How to Cook an Egg With Alcohol

How to Cook an Egg With Alcohol Did you know you dont actually need heat in order to cook an egg? Cooking occurs when proteins are denatured, so any process that produces a chemical change in protein can cook food. Heres a simple science project that demonstrates you can cook an egg in alcohol. Materials raw eggalcohol (vodka, rubbing alcohol if its high percent alcohol, any other high-proof alcohol) If you use vodka or other ethanol, technically the egg will be edible, but it probably wont taste all that great. You cant eat the egg if you cook it using  denatured alcohol, rubbing alcohol, isopropyl alcohol, or methanol. The egg cooks more quickly if the percentage of alcohol is as high as possible. Ideally, use 90% alcohol or higher. Procedure What could be easier? Pour alcohol into a glass or other small container.Crack the egg and place it in the alcohol.Wait for the egg to cook. Now, the egg would cook a lot more quickly if you boiled it the regular way because you have to wait for the alcohol to work its way into the egg. The reaction takes an hour or more to reach completion. The Science of What Happens The egg white consists mostly of the protein albumin. Within a few minutes of adding the egg to the alcohol, you should start to see the translucent egg white turn cloudy. The alcohol is causing a chemical reaction, denaturing, or changing the conformation of the protein molecules so they can form new linkages with each other. As the alcohol diffuses into the egg white, the reaction proceeds. The egg yolk contains some protein, but also a lot of fat, which will not be as affected by the alcohol. Within 1 to 3 hours (depending mainly on alcohol concentration) the egg white will be white and solid and the egg yolk will feel firm. You can ​also ​cook an egg in vinegar.

Veterans Day Sayings Reveal the Harsh Realities of War

Veterans Day Sayings Reveal the Harsh Realities of War Each day brings us new hope, new ideas, and new inspiration. The past is history, but the present is our treasure. We cannot hope to improve our future without learning from the past. That is why we commemorate Veterans Day. On Veterans Day, we can raise issues that concern the whole world. Are wars necessary? Can we do something to avoid them? Can the world not come together for peace and harmony? Here are some soul-stirring Veterans Day sayings that will pump enthusiasm into every patriots heart. On Veterans Day, you can use these powerful sayings to remind others that greatness is born out of true passion. Henry Ward Beecher Are they dead that yet speak louder than we can speak, and a more universal language? Are they dead that yet act? Are they dead that yet move upon society and inspire the people with nobler motives and more heroic patriotism? Gary Hart I think there is one higher office than president and I would call that patriot. Douglas MacArthur Old soldiers never die; they just fade away. William G.T. Shedd A ship is safe in harbor, but thats not what ships are for. Donald Trump Sometimes by losing a battle you find a new way to win the war. Chinese Proverb When eating bamboo sprouts, remember the man who planted them. Norman Schwarzkopf It doesnt take a hero to order men into battle. It takes a hero to be one of those men who goes into battle. Sebastian Junger, War War is life multiplied by some number that no one has ever heard of. Lisa Kleypas, Love in the Afternoon I’ll tell you what I’m fighting for. Not for England, nor her allies, nor any patriotic cause. It’s all come down to the hope of being with you. Oliver Wendell Holmes Lord, bid wars trumpet cease; Fold the whole earth in peace. Lise Hand That’s what it takes to be a hero, a little gem of innocence inside you that makes you want to believe that there still exists a right and wrong, that decency will somehow triumph in the end. Albert Camus In the depth of winter, I finally learned that within me there lay an invincible summer. Lucius Annaeus Seneca Brave men rejoice in adversity, just as brave soldiers triumph in war. Robert Frost Freedom lies in being bold. Curt Weldon How can faceless bureaucrats in an intelligence agency deny brave soldiers a chance to tell the truth? Winston Churchill Success is not final, failure is not fatal: it is the courage to continue that counts. Never give in - never, never, never, never, in nothing great or small, large or petty, never give in except to convictions of honor and good sense. Never yield to force; never yield to the apparently overwhelming might of the enemy. Dan Lipinski On this Veterans Day, let us remember the service of our veterans, and let us renew our national promise to fulfill our sacred obligations to our veterans and their families who have sacrificed so much so that we can live free. Erich Maria Remarque No soldier outlives a thousand chances. But every soldier believes in Chance and trusts his luck. Billy Graham Courage is contagious. When a brave man takes a stand, the spines of others are often stiffened. Thucydides The bravest are surely those who have the clearest vision of what is before them, glory and danger alike, and yet notwithstanding, go out to meet it. Mark Twain Courage is resistance to fear, mastery of fear - not absence of fear. In the beginning of a change, the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot. George Henry Boker Fold him in his countrys stars. Roll the drum and fire the volley! What to him are all our wars, what but death bemocking folly? G. K. Chesterton Courage is almost a contradiction in terms. It means a strong desire to live taking the form of readiness to die. Thomas Dunn English But the freedom that they fought for, and the country grand they wrought for, Is their monument to-day, and for aye. Josà © Narosky In war, there are no unwounded soldiers. Elmer Davis This nation will remain the land of the free only so long as it is the home of the brave. Joseph Campbell As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them. John F. Kennedy Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty. Valor is stability, not of legs and arms, but of courage and the soul.

