Financial Analysis of Two Company

07. 7. 2012 Bilal Elarslan 2007432031| Dokuz Eylul University Faculty of Business Business Administration ManagerialFinance| Financial Analysis of Ulker &P? nar Sut| List of Contents Introduction 3 1. Ulker 4 1. 1 History of Ulker 4 1. 2 About Ulker5 1. 3 Shareholder Structure 6 1. 4 Subsidaries6 1. 5 Wacc of Ulker7 1. 6 Leverage8 1. 7 Operating and financial leverage of Ulker8 1. 8 Beta Analysis9 1. 9 Ulker’s Beta Coefficent†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 1. 10 Additional financial Information & key ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦10 2. P? nar Sut†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 2. History Of P? nar Sut†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 2. 2 General Overview of Company†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦. 13 2. 3 Shareholder Structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 15 2. 4 Wacc of P? nar Sut†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 2. 5 Leverage†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 17 2. 6 P? nar Sut’s Beta coefficent†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦18 2. 7 Additional informations & key ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦19 Appendix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦20 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22Introduction In this research paper I prepared the financial ana? ysis of Ulker & P? nar Sut. While preparing this report firstly I have to choose two company Which are; * Ulker * P? nar sut While preparing this report I really mentioned about what we learned during manegerial finance lessons. As a result; with this aim, I prepared my term project by combining both acconting methods and my knowledge about finance. 1. ULKER 2. 1 History of Ulker 1944- Ulker Biskuvi was established in the Eminonu district of Istanbul. It started out as a small bakery with just three workers, producing 200 kg of biscuits per day.A few years later, the Company relocated to the Topkap? district of Istanbul. 1948- Producing a total of 75 tons of biscuits in 1944, Ulker Biscuits tripled its capacity at its Topkap? factory, built in 1948 specifically in order to increase the production volume. 1955- Ulker Biscuits decided to distribute its products throughout Turkey at factory prices and achieved a huge production increase with this innovation. 1970- In line with the growth strategy, Anadolu G? da Sanayii A. S. was founded in Ankara as a multiple-shareholder company and the production capacity of Ulker Biscuits was doubled. 974- The first biscuit export was made after choosing the Middle East as the target market. Opportunities for international competition were increased with the constitution of the R&D department in the same year. 1979- Ulker products began to be packed in cellophane-based packaging. 2003- Ulker Biskuvi merged under its own title with Anadolu G? da, whose shares have been quo ted on Istanbul Stock Exchange since 1996. 2008- Within the scope of Corporate Governance, the Articles of Association were amended and Corporate Governance and Audit Committees were set up.At the beginning of 2008, Ulker Biskuvi took part in the acquisition of the premium chocolatier brand, Godiva, with a 25. 23% share. 2. 2 About Ulker As the first company established within Y? ld? z Holding, operating its core business for 64 years, Ulker Biscuits serves as the flagship of the Holding both in terms of sales turnover and profitability. According to the Istanbul Chamber of Industry (ICI) in 2009 list of Turkey’s Top 500 Industrial Enterprises, Ulker Biscuits was ranked 104th. Ulker Biscuits produces biscuits, crackers, chocolate covered biscuits and wafers at its factories in Istanbul/Topkap? and Ankara.As the indisputable leader in the Turkish biscuit industry, Ulker Biscuits also takes its place among the giant food producers of the world, with its 280 assorted biscuit and cracker products that are supplied to both the local and international markets. In 1996, Ulker Biscuits received the ISO 9002 certification for quality standards in production; and in 2001, it was awarded the HACCP certification for quality standards in food safety. In 2002, it won the top mark of â€Å"High Level† in an analysis made by the Europe-based quality certification firm BRC, which further secured its successful position in the field of quality control.Ulker Biscuits develops new products in its independent laboratories, employing an experienced and innovative R&D staff, always keeping its quality-focused approach. Introducing an average of 60 new products per year to the market, Ulker Biscuits has continued to excel in innovation, thus making Ulker one of the top food brands. Ulker Biscuits products are exported mainly to the Middle East, Russia and Central Asian Republics, as well as to Europe, Africa and the United States. Ulker Biscuits not only contributes to Turkey’s economy through its exports, but it also successfully represents Turkey’s approach to quality on a global scale.Ulker Biscuits has an effective quality control system that injects synergy into the entire process from production through consumption; and it continues its investments based on its strategy that is focused on sustainable and profitable growth. Ulker Biscuits is a consumer-focused company that satisfies its consumers’ needs and expectations at the maximum level, and it has formed a harmonious and lasting relationship with its target group. Surveys conducted in recent years attest to the high levels of loyalty to the Ulker brand.In the â€Å"Brands 2008† survey by AC Nielsen, Ulker was ranked first in the biscuit category, and second and third in the categories of â€Å"top-of-the-mind† brands and those that consumers feel closest to, respectively. Local distribution of biscuits and chocolate covered products produced by Ulker Bi scuits and its subsidiaries is undertaken by its subsidiary, Atlas G? da Pazarlama, and other marketing companies of Y? ld? z Holding, Esas Pazarlama, Merkez G? da Pazarlama and Rekor Pazarlama. 2. 3 Shareholder Structure Shareholders of Ulker company dated 31/12/2010 is as follows.Shareholders Share(TRY) (%) Y? ld? z Holding A. S. 106. 999. 435 39,84 Others 161. 600. 565 60,16 Capital 268. 600. 000 100 1. 4 Subsideries Ulker Biscuits, the flagship of Y? ld? z Holding, associated with a number of companies within the Holding, It has developed a strong portfolio synergistic structure with both vertical and horizontal integration. Under this mutually beneficial structure, Ulker Biscuits and other companies within Y? ld? Holding, each occupy a leading position in their sectors. In addition to various biscuit facilities in cities in Anatolia, Ulker Biscuits has developed a dynamic production process that reaches into all branches of the food industry, including high quality flour, butte r and packaging facilities. 1. 5 Weighted Average Cost of Capital Corporations create value for shareholders by earning a return on the invested capital that is above the cost of capital. WACC is an expression of this cost and is used to see if certain intended investments or strategies or projects or purchases are worthwhile to undertake.WACC is expressed as a percentage, like interest. WACC of Ulker Company is %12,1. This means that investments should be made that give return higher than the WACC of %12,1. WACC= (Wi x ri) + ( Wp x rp) + ( Ws x rn) Tax rate: 20% 1. 6 Leverage Leverage refers to the effects that fixed costs have on the returns that shareholders earn. By â€Å"fixed costs† we mean costs that do not rise and fall with changes in a firm’s sales. Firms have to pay these fixed costs whether business conditions are good or bad.A firm with more leverage may earn higher returns on average than a firm with less leverage, but the returns on the more leveraged fi rm will also be more volatile. Managers can influence leverage in their decisions about how the company raises money to operate. The amount of leverage in the firm’s capital structure the mix of long-term debt and equity maintained by the firm can significantly affect its value by affecting return and risk. The more debt a firm issues, the higher are its debt repayment costs, and those costs must be paid regardless of how the firm’s products are selling.Because leverage can have such a large impact on a firm, the financial manager must understand how to measure and evaluate leverage, particularly when making capital structure decisions. Operating leverage is concerned with the relationship between the firm’s sales revenue and its earnings before interest and taxes (EBIT) or operating profits. When costs of operations (such as cost of goods sold and operating expenses) are largely fixed, small changes in revenue will lead to much larger changes in EBIT. Financial leverage is concerned with the relationship between the firm’s EBIT and its common stock earnings per share (EPS).On the income statement, you can see that the deductions taken from EBIT to get to EPS include interest, taxes, and preferred dividends. Taxes are clearly variable, rising and falling with the firm’s profits, but interest expense and preferred dividends are usually fixed. When these fixed items are large (that is, when the firm has a lot of financial leverage), small changes in EBIT produce larger changes in EPS. Total leverage is the combined effect of operating and financial leverage. It is concerned with the relationship between the firm’s sales revenue and EPS. 1. Operating and Financial Leverage of Ulker in 2011 Sales Revenue 10. 445. 022. 950 Less: COGS (9. 243. 511. 780) Operating Leverage Gross Profit1. 201. 511. 170 Less: Operating Expenses(46. 450. 461) EBIT1. 155. 060. 709 Total Less: Interest18. 799. 809 Leverage Net profit before tax1. 136. 260. 900 Financial Leverage Less: Taxes 137. 983. 993 Net profit after taxes 998. 276. 907 Less: Preferred stock dividends (518. 995. 890)Earnings available for common (EAC) 479. 281. 017 1. 8 Beta Analysis Systematic risk beta coefficient is a measure of a security. In other words, it is the relationship the performance of securities market with the average performance. It is coefficient of the change in response to a unit change in securities market. The market beta coefficient is accepted to be 1 for every time. In theory, all forms of securities in the market can be said that the beta coefficient equal to 1 in the totals. We can make 3 different beta coefficient is interpretation. 1- Beta coefficient of 1, – Beta coefficient is higher than 1, 3- Beta coefficient is lower than 1. 1. 9 Ulker’s Beta Coefficient Ulker beta coefficient is higher than 1 that is 1,02. So it represents the market price of securities will rise or fall more than the market. Beta coeffi cient that is higher than 1 is more risky than less than 1. Hence the beta coefficient of securities is less than 1 also reduces the risk of the portfolio. Therefore, in emerging markets (bull market), while beta coefficient higher than 1 which is providing higher returns than stock market, in falling market (bear market) makes a higher damage.For this reason, the falling stock markets prefers beta coefficient less than 1. ? >1 the share movement is faster than the index (high risk and high volatility). And volatility is average price of a security or market fluctuation feature that is shown in a short time interval. Volatility of a high-speed change in the price of securities and properties of extreme volatility are seen. The higher the beta coefficient causes increasing in volatility of securities. Ford coefficient is high and its volatility is increasing of securities. ParameterParameter | Coefficient| Standard Error | T- value| A| 0. 42 | 0. 54| 0. 77| Beta| 1. 02 | 1. 027 | 0. 99| F=92. 616472228 r2=0. 614915957 STD error=0. 155688307 1. 10 Additional Information on financial Instruments a) Capital risk management The Group controls its capital with the liability / total capital ratio. Net liability is divided by total capital in this ratio. Cash and cash equivalents are substracted from total loans to calculate the net liability. The shareholder’s equity is added to net liabilties to calculate the total capital. ) Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The funding risk of the current and prospective debt demands is managed by maintaining the availability of lenders with high quality and in sufficient number The following table presents the maturity of Group’s non-derivative financial liabilities. The table in cludes both interest and principal cash flows. . PINAR SUT 3. 