expected under working conditions or the highest set pressure of fitted safety or pressure relieve valves. The nominal internal pressure for a pipe should be calculated by dividing the short-term hydrostatic test failure by a factor of safety of 4.[i] External pressure: In the design of these piping systems, the external pressure should not be less than the sum of maximum potential head of liquid outside the pipe. The nominal external pressure should be calculated by the collapse test pressure by a factor of safety of 3.[ii] Axial Strength: the sum of all longitudinal stresses due to weight, pressure or dynamic loads should not be more than the allowable stress in the longitudinal direction. In this case where Glass Reinforced Plastic pipes are used, the sum of the longitudinal stresses should not surpass half of the nominal circumferential stress derived from the nominal internal pressure determined by dividing the short-term hydrostatic test failure by a factor of safety of 4.[iii] Temperature: the piping system should be able to serve perfectly over the range of temperatures it will experience. The maximum working temperature should be at least 20 °C less than the minimum heat distortion temperature of the resin. The minimum heat distortion temperature shouldn’t be lower than 80 °C. Where pipes are to be used for low-temperature services, special attention should be given to the material properties.[iv] Impact Resistance: the minimum resistance to impact of the piping should be to the satisfaction of the administration. Ageing: When selecting design materials for pipes, the manufacturer should ensure that the environmental effects will not degrade the physical, mechanical or chemical properties of the pipes below the values to meet these guidelines. Satisfactory ageing tests should be performed on materials before selection. Erosion Resistance: The effect of erosion should be considered when designing pipes. Adequate measures (such as increased wall thickness, use of special liners etc.) should be taken to ensure the erosion resistance of the pipes. Compatibility: the materials used in producing the pipes should be compatible with the fluids the pipes are used to convey or immersed in.[v] â€Å"The manufacturer should have a quality system that meets ISO 9001, â€Å"Quality Systems – Model for quality assurance in design/development, production, installation and servicing†, or equivalent.†[vi] The quality system during manufacture should bases on requirements and standards necessary to produce pipes with the most suitable physical and mechanicals properties. GRP Pipes and Metal Pipes Comparison Because of the materials used in the manufacture of glass reinforced plastics, they have good strength and light weight. GRP pipes have smooth, non-absorbent internal walls to allow for smooth flow of the cargoes they convey. They are also inert in nature and very durable. Some other advantages of GRP pipes include high tensile strength, corrosion resistance, low density, scaling resistance, flexibility and easy installation, long life and minimal maintenance. Metal pipes are more expensive to manufacture, they react to changes in temperature and corrode quite easily. Metals are also heavier and have a more tedious installation process. Galvanized steel pipes have a high possibility of lead contamination. Over time, the physical and mechanical properties of metals degrade. GRP piping is most suitable for cargo transfer as it has the most advantages. References The Reinforced Plastics Handbook by John Murphy http://books.google.co.uk/books?id=jo7KwTldSNQCprintsec=frontcover#v=onepageqf=false Crystic Composites Handbook December 2005, Scott Bader Company LTD http://www.scottbader.com/uploads/files/3381_crystic-handbook-dec-05.pdf Resolution A.753(18), Guidelines For the Application of Plastic Pipes on Ships http://www.imo.org/blast/blastDataHelper.asp?data_id=22601filename=A753%2818%29.pdf Web Pages http://www.netcomposites.com/guide/polyester-resins/8 25 August 2014 http://plumcots.com/grp-pipes-metal-pipes-comparison.php 25 August 2014 http://www.ayhanozdemir.net/GRP%20PIPE%20TECHNICAL%20REPORT.htm 25 August 2014 [i] Resolution A.753(18), Guidelines For the Application of Plastic Pipes on Ships, page 345, paragraph 2.1.2 http://www.imo.org/blast/blastDataHelper.asp?data_id=22601filename=A753%2818%29.pdf [ii] Resolution A.753(18), Guidelines For the Application of Plastic Pipes on Ships, page 345, paragraph 2.1.3 [iii] Resolution A.753(18), Guidelines For the Application of Plastic Pipes on Ships, page 345, paragraph 2.1.4 [iv] Resolution A.753(18), Page 345, paragraph 2.1.5 [v] Resolution A.753(18), Page 346 [vi] Resolution A.753(18), Chapter 3, Material Approval and Quality Control During Manufacture