4 History of P? nar Sut 1975 – P? nar Sut is established in Izmir as the Middle East’s biggest dairy processing complex and Turkey's first UHT (ultra-high temperature processed) milk and packaged dairy products manufacturing plant. 1976 – The company begins producing Turkey’s first processed cheese and chocolate milk. 1978 – P? nar sliced kashkaval cheese and P? nar spreadable cheese are introduced to consumers. 1980 – A Kraft-P? nar joint venture is launched. P? nar Sut introduces its Deram, Raglet, Maribo, and Cheddar cheese varieties. 982 – The company begins exporting milk, cheese, butter, yoghurt, and strawberry milk to Central Europe, Cyprus, and the Middle East. 1983 – P? nar Yem is set up to provide high quality feeds to the P? nar Sut’s raw milk suppliers. P? nar Mayonnaise, Turkey’s first domestically-manufactured mayonnaise goes on sale. P? n ar Beyaz, Turkey’s first spreadable cheese, and P? nar Whipped Topping, a powdered whipped topping both go into production. 1984 – P? nar Sut begins exporting its labaneh, milk, yoghurt drink, butter, yoghurt, cheese, whipped topping, and mayonnaise products to Kuwait, Cyprus, and Germany. 985 – Labaneh is launched in the Turkish market under the name â€Å"P? nar Labaneh†. 1992 – P? nar Sut is awarded the Turkish Standards Institute’s (TSE) â€Å"Golden Packaging† award for the introduction of the first foil-sealed yoghurt container. Form Milk, Turkey’s first low-fat milk, and Cikolasut, chocolate milk made with real, natural chocolate, go on sale. 1993 – P? nar Sut becomes the first company in its sector to be awarded TS ISO 9002 Quality Management System certification. 1994 – P? nar Sut receives another TSEâ€Å"Golden Packaging† award for its 10-liter bag-in-box pack design.Having successfully demonstra ted its compliance with European standards in terms of production, sales, and after-sales services, P? nar Sut becomes the first dairy products company to receive TS ISO 9001 Quality Management System certification. 1995 – P? nar â€Å"long-life† fruit yoghurts and prepared desserts go into production. Turkish consumers are introduced to P? nar light (low-fat) and extra light yoghurts and to low-fat, triangular cheese. 1997 – P? nar Sut opens its Eskisehir plant. 1999 – P? nar Sut introduces its â€Å"Denge† line of lactose-free, high-calcium, and vitaminenhanced milks. 000 – As a result of investments at the Eskisehir plant, P? nar Sut launches the world’s first continuous-process production of cream-top yoghurt. 2001 – UHT milk supplied in plastic bottles goes into production. 2003 – Under an agreement with Sodima, P? nar Sut launches production of fruit yoghurts in Turkey. 2004 – P? nar introduces its Kafela, K aramela, and Cikolasut line of products in packaging specially designed to appeal to young people. P? nar Sut is awarded TS 13001 HACCP Food Safety System certification. 2005 – Turkey’s first organic milk and first prebiotic and probiotic dairy products are introduced to the market. 007 – P? nar’s YOPI line of calcium-, protein-,and vitamin-enhanced dairy products for children goes into production. 2008 – P? nar Sut becomes the first company in Turkey’s dairy industry to undertake a Lean 6 Sigma operational excellence and productivity project. P? nar Milk for Kids, a milk specially designed for child nutrition, is introduced to the market. 2009 – P? nar lemonade and tropical fruit drink are introduced to the market. 2010 – P? nar Kido with Biscuit, Honey Flavored P? nar Kid's Milk, and P? nar Breakfast Cream Cheese products go on sale. 3. 5 General Overview of P? ar Sut The pioneer of many firsts in its sector since the day it was founded, P? nar Sut makes use of the most modern technology available to produce and supply consumers with the milk and dairy products that are essential to good nutrition. The first to introduce the concept of healthy milk and dairy products in Turkey When it was originally founded in Izmir in 1975, P? nar Sut was the most advanced dairy processing complex in Europe and the Middle East. P? nar Sut was the first brand to introduce and entrench the concept of wellness, standardized milk and dairy products in Turkey. The P? ar brand, earning a deserved reputation as â€Å"Source of Dynamism, Health, Pleasure and Life†, became the preferred choice of Turkish consumers while also making huge contributions both to the growth and development of the Turkish Animal husbandry stock raising and food industries and also to the well-being of new generations of children. P? nar Sut’s principal business activity is the production and sale of dairy products (milk, yoghurt, yoghur t drink, traditional and modern cheeses, butter, cream) as well as of fruit juices, mayonnaise, ketchups, puddings, honey, sauces, jams and jellies, desserts, and powdered products.A leading role in increased dairy production in Turkey P? nar Sut introduced the first â€Å"long-life† UHT milk packaged in aseptic containers in Turkey in 1975. Operating from plants located in Izmir and Eskisehir, the company has remained the leading brand in Turkey’s dairy products industry ever since. Making use of the most modern technology available, P? nar Sut produces and supplies consumers with the milk and dairy products while also playing a leading role in increased dairy production through its year-round support for more than 35,000 suppliers of raw milk.P? nar Sut procures its superior-quality raw milk under agreements with more than 200 of Turkey’s biggest dairy farms, which are contractually obligated to produce to EU norms. By serving as these farms’ biggest cu stomer, P? nar Sut fosters its own â€Å"total quality† concepts among them as well. From the moment that it is harvested, raw milk is registered by means of a computerized system that keeps regular track of herd and animal health data throughout all production stages. To ensure its freshness and quality, P? ar Sut picks up its suppliers’ raw milk twice a day (morning and evening) from more than 300 milk collection and chilling centers and it takes it immediately to its processing plant. Individual dairy producers are subject to strict monitoring and controls by local laboratories while all milk must be controlled by the advanced technology equipped laboratories at the company’sIzmir and Eskisehir plants before being accepted. A regional force P? nar Sut is moving rapidly towards becoming a regional force in its hinterland by exporting milk and dairy products to many countries around the world.P? nar Sut’s raw milk collection and chilling centers are insp ected every year for the conformity with the EU standards by an EU commission. The company provides its suppliers with continuous support on the matter of developing and maintaining farms that are free of all diseases, which is a prime requisite for exporting milk and dairy products to EU countries. Through projects conducted jointly with government agricultural agencies in Turkey, an ongoing effort is made to ensure that raw milk production satisfies EU norms.According to the third-quarter 2009 sectoral results of the Turkish Customer Satisfaction Index survey, P? nar Sut ranked first in its sector with the highest (82%) level of customer satisfaction in the milk and dairy products category. This survey, which is conducted regularly by KalDer (Turkish Quality Association) and which also analyzes competition in Turkey, is the second most comprehensive poll of its kind after those conducted in the United States. 3. 6 Shareholder Structure The issued capital of the Company is 44. 951. 051,25 Turkish Lira. Each share of this capital is amounting to 1 Cent, 1. 28. 000 A group registered shares, 1. 260. 000 B group registered shares and 4. 494. 806,325 C group bearer shares 4. 495. 105. 125 shares. The Company does not have any privileges regarding distribution of profit. The Company has privileges regarding voting power in the establishment of board members. The business and administration of the Company is managed by the Board of Directors consisting of 5 or 9 members to be elected within the frame of the provisions of the Turkish Trade Code by the General Assembly among the partners or from outside of the Company.In case the Board of Directors consists of 5 people, 3 members shall be elected from the candidates, which A-Group shareholders shall nominate and 1 candidate which the B-group shareholders shall nominate and 1 candidate, which C-Group shareholders shall nominate. If the Board of Directors consists of 7 people, 4 members shall be elected from the candid ates, which A-Group shareholders shall nominate and 2 candidate which the B-group shareholders shall nominate and 1 candidate, which C-Group shareholders shall nominate.If the Board of Directors consists of 9 people, 5 members shall be elected from the candidates, which A-Group shareholders shall nominate and 3 candidate which the B-group shareholders shall nominate and 1 candidate, which C-Group shareholders shall nominate. If resolved by the Board of Directors, an Executive Director can be assigned. The President of the Board of Directors and the Executive Director is elected among the members representing A-Group shares. THE CAPITAL AND SHAREHOLDER STATUS OF PINAR SUT MAMULLERI SANAYI A. S. SHAREHOLDERS | SHARE RATE (%)| STOCKS AMOUNT (TL)| YASAR HOLDING A. S. 61,18 | 27. 503. 257. 789. 000| 3rd PARTY| 38,82| 17. 447. 793. 461. 000| TOTAL| 100,00| 44. 951. 051. 250. 000| | 3. 7 Weighted Avarege Cost of Capital Corporations create value for shareholders by earning a return on the invested capital that is above the cost of capital. WACC is an expression of this cost and is used to see if certain intended investments or strategies or projects or purchases are worthwhile to undertake. WACC is expressed as a percentage, like interest. WACC of P? nar Sut Company is %12,1. This means that investments should be made that give return higher than the WACC of %11. 6.WACC= (Wi x ri) + ( Wp x rp) + ( Ws x rn) Tax rate: 20% 3. 8 Leverage of P? nar sut Financial leverage is concerned with the relationship between the firm’s EBIT and its common stock earnings per share (EPS). On the income statement, you can see that the deductions taken from EBIT to get to EPS include interest, taxes, and preferred dividends. Taxes are clearly variable, rising and falling with the firm’s profits, but interest expense and preferred dividends are usually fixed. When these fixed items are large (that is, when the firm has a lot of financial leverage), small changes in EBIT prod uce larger changes in EPS.Total leverage is the combined effect of operating and financial leverage. It is concerned with the relationship between the firm’s sales revenue and EPS. 3. 9 Beta Analysis of P? nar Sut 3. 10 Additional Information on financial Instruments a) Financial highlights: (TL million)| 2011| 2010| % change| Total assets| 532. 6| 479. 0| 11. 2| Shareholders’ equity| 384. 8| 350. 2| 9. 9| Financial liabilities| 15. 0| 20. 0| -25. 0| Sales revenues| 577. 1| 480. 7| 20. 1| Profit before taxation on income| 71. 4| 71. 2| 0. 3| Net period profit| 60. 1| 57. 8| 4. 0|Earnings per share (TL)| 1. 3365| 1. 2863| 3. 9| b) Financial ratios | 2011| 2010| Total liabilities/Total assets (%)| 27. 75| 26. 88| Total liabilities/Shareholders’ equity (%)| 38. 41| 36. 77| Return on sales (%)| 10. 41| 12. 03| Current assets/Current liabilities| 1. 92| 2. 17| Equity turnover ratio| 1. 50| 1. 37| Net financing costs/Net sales (%)| 0. 67| 0. 94| Net financing costs/Sh areholders’ equity (%)| 1. 00| 1. 29| c) Revenue & Net Income The tables gives us a brief information related to revenue and net income of P? nar Sut. Appendix i) ii) ReferencesFood Industry Report 2011 GITMAN Lawrence, ZUTTER Chad, Principles of Managerial Finance http://seekingalpha. com/article/427611-ulker-remains-one-of-our-best-ideas http://uk. reuters. com/business/quotes/financialHighlights? symbol=. IS http://www. valuebasedmanagement. net/methods_wacc. html http://www. ulker. com. tr/en/financial-statements. htm http://www. 4-traders. com/PINAR-SUT-MAMULLERI-SANAY-6495545/financials/ http://markets. ft. com/Research/Markets/Tearsheets/Financials? s=PNSUT:IST http://www. pinar. com. tr/ Ulker 2011 Annual Report P? nar Sut 2011 Annual Report

Business Law and Regulation Essay

If Mary damages a client’s hair she would be held liable. According to our textbook, Mary would cause injury to the plaintiff. Mary was to provide a duty of care to the customer. She breached this duty of care â€Å"failure to exercise care or to act as reasonable person would act (Cheeseman, 2010, p. 81). † The reason I state, that is because the customer trusted Mary with their hair and she damaged the client’s hair. As long as Celia and Mary register their boutique name with the United States PTO in Washington, DC, and the PTO approved it, there should not be any legal problems. If Celia and Mary decide to offer their waiting clients free music downloads, they are asking for trouble. In the case of BMG Music v. Gonzalez, Gonzalez thought that as long as she was â€Å"sampling† the music she could leave it on her computer without paying for it. That is not so. According to the courts, Gonzales had engaged in copyright infringement and Gonzalez had to pay $22,500 in damages to BMG (Cheeseman, 2010, p. 117). I would advise them making this huge mistake unless; they decide to pay for each download that they are providing to their waiting clients they could be breaking the law. There could be civil liability to Celia and Mary if one of their employees sexually harassed a customer. This falls under the negligence of an agent which states â€Å"in negligence of an agent, the principal is responsible because of the employment contract with the agent. In other words, if an agent acts negligently while being employed by the principal and is acting within the scope of the employment, the principal is also liable for the negligence of the agent, even though the principal did nothing negligent personally (Cheeseman, 2010, p. 474). † If Celia and Mary only hire men they could be charged with sex discrimination. Sex discrimination is â€Å"discrimination against a person solely because of his or her gender (Cheeseman, 2010, p. 515). † It would not matter how they hired whether they ere Independent contractors or employees. If Celia and Mary require the men when they are not selling, to do inventory and clean up the boutique and they set their working hours they cannot be classified as independent contractors. â€Å"The degree of control that the principal has over the agent is the crucial factor that determines whether someone is an independent contractor or an employee (Cheeseman, 2010, p. 481). † Since Celia and Mary seem to have substantial control over their workers we would classify their relationship as an employer-employee relationship. In this case, they would not be able to pay them only on commission for sales; they would have to add in an hourly rate as well. Again if Celia and Mary hire a person based on their age, race, color, or national origin they are setting themselves up for a discrimination lawsuit. If they decide to only hire men who are qualified under the age of 40, they are committing age discrimination. Age discrimination is the â€Å"federal statute that prohibits age discrimination practices against employees who are 40 and older (Cheeseman, 2010, p. 521). †

Cultural and Technologies Effects on Abu Simbel Temple in 12th Century Thesis

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Corporate Social Responsibility and Business Ethics in Barclays Bank Dissertation

Corporate Social Responsibility and Business Ethics in Barclays Bank - Dissertation Example The three concepts were discussed in relation to the roles they play in the strategic management of businesses, indicating that while they are generally viewed as peripheral issues to the maximisation of profits – the generally conceded principal aim of going into business – these concerns are actually central to the generation of revenues that lead to higher profits. CSR and stakeholder satisfaction, in particular regarding employees and customers, appeal to the market and therefore contribute significantly to the strategic and, ultimately, the financial success of the business. 24 List of Tables Table 1: Values and behaviours at Barclays Bank 33 Table 2: Performance of Barclays vs. Industry Leaders 34 Table 3: Frequency distribution of respondents according to age 38 Table 4: Frequency distribution of respondents according to gender 39 Table 5: Frequency distribution of respondents according to educational attainment 39 Table 6: Frequency distribution of respondents a ccording to length of association with Barclays Bank 40 Table 7: Customer satisfaction ratings 42 Table 8: Employee satisfaction ratings 45 Table 9: Respondents' perception of Barclays’ CSR for employees 47 Table 10: Respondents' perception of Barclays’ CSR for customers 49 Table 11: Respondents' perception of Barclays’ CSR for society 49 Table 12: Respondents’ perception of Barclays’ CSR for Government 50 Table 13: Respondents' perception on Barclays’ CSR for competitors 52 Table 14: Respondents' perception of Barclays’ CSR for the environment 53 Table 15: Respondents' perception of Barclays’ CSR for sustainability 54 Table 16: Respondents' perception of Barclays’ CSR for civil society 57 Table 17: Summary of mean scores for CSR perception 58 Table 18:Table of Pearson correlation coefficients between CSR & EMPSAT/CUSTSAT 60 Chapter 1: Introduction 1.1 Chapter overview The introductory chapter of this dissertation sets t he context within which the research problem is to be viewed. Specifying the context of the study delimits the perspective that an issue may be viewed, and sets the focal point and the boundaries for the study. The background of the research problem shall be discussed, leading to a statement of the purpose and objectives of the study. From the objectives, the research questions are articulated, in order to lead to findings that would eventually support the conclusion. Any assumptions made by the study are included, as well as the definitions of specific words and phrases relevant to their use in the dissertation. The significance of the study and its relevance to the industry and the broader social environment is thereafter discussed. 1.2 Background of the research problem The banking industry is a pillar of the nation’s economy and a vital determinant of the health and viability of business activity. Banks perform four critical functions: (1) their intermediation function, w here the banks intermediate between economic units with excess and deficient financial resources; (2) they adapt and modify terms and risks to the market

Poetry and Strong Human Spirit Essay Example for Free

Poetry and Strong Human Spirit Essay Success is the journey not the destination. â€Å"A strong human spirit essential for an imaginative journey. † Imaginative journeys take us from the reality now to unreal existences that can exist in our minds. A strong human spirit is essential for an imaginative journey to flow through our mind. The success is the journey that is being taken not the destination. This can be expressed through the poems â€Å"Frost at Midnight and Kubla Khan,† by Sammuel Taylor Coleridge and â€Å"Still I Rise† by Maya Angelou that see the journey as the success not the outcome and that their strong human spirit allowed them to go on the journey. In the poem â€Å"Still I Rise† by Maya Angelou the poet expresses her journey through being discriminated in America because of her race. Her journey is much more successful then the destination because as she went on the journey and experienced heartfelt times, along the way she taught the discriminators she can still get back up even if they hurt her many times. The poet uses repetition to do this. â€Å"Still I’ll Rise. She also uses similes to convey her connection with nature along this journey as she uses the concept of natural resources and by using oil, gold and diamond to show contradictions that people think she is wealthy but really they are the spoilt ones. â€Å"Cause I walk like I’ve got oil wells pumping in our living room. † She uses rhetorical questions to intensify the poem and to touch the responders. This portrays how she is successful in trying to express what she believes in to others while on the journey. In the poem â€Å"still I’ll rise† the poet has a strong human spirit that is essential for her journey. For her to write this poem as a form of protest it needed a strong human spirit. Her whole poem is based on freedom which is expressed every time she gets hurt and then rises again. Her use of metaphors empathise how strong her spirit is when she gets discriminated but still has hope to keep going. â€Å"Just like hopes springing high† and â€Å"you may shoot me with your words. † Her use of rhetorical questions and repetition allow people to think about it and understand it properly through her words and her strong spirit. â€Å"Does my sassiness upset you?  Why are you beset with gloom? † Her strong human spirit allowed her to achieve the freedom that she wanted. In the poem â€Å"Kubla Khan† by Samuel Taylor Coleridge the poet takes us through his mind on an imaginative journey. His journey had no destination at all but the success was there all along through his connection and love with nature. The poet uses a lot of alliteration to describe this place and assonance to describe how beautiful this image of nature is and how the success of the journey is created through the beauty of nature. Measureless to man† and â€Å"twice five miles of fertile ground. † The use of a simile describes the place as being old but still in good condition ‘Forests as ancient as hills’ and the river as being scary and holy. He does this through the use of an oxymoron as he puts two of these words together and they contradict â€Å"A savage place? As holy and enchanted†. This is the success of the journey as it is still alive but really old. He describes a women’s music with alliteration â€Å"A Damsel with a dulcimer† â€Å"Loud and Long† â€Å"Deep Delight. By including this he has achieved success all through the journey as he celebrates. In the poem â€Å"Kubla khan† by Samuel Taylor Coleridge a strong human spirit was essential for this imaginative journey. His use of assonance and alliteration to describe how beautiful the image of nature is and how the strong human spirit can take us on an imaginative journey. â€Å"Sunless Sea. † By the poet using his imagination he has made this place that feels like paradise with his strong spirit. He needed a strong human spirit to imagine a place that feels like paradise. All through the journey he describes his strong connections with the natural environment and because of his strong human spirit he was able to imagine the nature and environment using metaphors as extraordinary with the river springing up viciously to become a fountain. â€Å"As if this earth in fast thick pants were breathing. † The poem â€Å"Frost at midnight† by Samuel Taylor Coleridge his imaginative journey is the success not the destination. As the poet goes on this journey into his past and then he goes into another dream as well this expresses that imaginative journey is a success because his not reaching no destination. The poet begins with a metaphor which connects with nature and God, â€Å"The frost performs its secret ministry,† so the success of the journey has already started with the nature and God. This concept relates to the journey of the poet back into his childhood as he in the quiet cottage and looks at the film in the blue flame which fluttered on the grate is contrasted with him in the past looking at the bars at school to watch a fluttering stranger. This is the success of the start of his imaginative journey and that there is no destination. He then while sitting at school goes into another dream about his birth place and the church tower where the bell would ring so sweetly expresses the success of his journey when he was younger in the country side he was more connected to nature where in the city the only connection was the â€Å"lovely star and sky†. The poem â€Å"Frost at midnight† by Samuel Taylor Coleridge expresses a strong human spirit that is essential for an imaginative journey. The use of the simile â€Å"inaudible as dreams† which describes the quietness which gives him the strong human spirit to the imaginative journey. He also uses assonance to describe how the solitude or quietness his inmates have left him is disturbing him. â€Å"Have left me to solitude to suit abtruser musings†. The looking at the blue flame gave him the strong human spirit to begin his imaginative journey. The relationship between father and son is also giving the poet the strong human spirit because he doesn’t want his son to grow up like him in the city but to be raised in the country so his is more connected to nature.