A Brief History of Tahiti Essay -- World History Essays

Like much of the colonial world, Tahiti and its surrounding islands were subject to the intense brutality and domination of European imperialism. The native people were manipulated, their culture was eradicated, and their freedom was greatly limited as both the French and the British struggled for control over the Polynesian’s 65 inhabitable islands. What makes Tahiti distinctive from the colonial world, though, is the lack of violence commonly associated with independence movements. Instead, Tahiti’s progression from a colony to a territory of limited independence has been, for the most part, rather peaceful due to the area’s unique history and geography. The area known as French Polynesia is spread out across 2,000,000 miles of the South Pacific Ocean. Though, this number in many cases is deceiving due to the fact that only about 6,500 of those miles are land. Tahiti is the largest of the Polynesian’s 118 islands, containing a land mass greater than 1,667 square miles. It is also the area’s most populous region, consisting of nearly 150,000 citizens. The first Europeans arrived in Tahiti in 1767. A year later, the island was claimed for France by explorer Louis Antoine de Bougainville. The French, though, were slow to exert their control over the region and, in their absence, other colonial powers, most notably the British, were able to establish dominance. In 1797, the members of the London Missionary Society arrived on the island. Over the next twenty years, these missionaries developed close ties with the Pomares, Tahiti’s most powerful ruling family. Through domination and manipulation, the British missionaries used the Pomares’ influence to eradicate many of the native traditions,... .../historydates.asp> Tahiti. 1995-2002. 12 Nov. 2002. â€Å"Tahiti and French Polynesia: A look at the history and culture of French Polynesia† Tahiti Explorer. 1994-2002. 12 Nov. 2002. â€Å"Tahiti and Its Islands: The History† Tahiti Explorer. 1994-2002. 12 Nov. 2002. Links This link brings its reader to a timeline of dates regarding the history of Tahiti and Polynesia. This link brings its reader to a website designed for tourists. It contains various information about Tahiti. This link brings its reader to a basic website containing historical facts and tourism information regarding Tahiti.

Ice Cream History

Nick Fri**** Speech 8th Informational Speech History of Ice Cream Introduction: Welcome everyone, I'm going to be talking to you about the history of ice cream. The beginning of Ice Cream History: -There was many stories that were told about who created ice cream and when it was created. -The most popular myth is that a Roman Emperor named Nero had his slaves fetch him snow from the mountains and had honey, or fruit toppings poured over it. However, pouring honey over snow is not actually making ice cream. Ice cream was most likely brought from China back to Europe, because of King Tang from China, had a method of creating ice and milk combinations. Over time, recipes for ices, sherbets, and milk ices evolved from the French and the Italians. -After the dessert was imported to the United States, it was given to a lot of famous people, like Thomas Jefferson and George Washington. And it was even recorded that in the 1700's, that the Governor of Maryland served ice cream to his guests. -The first ice cream parlor in America opened in New York City in 1776. American colonists were the first to use the term â€Å"ice cream†.The name came from the term â€Å"iced cream† which was similar to â€Å"iced tea†. But the name was soon abbreviated to ice cream. (Show Photo 3) Methods & Technology: -The method of using ice mixed with salt to lower and control the temperature of ice cream ingredients during its making was a major breakthrough in ice cream technology. -In 1846, Nancy Johnson created the hand-cranked freezer that established the basic method of making ice cream still used today. (Show Photo 1) -Before the hand-cranked freezer, Ice cream was made by hand in a large bowl placed inside a tub filled with ice and salt.This was called the pot-freezer method. The hand-cranked freezer of course was better, and it produced smoother ice cream in a much quicker time. Ice Cream Sodas: -In the 1870's adding ice cream to soda was popular. They had cola floats, which was coca cola with vanilla ice cream and root beer floats, which were also known as brown cows. There was other flavors like Orange Float, and Purple cow, which is orange or grape soda with vanilla ice cream. (Show Photo 2) Sundae: -Sundaes were probably named after the first day of the week. One popular tale was that many places banned selling sodas on Sunday.So one day, a person put ice cream and syrup in a dish, and the gooey result was a hit. Ice Cream Cone: -No one really knows who made the first ice cream cone. But at the St. Louis World Fair, many people first saw ice cream in an eatable waffle-shaped cone. Eskimo Pie: -The Eskimo Pie bar was created by Chris Nelson, an ice cream shop owner from Iowa. He came up with the idea in the spring of 1920, when a kid came into his store, and had a hard time choosing from an ice cream sandwich and a chocolate bar. So he created ice cream covered in chocolate on a stick. Health Issues: Medical issues with ices and ice cre am was and is ever changing. -In the 17th century some believed that it's cold temperature would cause paralysis. And some say it was just thing to cure scurvy, and extreme weight loss. -In the 19th century it was believed that eating ice cream chilled the stomach and stopped digestion. It was also considered a healthy treat for children. -In the late 20th century, Americans blame ice cream for coronary artery disease. -Yet, in every era, praised or hated, it has been a much-loved dessert. Conclusion: -Thank you everyone for listening to me talk about the history of Ice Cream and have a good day.Work Cited Bellis, Mary. â€Å"Children making ice cream in Caswell County, North Carolina†. n. d. About. com. Web. 06 Oct. 2012. â€Å"Root Beer Floats†. 12 Sept. 2012. Elk Grove News. Web. 06 Oct. 2012. â€Å"First American Ice Cream Parlor†. n. d. Snowball Machinery. Web. 07 Oct. 2012. Quinzio, Jeri. Of Sugar and Snow: A History of Ice Cream Making. Berkeley, CA: Univ ersity of California, 2009. Print. Funderburg, Anne Cooper. Chocolate, Strawberry, and Vanilla: A History of American Ice Cream. Bowling Green, OH: Bowling Green State University Popular, 1995. Print.