Biography of Theodore Roethke Essay Example for Free

Biography of Theodore Roethke Essay Theodore Huebner Roethke was born in Saginaw, Michigan, the son of Otto Roethke and Helen Huebner, who, along with an uncle owned a local greenhouse. As a child, he spent much time in the greenhouse observing nature. Roethke grew up in Saginaw, attending Aurthur Hill High School, where he gave a speech on the Junior Red Cross that was published in twenty six different languages. In 1923 his father died of cancer, an event that would forever shape his creative and artistic outlooks. From 1925 to 1929 Roethke attended the University of Michigan at Ann Arbor, graduating magna cum laude. Despite his family’s wish that he pursue a legal career, he quit law school after one semester. From there he spent 1929 to 1931, taking graduate courses at the University of Michigan and later the Harvard Graduate School. There he met and worked with fellow poet Robert Hillyer. When the Great Depression hit Roethke had no choice but to leave Harvard. He began to teach at Lafayette College, and stayed there from 1931 to 1935. It was here where Roethke began his first book, Open House. At Lafayette he met Stanley Kunitz, who later in life, became a great support and friend. By the end of 1935 Roethke was teaching at Michigan State College at Lansing. His career there, however, did not last long. Roethke was hospitalized for what would prove to be a bout of mental illness, which would prove to be reoccurring. However the depression, as Roethke found, was useful for writing, as it allowed him to explore a different mindset. By the time he was teaching at Michigan State Roethke’s reputation as a poet had been established. In 1936 he moved his teaching career to Pennsylvania State University, where he taught seven years. During his time there he was published in such prestigious journals as Poetry, the New Republic, the Saturday Review, and Sewanee Review. His first volume of verse, Open House, was finally published and released in 1941. Open House was favorably reviewed in the New Yorke, the Saturday Review, the Kenyon Review, and the Atlantic; W. H. Auden called it completely successful. His first work shows the influence of poetic models such as John Donne, William Blake, LÃ ©onie Adams, Louise Bogan, Emily Dickinson, Rolfe Humphries, Stanley Kunitz, and Elinor Wylie, writers whose verse had shaped the poets early imagination andstyle. In 1942 Harvard asked Roethke to deliver on of their prestigious Morris Gray lectures. Then in 1943 he left Penn State to teach at Bennington College, where he met Kenneth Burke, whom he collaborated with. The second volume of Roethkes career, The Lost Son and Other Poems was published in 1948 and included the. greenhouse poems. Roethke described the glasshouse, in An American Poet Introduces Himself and His Poems in a BBC broadcast, on the 30th of July 1953, as both heaven and hell. It was a universe, several worlds, which, even as a child, one worried about, and struggled to keep alive. He penned Open Letter in 1950, and explored eroticism and sexuality with I Need, I Need, Give Way, Ye Gates, Sensibility! O La!, and O Lull Me, Lull Me. He later wrote Praise to the End! in 1951 while at Washington University, and a telling Yale Review essay, How to Write Like Somebody Else in 1959. Roethke was awarded Guggenheim Fellowship in 1950, the Poetry magazine Levinson Prize in 1951, and major grants from the Ford Foundation and the National Institute of Arts and Letters the year after. In 1953 Roethke married Beatrice OConnell, whom he had met during his earlier at Bennington. The two spent the following spring honeymooning at W. H. Audens villa at off the coast of Italy. There Roethke began editing the galley proofs for The Waking: Poems 1933-1953 which was published later that same year, and won the Pulitzer Prize the next year. It included major works such as Elegy for Jane and Four for Sir John Davies, which was modeled on Daviess metaphysical poem Orchestra. During 1955 and 1956 the Roethke and his new wife traveled Europe, on a Fulbright grant. The following year he published a collection of works that included forty-three new poems entitled Words for the Wind, winning the Bollingen Prize, the National Book Award, the Edna St. Vincent Millay Prize, the Longview Foundation Award, and the Pacific Northwest Writers Award for it. The new poems included his famous I Knew a Woman, and Dying Man. Roethke began a series of reading tours in New York and Europe, underwritten by another Ford Foundationgrant. While visiting with friends at Bainbridge Island in 1963, Washington, Roethke suffered a fatal heart attack. During the last years of his life be had composed the sixty-one new poems that were published posthumously in The Far Field in 1964which received the National Book Awardand in The Collected Poems in 1966.

Difficulties Arab Students Have Learning English English Language Essay

Difficulties Arab Students Have Learning English English Language Essay Introduction: As a teacher of English to Arabic speaking students I have encountered a number of specific difficulties Arab students have in mastering the English language. In this paper, I would like to focus on a particular grammatical problem they have in the area of verb tenses because, of all the mistakes that my students make, mistakes with verbs and verb tenses impede communication to the greatest degree. The specific problem I will attempt to look at the area of verbs is the problem that Arabic speakers have in using and confusing the present progressive. I will base the evidence for these mistakes on actual writing errors that Arabic students have made. Mistakes such as I am live in Abu Dhabi. come up frequently in my students writing. This paper is basically a contrastive analysis since I feel that the majority of my students problems in this area come from mother tongue interference. However, as will be noted below, this does not mean I rule out other sources of errors such as intralingual errors. The following is the outline of this paper: In the first section of this paper, I will describe the various aspects of the grammatical structure of the present simple and the present progressive in the English language. In the second section of the paper, I will contrast the grammatical structure of the present simple and the present progressive with its Arabic counterparts. I will show how Arabic has structures that vary significantly and radically from their English counterparts. In the third section, I will introduce a number of examples takes from students written work and give an indepth analysis of the possible sources of the errors, mainly with respect to mother tongue interference, but also looking at some possible intralingual sources for these errors as well. Finally, in the last section, I will attempt to suggest a general theoretical approach to dealing with such problems Part One: A grammatical description of the English Present Simple and the Present Progressive: The simple present tense As we already know, the simple present of every verb (with the exception of the verb BE, which I will not be dealing with as a grammatical description since it is not the specific focus of this paper) is identical in every person with the basic unmarked base form of the verb except for the third person forms he, she and it to which we generally add s or es (Quirk 1985, p.98). However, numerous irregularities arise in the spelling and pronunciation of this third person form (Leicester 1998, 12.12)(Thomson 1986, p. 150). Questions are formed by using the auxiliaries do, does, in the present, and did in the past by putting all these before the subject. Negation is formed in the same way using dont (or do not) and doesnt, (or does not) in the present, and didnt (or did not) in the past. These forms go after the subject. In addition, the verb must be changed to the basic form. The simple present is used for statements that are always true, (e.g. The earth revolves around the sun.) (Azar 1989,p.2). The simple present is also used for events, actions or situations which are true in the present period of time and which, for all we know, may continue indefinitely, (e.g. Fatima goes to school at Zayed University.) (Azar 1989, p.2) What we are saying in these expressions is that this is how things stand at the present moment (Huddleston 1984, p.81). A further use of the simple present is for actions that are habitual, things that happen repeatedly, (e.g. We study a lot.) (Alexander 1988, p.163)(Quirke 1985, p.107). Observations and declarations are another use of the present simple, as in the sentence (It says here that there is a new night club opening.)(Alexander 19988, p.163). The present simple can also be used to express the future, especially when we want to express strong certainty, (e.g. When we graduate, we will get jobs.). Swan, Huddleston, Lewis, Thomson and Quirke, et. al. also add eight other functions of the present simple which might come up in other contexts such as: Demonstrations and commentaries (e.g. First, I take a bowl and break two eggs in it, thenà ¢Ã¢â€š ¬Ã‚ ¦..) The structures here comes and there goes, (e.g. here comes your husband.) Promises and oaths (e.g. I promiseà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦., I swear à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦, He deniesà ¢Ã¢â€š ¬Ã‚ ¦..) Formal correspondence (e.g. We write to advise you.) Instructions (e.g. You go left, turn rightà ¢Ã¢â€š ¬Ã‚ ¦.) Stories (e.g. In act one, Hamlet meets the ghost of his father.), which Huddleston calls the historic present. In expressions of understanding such as hear, see, gather (e.g. I hear youre getting married.) Finally, the simple present can be used in newspaper headlines (e.g. RUSSIANS RAISE OBJECTIONS) Since there are so many instances of when to use the present simple, is there any way to summarize all of these? I concur with Lewis explanation that the present simple: 1-Expresses an event as a total single point in time. 2-Expresses an event as a matter of fact. 3-Expresses an event as immediate rather than remote. The present progressive tense Both the simple and progressive forms usually tell us that an action takes place. But the progressive forms also tell us that an activity is or was, or will be, etc. in progress, or thought of as being in progress. In other words, the present progressive tells us that the speaker sees an action as taking place over a period of time as opposed to a point in time. In addition researchers would add that the speaker sees the period as limited (Lewis 1986; Leech, 1975; Huddleston, 1984; Quirke, 1985). The present progressive tense is formed with the present of be (am/is/are) (which adds aspect and voice), said by Quirke to be the finite verb, plus the ing form (the non-finite form) (Quirke 1985, p. 120). There are no complications with the additional ing form; however the spelling of the ing has some irregularities and needs to be taught to students e.g. write, writing; run, running; begin, beginning; lie, lying). (Alexander 1988; Huddleston 1984; Quirke 1985). Question formation takes place by switching the place of the auxiliary be and the subject. Negation is achieved by inserting not between the subject and the auxiliary or by contracting nt with the auxiliary verb forms (with the exception of the first person singular form am) (Quirke, 1985). In the classroom, the classical reason given for why we use the present progressive is that it shows an uncompleted action in progress at the time of speaking. To emphasise this, we often use adverbials like now, at the moment, just, etc. For example, Hes not home at the moment, hes working. (Quirke 1985). The present progressive can also be used to describe actions which have not been happening for long, or are thought of as being temporary situations, and which are going on around now, e.g. Abdullah is living with his aunt until he can find a place of his own.. A further use of the present progressive is to refer to activities and events planned for the future. We generally use adverbials in such sentences unless the meaning is clear from context, e.g. Were spending next Thursday in Abu Dhabi. (Azar 1989; Huddleston 1984; Quirke 1985). The present progressive can also be used to talk about developing and changing situations, e.g. That child is getting bigger all the time. (Swan 1980). Sometimes the present progressive can be used to talk about feelings, such as I am feeling fine. or My back is hurting me.. The present progressive is used to show repeated actions along with adverbs such as always, constantly, continually, forever, perpetually, and repeatedly, such as He is always helping people.. In this sense it conveys not temporariness, but continuousness. (Leech 1975; Huddleston 1984). The present progressive also is used to show repeated actions that are happening around now, e.g. He is studying a lot of English these days. Why is he going to the library? (Swan 1980). Dynamic versus Stative Verbs in the present simple and the progressive tenses Dynamic/progressive verbs refer to verbs which show actions which are deliberate or voluntary, e.g. Im building a house., or changing situations, e.g. Hes becoming fat.. Dynamic verbs can be used in both the progressive as well as the simple forms e.g. I eat at 5:00 (everyday). as opposed to Im eating now.. Stative verbs (also known as non-progressive verbs) are verbs which indicate a state, condition or experience. Specifically, stative verbs fall into categories such as feelings (like, love), thinking/believing (think, know, realize), wants and preferences (need, want), perception and the senses (smell, see), and being, seeming, having, and owning (seem, look, appear). Stative verbs are generally not used in the progressive forms (Quirke 1985). However some stative verbs can be used in both the present simple and the progressive tenses, which results in a different meaning in each form, e.g. Im thinking of a solution. as opposed to I think he is the best man for the job. or These flowers smell good. as opposed to Latifa is smelling the flowers in the garden.) (Alexander 1988; Azar 1989; Azar 1986; Quirke 1985). The present simple versus the present progressive Swan makes note of a number of areas where students might confuse the present simple with the present continuous. A. We use the simple present to talk about things that are true for the present period of time, or, as was noted above, to say this is how things stand at the present moment for the foreseeable future. However, if the event is temporary and is taking place right now, we use the present progressive. Afrah studies at the Higher Colleges. Afrah is studying her English lesson. B. We use the present progressive to talk about habitual actions if these are happening around the moment of speaking. Fayrouz and Fatima are preparing for the Eid holidays. However, if the habitual action is not closely connected to the moment of speaking, we generally use the present simple. I go to Saudi Arabia once every three years. C. Verbs that refer to physical feelings can sometimes be used in either the simple present or the present progressive. I feel great! or Im feeling great! My head hurts. or My head is hurting. (Swan 1980). PART TWO A grammatical description of the Arabic present simple and the present progressive In this part of the paper, I would like to give readers a very brief background of the Arabic verb system in regard to the simple present and the present progressive. The Arabic verb system is very complicated. However, this does not mean that a teacher has to master the Arabic language before s/he is able to pinpoint errors that may be a result of the interference of Arabic in English. One can study the Arabic language with the goal of simply understanding the structure, rather than with the goal of speaking and writing in the language. Let us first look at the present simple, then the present progressive, and finally the verb to be since all of these grammatical items are specifically relevant to the particular problem at hand. A.The Present Simple In Arabic, the formation of the present simple is radically different from English, since Arabic uses a root system made up of the three most important consonants (though two or four consonant roots do sometimes occur). In Arabic the three basic consonants (the root) stay the same but it is by changes in the vowels, the suffixes and the prefixes that tense and number are indicated. It is vastly more complicated than the way some English verbs change tense by changing vowels, e.g. give, gave. For example, the sentence, he learns could be represented phonetically by ya-droo-soo. The d-r-s is the root, ya is the part that indicates this is a third person singular masculine verb (though this is not the pronoun). The pattern of the vowels and consonants (ya + c1 + c2+ oo + c3 + oo), lets the speaker know that this is the present tense. In contrast, the past could be represented by a different pattern; hence, he learned, dar-ah-sah has the pattern (c1 + ai or ah + c2 + ai or ah + c3 + ah) (and this is just one pattern out of ten!) From a sentence point of view the verb in Arabic is not necessarily treated as the nucleus of a sentence and, in the case of the copula verb BE, can be omitted entirely (as we shall see below). The verb can also be placed at the beginning of the sentence. Like its English counterpart, the present simple tense in Arabic expresses a habitual action. There are other functions, but they are not relevant to this discussion. B.The Present Progressive In general, the present simple form is also used in Arabic to express the idea of a continuous action occurring in the present. Hence, the English sentence He is working now. in Arabic becomes He works now. (represented phonetically by huwwah yaamaloo al eyn.) What is he doing? in Arabic becomes What does he do? (represented phonetically by mehzah yafaaloo al eyn?) Hence, in almost all cases, the present simple form is used to show the idea of continuous action in the present. However, there is a single verb form in Arabic called the ism-ul-fail which is the exact parallel to the idea of continuous action. However, the difference in Arabic is that the ism-ul-fail is used very sparingly compared to English and then only for some very specific verbs of movement, or verbs that indicate changing from one state to another (going up, going in, going down, walking to a place, leaving a place, etc.). Since the ism-ul-fail is radically different in form from the English progressive it is doubtful that any interference in form occurs. C.A Few Points About The Verb BE as a Copula Although BE as a copula is not the focus of this paper, it does deserve mention here for two specific reasons. The first point is that BE in Arabic, when it is the copula in the present tense, is unwritten and unspoken (although this is not true of the copula in the past tense or the future where it is written and spoken). (Kharma, 1989, p. 89). For example, the literal translation of the sentence Ahmed is a student. is Ahmed student.. So it is conceivable that students might leave BE out as a copula OR as the helping verb in the present progressive because it does not exist in the present tense in Arabic (although there are other additional reasons why students might forget to add it to the present progressive as we shall see). The second point is that BE is used so often in English, in so many different kinds of structures, and that it is so irregular, that it might simply add to the confusion of students (Kharma 1989, p. 161). Students who keep on being corrected for leaving out the verb to be when it is necessary, may for example, hypercorrect themselves and start to write it everywhere. Again, we shall explore this issue further below. PART THREE A look at some common written errors made by Arabic speaking students when using the English present simple and present progressive Finding the exact causes of any error can be a difficult and meticulous task. This is partly because there may be multiple reasons as to why students make one particular error and these causes may also overlap at any given time. In addition, it is extremely problematic, even for a native speaker of both Arabic and English, (which I am) to know exactly what is going on linguistically in the mind of a student when s/he makes such an error. However, having said that, even with these obstacles, we can at least make some good hypotheses and lists of possibilities as to why these errors occur with our own students. As a result, we will be able to generate classroom strategies and methods in order to correct and remedy these sorts of mistakes. The following categories of errors are the most common that I have found in students written work with regards to the simple present versus the present progressive. I will look at each category in turn, and offer an analysis of the sources for these types of error. Category One Fatima studies now. Ahmed does his homework now. In these sentences, the intention of the Arabic speaking writer seems to be to convey the meaning of what in English would be a present continuous action, expressed by the present continuous tense. This is clear by the use of the adverb now or in the case of other examples not shown here, from other adverbs or the context of the sentence. In examples one and two, the Arabic speaker seems to be transferring the rules of his native language into English. The Arabic speaker usually uses only the present simple to express events that would be expressed in English by both the present simple and the present continuous. Category Two Mariam cant talk, she eating now. This kind of mistake is a bit more problematic in terms of analysis. It could be that the Arabic speaker, feeling that the full meaning of the action is expressed in the verb with the ing, has decided that the am/are/is forms are redundant and unnecessary. It could also be the case that this mistake is a direct transfer of a particular grammatical form in Arabic. In certain cases Arabic speakers do express the present continuous with a verb and prefix change (called ism-ul-fail), but without the corresponding be form. For example, the literal translation of the sentence Ahmed is running. is Ahmed running. . Category Three Are you knowing the way to Dubai? I am wanting to see my family. In this case, the student has learned the present progressive form, but is over generalizing it to all verbs (or perhaps does not remember or has not been taught the rules for exceptions such as the above). These types of errors could very well be intralingual. This over generalization could also be found in sentences that have the function of explaining, demonstrating teaching or narrating such as: Next I am pouring the oil into the cooking pan. Ali is passing the ball to the goalkeeper. Category Four I am live in Abu Dhabi. We are study English. This category is probably the most difficult to analyze. This is because it is unclear whether the Arabic speaker is making the mistake of adding the additional am/is/are form while trying to use the present tense, or making the mistake of forgetting to use the present participle while trying to use the present progressive tense. That is, did the speaker intend to say I live in Abu Dhabi. and use the extra am form by mistake, or did s/he intend to say I am living in Abu Dhabi. and forget the correct present participle form? Of course, there are other possibilities but these seem like the two most likely. We must obviously look at the context of the paragraph to see if we can get the gist of what the speaker meant. The following is a more detailed analysis of these two possibilities from the standpoint of the students reasoning. 1. If we believe from the context that the student was trying to use the present simple and added the additional am in error, then the following analyses apply: A. The student may be confused by the lack of inflectional endings in English, since Arabic is a highly inflected language, and every personal pronoun has a distinct corresponding inflected verb form. The similarity of the verb forms in I live, you live, etc. may seem very awkward to the Arabic speaker. Hence, they may want to remedy the situation by distinguishing the verb forms in some way by, for example, adding an exceedingly familiar and overused verb form like am, are, or is. B. The student may be over generalising based on what they have learned about the present continuous. That is, they may have learned how to form the present continuous quite easily since there is no mother tongue interference from Arabic, (although they may not have mastered its use). They then may go on to conclude that every verb in the present simple or present continuous in English needs to be preceded by am/is/are. C. Similarly, the student may be hypercorrecting. They may have been corrected so many times for forgetting to use the verb BE in their sentences e.g. Ahmed happy, that they may start to feel that every sentence needs the verb BE. 2. However, if we believe that the student was trying to use the present continuous tense and used the present simple live (instead of the present participle living), then the following analyses apply: A. The student may not have correctly understood how to form the present participle by adding ing to the end of the verb. B. Perhaps students have simply forgotten to add the ing prefix because the structure is so different in their language. This is by no means an exhaustive analysis. However, these are, from my experience and collaboration with other colleagues, both native and non-native speakers, some of the major possibilities. PART FOUR Pedogogical implications of the above research for teaching the present simple and the present progressive to Arabic speaking students From the evidence I have presented here, I believe it is clear that many of the mistakes in using the present simple and the present progressive in form (such as omission of the verb to be in the simple present for Arabic speakers, e.g. I studying), as well as other mistakes in usage (e.g. using the simple present when the present progressive is required) seem to be traceable directly to Arabic mother tongue interference. Based on my analyses, reading and discussion with colleagues, I do feel that in this particular area, teachers of EFL to Arabic speakers must consider mother tongue interference as a major impediment to learning the present tense versus the present progressive. If we know that mother tongue interference is the cause of many errors, what should this imply for our teaching? One thing which I think it does not imply is that we teach English from the point of view of the mother tongue. For example, trying to get students to understand English grammar through word for word translations or using the grammatical structure of Arabic to help students to understand the grammatical structure of English are only useful in certain cases, and then only by someone who is a master of both languages. My experience in reading the research, being bilingual and talking to Arabic speaking students who are at the final stages of their English studies leads me to believe that, at least in the case of Arabic and English, that the two languages are sufficiently different that they are both best looked at in their own respective grammars. Students must be made, not only to think in English, but to understand English grammar in terms of English grammar without constantly switching back and forth to compare it with Arabic. Such practices are ineffective and will cause confusion among students. As Lewis says students should never expect the foreign language to be like their ownà ¢Ã¢â€š ¬Ã‚ ¦..the fact that English has verb forms that contain [be] as an auxiliary does not suggest that other languages ought to have a corresponding formà ¢Ã¢â€š ¬Ã‚ ¦.students should be positively encouraged to explore the foreign language within itself rather than through the expectations they bring from their own. (Lewis, 1986, pp. 164-165). In addition, I should add that intralingual factors can also be at work when students make such errors (in addition to context specific factors like student motivation, teaching style and competence, etc.). For example, on the intralingual side, we know that students of ESL from many different language groups and even children make common mistakes with the verb to be. Therefore, many such mistakes might be intralingual. (Mattar 1989). Hence, when we try to analyse our students errors we should not be prejudiced to any one theory and we should try to be open to looking at all possible sources of errors. What we as teachers should be doing in the classroom is continually collecting research on student errors and student learning styles in order to form hypotheses about why such errors occur and why such one approach worked and another didnt. We should then be trying to test these hypotheses to see if they are true or not, and afterwards share this information w ith other teachers in similar situations. Only then will we be able to understand why students make errors and what is the most effective way to correct them. Word count: 4,161 words