Feature Article: Drug Abuse by UK Youngsters Essay

Discovery of the unknown and trying new things are the themes of the life of teenagers to young adults who feel the need to extend their boundaries in order to obtain a more fulfilling life. This is true for the case of British youngsters who have been discovered to be indulging in the abusive usage of drugs (Hickley, 2006). Reports from the Advisory Council on the Misuse of Drugs, a British government sector, have shown that a great scale of British youngsters seem to be unaware of the effects of drug abuse on their life on a longitudinal perspective that they tend to overuse these harmful chemicals for self-gratifying purposes (Hickley, 2006). In fact, about 20 to 25% of the total teen-age and young adult population of Britain is found to have used illegal drugs (Hickley, 2006). Youngsters are seen partying in clubs, drinking until dawn, participating in group riots, and are literally destroying their lives just to feel the psychological effects attributed to the utilization of drugs. Among the list of drugs, cannabis is seen to be most popularly used.   Recent reports have even shown that young people tend to use drugs in order to acquire a more fulfilling sexual experience, an event that may lead to prostitution, spread of sexually transmitted diseases, and promiscuity (News Group Newspaper Ltd., 2008). It is actually very sad that these people are being misguided by the absence of proper laws that will directly prohibit, and even prosecute them to use drugs. The future of the British race lies in the hand of the present generation and if it appears that the said generation is out of track then it is likely to think that the future of this nation is compromised. Immediate actions must be done by the British government to formulate laws that will certify proper academic drug education in high school and college, increasing the minimum of age that is allowed to purchase alcoholic drinks from 16 to 18, a substance that usually goes along with the usage of drugs, imposition of strict rules on late night partying, and on encouraging parents to provide responsible parenthood to their children. These steps, if executed in the soonest possible time, can save British youngsters from a life of misery and unfulfilled life goals to a more rewarding and productive way of life. Reference Hickley, M. (2006). Drink and drug ruining British youngsters, government admits. Mail   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   online. Retrieved 30 April 2010, from http://www.dailymail.co.uk News Group Newspaper Ltd. (2008). Drink and drugs used for sex. The Sun. Retrieved 30   Ã‚  Ã‚  Ã‚  Ã‚   April 2010, from http://www.thesun.co.uk