Ivan Petrovich Pavlov Essay -- Psychologists

Profile of Ivan Pavlov was born on September 14, 1849 in the village of Ryazan, Russia, the son of Peter Dmitrievich Pavlov, who was the village priest. Because he was the son of a priest he went to church school and enrolled in a theology seminar. As the son of a preacher Ivan Petrovich Pavlov was going to follow in his father’s footsteps, that was until he read a book by Charles Darwin called â€Å"The Origin of Species† After reading this book Ivan Pavlov dropped out of his theological studies and enrolled in a Natural Science program in the University of St-Petersburg. After enrolling in the University of St-Petersburg Ivan Petrovich Pavlov discovered his passion, physiology. Physiology is the branch of biology dealing with the functions and activities of living organisms and their body parts, including all physical and chemical processes. It was here that Ivan Pavlov in collaboration with a fellow classmate wrote his first paper on â€Å"The Physiology of the Pancreatic Nerves† Ivan Pavlov received his first gold medal for this paper. This however is not the only gold medal that Ivan received; he went on to winning the Nobel Prize in Medicine/ Physiology in 1904 â€Å"in recognition of his work on the physiology of digestion, through which knowledge on vital aspects of the subject have been transformed and enlarged† Nobelprize.org. During his 1904 Nobel Prize address he presented his theory on Classic Conditioning. Ivan Pavlov was also elected as the Academician of the Russian Academy of Sciences in 1907, given an honorary doctor ate at Cambridge University in 1912, and awarded the Order of the Legion of Honour in 1915. But these were not the studies that made him famous in the psychology world; it was his study of the canine digest... ...dwich. But I did eat the food from Johnny Rockets right before I started throwing up. So I paired the food from Johnny Rockets with throwing up and the feeling of nausea, and because food is a primary reinforce it only took one time for me to pair nausea and food poisoning with Johnny Rockets. My conditioned response to Johnny Rockets is nauseated feeling. Works Cited †¢ "Ivan Pavlov - Biography". Nobelprize.org. 10 Dec 2011 http://www.nobelprize.org/nobel_prizes/medicine/laureates/1904/pavlov-bio.html †¢ "Pavlov's Dog". Nobelprize.org. 10 Dec 2011 http://www.nobelprize.org/educational/medicine/pavlov/readmore.html †¢ â€Å"Ivan Pavlov†. http://www.muskingum.edu. Mindy Lautenheiser. May 1999 http://www.muskingum.edu/~psych/psycweb/history/pavlov.htm †¢ Saundra K. Ciccarelli, J. Noland White. â€Å"Psychology†. Upper Saddle River, New Jersey: Prentice Hall, 2006

Jewish Perceptions of Jesus Christ Essay -- Judaism Christianity Chris

Jewish Perceptions of Jesus Christ Christianity and Judaism are major world religions which, though they worship the same God, have marked differences which have caused two thousand years of strife and animosity between the two religions. In his book We Jews and Jesus, Samuel Sandmel likens the link between Judaism and Christianity to a type of parent-child relationship, saying, â€Å"Early Christianity was a Judaism; within a century after the death of Jesus it was a separate religion. It was critical of its parent, and hostile to it, and elicited from its parent reciprocal criticism and hostility.†1 Opposing views of Jesus Christ caused the initial rift between Judaism and Christianity and is the primary source of the tension between the two religions which has continued for the last two millennia. Therefore, in order to understand how Judaism and Christianity relate to one another, it is essential to understand the way Jesus is perceived in each religion. The way that Christians view Jesus is quite well known, but Judaism’s view of him is much lesser known, so it is important to explore Judaism’s perceptions of Jesus, beginning with New Testament times, and to examine the ways in which these feelings and opinions have changed over time. Although the New Testament is the main source of information regarding Jesus’ life, Jews often disregard it as a reliable source of information. It was not written until two to three generations after Jesus, hence it cannot be considered a primary source. Also, from a Jewish perspective, the aim of the Gospels is not to give an accurate account of Jesus’ life and teachings; the Gospels served as missionary documents containing accounts recorded by biased evangelists. They reflect the aims of the church rather than actual facts, and their writers were more concerned with the advancement of Christianity than the transmission of factual historical information. For these reasons, it is impossible to separate the historical Jesus from the divine Christ presented in the Gospels, and Judaism regards the Gospels as unreliable and irrational. It is not known exactly when Jesus was born, but according to the Christian calender, his birth year was circa 4 B.C. Christmas, the day of Christ’s birth, is celebrated by Christians on December 25, but the actual day and month of his birth are unknown. Rachel Zurer, a followe... ...-40. 42. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 102. 43. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 102. 44. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 115. 45. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 106. 46. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 106. 47. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 117. 48. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 109-110. 49. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 102. 50. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 110-111. 51. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 110, 112. 52. Votaw, C.W., "The Modern Jewish View of Jesus." The Biblical World, 1905. 26(2): p. 102, 114. 53. Sandmel, S., in We Jews and Jesus. 1965, Oxford University Press: New York. p. 47.

Hester Prynne :: essays research papers

In Nathaniel Hawthorne’s The Scarlet Letter, Hester Prynne lives in seclusion with her daughter Pearl. Hester has been shunned from Puritan society and now lives in the shelter of the wilderness. The clear contrast between Puritan society and life in the wilderness intensify the all too similar fight between light and darkness and ultimately can lead to the truth.   Ã‚  Ã‚  Ã‚  Ã‚  Puritan society, ruled by a set of strict rules, is essentially in the dark and can not itself see the light. Many of the leaders of Boston are themselves breaking the rigid Puritanical laws. Governor Bellingham lives in a mansion whose â€Å" brilliancy might have befitted Aladdin’s palace, rather then the mansion of a grave old Puritan ruler.† (pg. 98) Bellingham’s extravagant house shows the hypocrisy of the Puritans. They seek to punish those, like Hester, who break the laws of Puritan society but at the same time they too violate their own laws. The Puritans can not see the faults within themselves. Puritan society is seen as a place where â€Å"iniquity is searched out, and punished in the sight of rulers and people.† (pg. 58) The Puritans pride themselves on the uniform goodness of their town and their ways of dealing with sinful dissenters. Hester’s public appearance is seen as a blessing on the â€Å"righteous Colony of Massachusetts.† (pg. 50) The Puritans see their society as picturesque and proper. To them it is in essence the light shining bright in the darkness. An accurate comparison to this view would be the Garden of Eden of Adam and Eve. The Puritans see themselves as the perfect humans within the garden. Those people who, like Adam and Eve, become sinful â€Å"must be scourged out of the town† and then â€Å"driven with stripes into the shadows of the forest.† (pg. 46) Citizens not fit to live in the â€Å"paradise† of Boston were cast out into the shadow of the forest. Yet it is in the forest that Hester is actually in the light and can see for herself, the truth.   Ã‚  Ã‚  Ã‚  Ã‚  Living in the wilderness, Hester Prynne is able to see the light of truth, as none in Puritan society can. The Puritans have punished Hester for her sin and she is now free to go where she pleases, yet she decides to stay in Boston. The woods are a haven for Hester and yet they are also a showcase for her sin.

Matrimonial Rights of Women Essay

Islamic law is a very great jurisprudence worldwide, Islamic law is defined as the law according to the Muslim faith and as interpreted from the Quran also known as Sharia law. The sacred law of Islam is an all-embracing body of religious duties, the totality of Allah’s commands that regulate the life of every Muslim in all its aspects. Important feature of Muslim law is the fact that there is no clear separation of Mosque (is a place of worship for followers of Islam) and state. Under Islamic law, the religion of Islam and the government are one. Islamic law is controlled, ruled and regulated by the Islamic religion; a theocracy. Islamic law purports to regulate all public and private behavior including personal hygiene, diet, sexual conduct, and child rearing. Islamic law now prevails in countries all over the Middle East and elsewhere covering 20 per cent of the world’s population. Despite its relative inflexibility, in some ways, Islamic law is superior to other systems of law, such as the preference given to arbitration in civil disputes. Islamic law composed of following elements * Sharia: * Quran * Sunnah of Prophet Muhammad (generally known as Hadith) * Sunnah, literally means path. * The Sunnah of Prophet Muhammad consists of his sayings, actions, approval and disapprovals. * ?Fiqh: * Collection of juridical opinions given by various jurists as they pondered over the day-to-day application of Sharia * ?Fatwa: * Legal opinions (typically non-binding) issued by qualified jurists. * Usually provided as an answer to a specific question. Sharia is based on wisdom and achieving people’s welfare in this life and the afterlife. Sharia is all about justice, mercy, wisdom, and good. Thus, any ruling that replaces justice with injustice, mercy with its opposite, common good with mischief, or wisdom with nonsense is a ruling that does not belong to the Sharia even it is claimed to be so according to some interpretations. The main criticism on Islamic law from the western society is â€Å"Islamic law discriminates women’s rights†. Western society has identified so many women’s right violating incidents occurred in the countries which practices Islamic law or the countries which identify themselves as an Islamic republic. For example the following incidents could be recognized as the discriminatory aspect of Islamic law. Traditionally, the Muslim woman marries at a young age to a man of her father’s choice. A husband is entitled to divorce any time, even against his wife’s will, by merely declaring verbally that this is his intention.Although the image of the egalitarian woman is slowly developing within some more secular Arab states, it remains largely confined to urban centers and upper-class circles. Ritual sexual mutilation of females is still common in rural areas of Egypt, Libya, Oman and Yemen. According to the UN, â€Å"utilization of Arab women’s capabilities through political and economic participation remains the lowest in the world in quantitative terms†¦.In some countries with elected national assemblies, women are still denied the right to vote or hold office. And one in every two Arab women can neither read nor write.† Wife-beating is a relatively common practice in Arab countries, and abused women have little recourse. As the State Department has noted regarding Jordan (and most of the Arab world): â€Å"Wife beating is technically grounds for divorce, but the husband may seek to demonstrate that he has authority from the Quran to correct an irreligious or disobedient wife by striking her.† Abstraction of all above issues points out that most of the restriction on Muslim women connected with their marital life. A patriarchy family system has been formed through Islamic norms and values. however Islamic legal experts and scholars denies the above statement and they strongly argue that Islamic law grants much wider rights to women’s especially in case of marriage life the Islamic women enjoys much wider rights other than non Islamic women’s. Now let’s analyze myths and facts regarding the matrimonial right s provided under the Islamic law. First of all let’s see how Islamic laws treat gender equality. â€Å"And women shall have rights similar to the rights upon them in a just and equitable manner; but men have a degree over them† (Holy Quran2:228). Interpretation given for the above verse by Islamic scholars is the rights of the wives in relation to their husbands are equal to their obligations toward their husbands but men in their obligations toward their wives stand a step further The â€Å"step further† of which the Quran speaks is not a position of greater rank or nobility. The â€Å"step† the Quran makes reference to is the obligatory duty given to the man in the care of the woman; it is not a degree of superiority. Allah ordained men with the responsibility to preserve and solely sustain women. The â€Å"step further† is in no way a form of dominance or preferment. The Quran consistently makes reference to equity, parity, and equilibrium among the genders. It disposes of genders and makes no distinction whatsoever between the superiority or inferiority of men and women. On the contrary, it is the piety of a person that distinguishes him or her by ranks or degrees, not gender or lineage. As stated in this verse â€Å"step further† husband duty bound to maintain his wife, Now let’s see how does Shariah law ensures the Right to Maintenance of a wife. The duty to maintain a wife is the sole responsibility of a husband under Islamic Law. This can be seen in the Quran where it states that: â€Å"Men shall take full care of women with the bounties which Allah has bestowed more abundantly on the former (men, with several special merits) than on the latter (women) , also because they spend a part of (their wealth) to maintain them†¦.† This command is further strengthened by a number of Hadith as follows: Prophet said the following concerning women,   Ã¢â‚¬  And their rights which are your responsibility is to feed and clothed them in accordance to their needs† Hence, from the above it is the duty and responsibility of a husband to support his wife from the day he married her. This responsibility continues as long as they are married to each other. Upon divorce, a husband has to maintain his wife during the iddah period which is approximately 3 months. After the 3 months is completed, a husband may no longer have to support her. Apart from maintenance a woman is also entitled to mutaah (consolidation payment upon divorce) and matrimonial property (harta sepencarian) In case of Maintenance Srilankan Muslim Marriage and Divorce Act provides that any claim for maintenance by or on behalf of a wife, legitimate child or illegitimate child (where both parents are Muslims) falls within the exclusive jurisdiction of the Quazi. A Muslim woman’s right to maintenance during marriage is derived from the concept of nafaqa, which encompasses the provision of basic needs such as food, clothing and accommodation to the wife. In contrast to the Maintenance Act, the husband has the primary obligation of providing support and a wife’s own financial means are irrelevant in determining her claim for maintenance. Maintenance after divorce is not recognized under Muslim personal law. However, the Muslim Marriage and Divorce Act provide three situations in which a divorced wife may claim maintenance: 1. until registration of the divorce; 2. During iddat (the period of time that a divorced wife must remain unmarried); and 3. If such woman is pregnant at the time of registration of the divorce, until she delivers the child. A wife who leaves her husband’s house without valid and sufficient reason is not entitled to claim maintenance from her husband under section 21 of the Muslim Marriage and Divorce Registration Ordinance. In the case of Seyed Mohamed V. Mohamed Ali Lebbe Court held that â€Å"When the woman abandons the conjugal domicile without any valid reason she is not entitled to maintenance. Simple refractoriness, as has been popularly supposed, does not lead to a forfeiture of her right But if she were to leave the house against his will without any valid reason, she would lose her right, but would recover it on her return to the conjugal domicile. What is a valid and sufficient reason for the wife to leave the husband’s home is a matter for the discretion of the Judge. As a general principle a wife who leaves her husband’s house on account of his or his relations’ continued ill-treatment of her†¦. continues entitled to her maintenance â€Å". Custody of the child Shariah law give priority to women’s in case of custody of child, One of the key relevant hadith is the following:, a woman came to the Prophet and said: ‘Truly my belly served as a container for my son here, and my breast served as a skin-bag for him (to drink out of) and my bosom served as a refuge for him; and now his father has divorced me, and he (also) desires to take him away from me.’ The Prophet said: ‘You have a better right to have him, as long as you do not marry again. From this hadith we could arrive a clear understanding that in case of child custody the Mother has the priority. However, if the mother marries again she would generally forfeit her right to custody. This concept in custody which favors to mothers has been adopted in several legal systems which include Muslim law as a personal law. For example in India the first and foremost right to have the custody of children belongs to the mother and she cannot be deprived of her right so long as she is not found guilty of misconduct. Mother has the right of custody so long as she is not disqualified. This right is known as right of hizanat (custody) and it can be enforced against the father or any other person. The mother’s right of hizanat was solely recognized in the interest of the children and in no sense it is an absolute right. Srilankan legal system also follows similar phenomena in regarding the custody of Muslim child which ensures the priority of the mother to keep her children under her custody even without the consent of her husband. In re Wappu Marikar case Wood Renton CJ stated that according to Shafii school, the custody of a girl remains with the mother, not merely until puberty, but till she is actually married; and in the case of a boy, till completion of his seventh year at all events, and from thence until puberty he may place himself under either parent whom he chooses. This case is a clear example to quote that srilankan Muslim law provides a wide safeguard to women’s in regarding the custody of child. Rights on matrimonial property Shariah law clearly defines the rights of women on property. The Muslim woman has always had the right to own and manage her own property. Marriage in Islam does not mean that the man takes over the woman’s property, nor does she automatically have the right to all his property if he dies. Both are still regarded as individual people with responsibilities to other members of their family – parents, brothers, sisters etc. The husband has the duty to support and maintain the wife, as stated in the Qur’an, and this is held to be so even if she is rich in her own right. He has no right to expect her to support herself, let alone support his children or him. If she does contribute to the household income this is regarded as a charitable deed on her part. Because of their greater financial responsibilities, some categories of male relations, according to the inheritance laws in the Qur’an, inherit twice the share of their female equivalents, but others, whose responsibilities are likely to be less, inherit the same share -mothers and fathers, for instance are each entitled to one sixth of the estate of their children, after bequests (up to one third of the estate) and payment of debts. Women are thus well provided for their husband’s support them, and they inherit from all their relations. They are allowed to engage in business or work at home or outside the house, so long as the family does not suffer, and the money they make is their own, with no calls on it from other people until their death. â€Å"Men shall have their share of that which they have earned, and women a share of that which they have earned†¦Ã¢â‚¬  (Quran4:33) From the above verse from Quran married women’s are treated sole owners of their property husband cannot claim any part of her property while marriage exist of dissolved. Moreover Upon marriage the husband is required to give his wife a mahr (dowry) which then becomes her exclusive property. A woman can work for financial gain, without any obligation on her part to contribute to the household expenses. Islam also gives her inheritance rights, making it a requirement for women to get their determined share. Two significant features regarding Muslim women matrimonial property are Mahr and Kaikuli. Mahr is like dowry in other communities which is demand by bride and provided by groom when marriage is solemnized. Mahr is a sole property of wife and husband did not have any interest on mahr property. Even after the dissolution of marriage husband cannot claim the mahr from wife but if there any balance has to be settled on agreed mahr the wife could claim that balance mahr after the dissolution of marriage. kaikuli means any sum of money paid or other movable property given or any sum of money or any movable property promised to paid or given, to a bridegroom for the use of bride, before or at the time of marriage by a relative of bride or by any other person. Husband has the ownership of kaikuli property but he is liable to pay it over to the wife if she demands it, even during the subsistence of the marriage. The obligation is to return the property to his wife whenever she demands it or, if she dies, to her heirs. Rights on marriage and divorce. Marriage in Islam is viewed as an important and sacred union between a man and woman that fulfills half of one’s religious obligations. A well-known passage in the Quran discusses marriage as follows: â€Å"Among His signs is that He created for you spouses from yourselves so that you might find repose with them. And He has placed between you affection and mercy. In that there are certainly signs for people who reflect.† (Quran 30:21). Marriage requirements There are basic requirements for marriage in Islam. First, a couple must mutually consent to the marriage. This requires both a clear proposal and acceptance. A woman also must have a WALI or legal guardian present during the process. If a WALI is not present a woman must be past puberty and competent to make the decision to marry. Brides are also entitled to a dowry that is typically negotiated at the same time as the marriage contract. The dowry is specifically a gift showing love and devotion to the bride. There are two types of dowries a bride is entitled to: the mahr and the MUAKHR, first, the mahr is the dowry given to the bride at the time of marriage before consummation takes place. She is not required to share this dowry and is free to do what she wishes with the gift. The bride is often asked her opinion to make sure she receives a gift she enjoys. MUAKHR is the second type of dowry that is given upon the death of the husband or the couple’s divorce. This is also referred to as the â€Å"deferred† dowry. MUAKHR is meant for both financial support and as a large consequence that the couple should consider when contemplating divorce. In situations of death, this amount is paid out before the estate is divided. If the estate cannot cover the entire amount, the wife is entitled to collect the amount from the husband’s surviving family members who are also heirs to the estate. She can also waive the obligation for any reason, including hardship on her husband’s family. Polygamy The most controversial topic in Islamic law is polygamy some critics say this concept is is a distinct violation of married women rights. However now let’s analyze what Islamic law says about polygamy and polyandry ‘If ye fear that ye shall not be able to deal justly with the orphans, Marry women of your choice, Two or three or four; but if ye fear that ye shall not be able to deal justly (with them), then only one, or (a captive) that your right hands possess, that will be more suitable, to prevent you from doing injustice’. (Quran 4:3) Historically, the practice of polygamy existed before Islam without restrictions. Islam limited the number of wives to four and established clear rules and regulations for the practice to ensure fair treatment of each wife. Polygamy is an option and not a requirement in Islam. As was mentioned earlier, Muslims must follow the laws of the land that they live in as long as it does not contradict the requirements of the faith. Polyandry, or marrying more than one husband, is not permitted to maintain the children’s lineage for purposes of inheritance and protect children’s rights as heirs. Monogamy is the normal practice in the majority of Muslim communities due to the financial and emotional burden it carries. Divorce TALAQ is the word, used in Islamic law for divorce. It is an Arabic word and means â€Å"set free†. It is only in unavoidable circumstances that TALAQ is permitted as a lawful method to bring marriage contract to an end Requirements for divorce in Shariah Law 1. He or she must have reached puberty and be capable of making a decision 2. He or she must be sane, conscious, alert, and free from intoxication or anger 3. He or she must be free from external pressure 4. His or her intention must be clear Divorce must take place after the wife’s menstrual period and no sexual relations have occurred since her period ended. If all the above factors are present, either the husband or wife can pursue a divorce or they can pursue a divorce jointly and amicably. In SriLanka Muslim marriage and divorce act provides clear guide line for the marriage and divorce procedure for Muslims. Most of the provisions in this act accordance with shariah law. In case of consent of the bride did not taken in account for marriage, consent of the bride is deliberate through the WALI (guardian of bride). This provision seems to be a clear violation of women’s right however he movement for Muslim personal law reforms in Sri Lanka from a feminist perspective has been spearheaded by the Muslim Women’s Research and Action Forum (MWRAF), a small group of professional Muslim women continuously emphasis the legislation to bring changes to ensure that the consent of both parties are obtained as an essential condition of a Muslim marriage and to make provision for the bride’s signature, given the fact that there is no space for her signature in the Muslim Marriage and Divorce Registration Form and it is the wali or marriage guardian who conveys her consent on her behalf. However this recommendation has not been taken account by the legislation yet. In case of divorce, second schedule of Muslim marriage and divorce act defines the steps to get a divorce by women which obviously accordance with Muslim Shariah Law. Eventually the authority of implementing the divorce is vest ed with the Quazi. Conclusion Sharia has certain laws which are regarded as divinely ordained, concrete and timeless for all relevant situations. It also has certain laws which are extracted based on principles established by Islamic lawyers and judges. The sharia as interpreted by Islamic lawmakers is believed by Muslims to be merely a human approximation of the true Sharia, which is understood as the divine and eternal correct path. In deriving Sharia law, Islamic lawmakers are not, therefore, actually creating divinely correct or incorrect actions beyond question, but rather attempting to interpret divine principles. Hence Sharia in general is considered divine, but a lawyer’s or judge’s extraction or opinion on a given matter is not, though the process and intention to refer to Allah’s law is divinely sanctioned Muslim laws developed from the shariah law are not merely reflecting shariah principles. It purely based on circumstances, traditions, communal influences and etc. as I stated earlier most of the critics from western society comments that shariah law lays some savage rules regarding women’s. But actually Islamic laws are the pioneer laws which grant wider rights to women’s. this article could only analyze the matrimonial rights grant to Muslim women’s by shariah law apart from this rights shariah laws has given adequate rights on each social activities for women’s. Islam provides rigid guide lines for pleasant domesticity. In Quran most of command orders the men to safeguard the women and to provide them all necessary rights and to treat hem equally. One of my favorite quotes in Quran is â€Å"The most honored of you [male] in the sight of Allah is he who is most righteous of you†: (49:13). Interpretation given by Islamic scholars for â€Å"righteous† is â€Å"maintaining the wife with equal rights† from this verse we could realize how far the Islamic shariah law ensures matrimonial rights of women. Srilankan Muslim law is Constructed from Muslim social and communal structure which consist Islamic shariah law as a core part of it. SriLanka Muslim law deals with almost all social conduct of Muslims. Most of the matrimonial disputes arises in Muslim families has been amicably solved by Quazi courts which operates under Muslim marriage and divorce act. As we have discussed earlier part of this article srilankan Muslim law tries to ensure the married women right and it bound to operate within the criteria of shariah law. However the core concept of shariah law is to prevent party (husband and wife) from exceeding their limits. I had an interview with a Quazi judge who had come across more than 3000 of matrimonial disputes he stated that â€Å"Muslim Marriage and divorce act bound by shariah law is primarily intended to bring a peaceful settlement regarding family issues. It provide safeguard to the married women for an extend, but we are required to act in moral manner which should give remedies for the weaker party (mostly women’s). Moreover most of the divorce application initiated by women’s and their husband are duty bound to provide adequate financial support to them even after dissolution of marriage this is a very essential safeguard for women’s. As per the Muslim law, matrimonial properties of women are entirely belonging to her. Even though I wish some changes should be brought in Muslim law regarding the consent of bride at the time of marriage and the duties of register when he registers a second marriage† -M.I. Abdul Qader Quazi Judge Akkaraipattu From the above statement we could understand Srilankan Muslim law has given matrimonial rights to a Muslim women for an extend. But it should be amended to meet the needs of modern era therefore government should take essential steps to find put the contemporary life style of Muslim people and Srilankan Muslim Law has Amend according to satisfy the modern need of the people. ——————————————– [ 1 ]. Ibn al Qayyim (One Islamic Scholar, d. 1347) [ 2 ]. Arab Human Development Report 2002, NY: UN, 2002. [ 3 ]. U.S. State Department, Reports on Human Rights Practices for 1999. [ 4 ]. Quran: Surah An?Nisa’:3 [ 5 ]. Riwayat Musli [ 6 ]. sec 34,35,36 and 38(2) of MARRIAGE AND DIVORCE (MUSLIM) act [Cap. 134 [ 7 ]. S. C. 565-Board of Kathis Appeal 488 [ 8 ]. 14 NLR 225 [ 9 ]. (Qur’an 4:11) [ 10 ]. sec 47 & 64 of Muslim marriage and divorce act. [ 11 ]. Sowdoona v. Muees 1[(1955) 57 N. L. R. 75; 53 C. L. W. 47.] [ 12 ]. Abu Dawoud, a companion of the Prophet, reported the following: Omair al-Asdee was reported as saying: ‘When I accepted Islam, I was married to eight wives. I discussed this with the Prophet Muhammad who said: â€Å"Keep four only, and divorce the other four.† [ 13 ]. See Hammudah Abd al Ati, Family Structure in Islam 54-56 (American Trust Publications 1977). [ 14 ]. sec29(4) of muslim marriage and divorce act.