Questionaire design Essay Example | Topics and Well Written Essays - 1000 words

Questionaire design - Essay Example The second and third pages constitute the actual questions which are 30 in total. A correct answer gets 2 score. Answer next to correct gets one. The other two answers get zero score. (Example, if correct answer is 3: a) '0' gets no score, b) '1' gets no score, c) '2' gets 1 score, and d) gets 2 score. Correct Answers 1-3, 2-0, 3-0, 4-3, 5-3, 6-3, 7-0, 8-3, 9-0, 10-3, 11-0, 12-3, 13-0, 14-3, 15-0, 16-3, 17-0, 18-3, 19-3, 20-3, 21-0, 22-3, 23-0, 24-0, 25-3, 26-0, 27-3, 28-3, 29-0, 30-3. Scoring 46-60. Maximum zone. Person knows a credible deal about the WTO, and understands its policies and issues to an expert level. 31-45. Above-average. Person has reasonable understanding of WTO concerns, however there are issues of which he is oblivious. 16-30. Below-average. The person ceases to have an optimal awareness about the WTO. Has some idea, but is devoid of in depth information. 0-15. Minimum zone. The person knows about the WTO to an adequate level. The information is incorrect, and a dearth of insight into the organization is there. WTO Name: Date: Please read each statement and circle a number 0, 1, 2 or 3 which indicates how much the statement applies to you. Kindly do not spend too much time on any statement. The rating scale is as follows: 0 No 1 Possibly incorrect 2 Possibly correct 3 Yes 1 WTO is an international, multilateral organization, which sets the rules for the global trading system 0 1 2 3 2 There are 169 members of the WTO 0 1 2 3 3 WTO was founded in 1992 0 1 2 3 4 WTO has been a major focus for protests by civil society groups in many countries 0 1 2 3 5 GATT was an element of ITO 0 1 2 3 6 The Uruguay round lead to the formation of WTO 0 1 2 3 7 The WTO states that its aims are to decrease international trade by promoting lower trade barriers 0 1 2 3 8 A trading system should tend toward greater competition 0 1 2 3 9 Most of the WTO's decisions are made in informal meetings, often called 'Red Room' meetings 0 1 2 3 10 The topmost decision-making body of the WTO is the Ministerial Conference, which has to meet at least every two years 0 1 2 3 11 The General Council is the WTO's highest-level decision-making body in New York 0 1 2 3 12 The Trade Policy Review Body (TPRB) is open to all WTO Members 0 1 2 3 13 Doha Round was the 5th ministerial conference 0 1 2 3 14 One of the principal functions of the WTO is to act as an arbiter of disputes between member states 0 1 2 3 15 The Dispute Settlement Panel is usually made up of five trade officials 0 1 2 3 Please turn the page Reminder of rating scale: 0 No 1 Possibly incorrect 2 Possibly correct 3 Yes 16 Member countries must sign and ratify all WTO agreements upon their accession 0 1 2 3 17 The Agreement on Agriculture is criticised for increasing tariff protections for small farmers 0 1 2

Features of Employment Relations Systems and their Impact on the Essay

Features of Employment Relations Systems and their Impact on the Position of Women in Labour Markets - Essay Example Reduced levels of unemployment indicated that few households lacked a working adult. During this period, most of those working in different institutions were high school drop-outs with an estimated one third of the total population of the United Kingdom working in the manufacturing and agricultural industries. However, the 21st century has seen none of the above features in still existence in many economies across the globe. Most, if not all jobs are now evenly distributed across all genders with a host of households in each country having more than one member in the labour force. On the contrary, the steady rise in unemployment rates is an indicator that there are a number of families in which no member is employed or has a definite job. An increase in education and improved formal structures for learning has seen a rise in the number of high school graduates and college/university graduates as well; hence an increased mass of human resources available to the market. In addition, th e emergence of other fields and or industries, for instance, finance, business services as well as property management, building and construction services has resulted in the creation of more stable jobs than the manufacturing and agricultural sector could provide. ... The Employment Relationship An employee relations system can be referred to as a legal concept used by organizations and or institutions in different countries worldwide to refer to the relationship between an employer and their employees for whom the employees perform certain activities (work) under defined procedures and conditions but in return for salary and or wages. Employee relations help the employer and the employee to come up or develop obligations and rights to govern the performance of both the employee and the employer towards the success of their respective organizations and or institutions. Over period, this tool has acted as a medium through which employees gain access to various benefits, obligations and rights that are related to employment with respect to social security and laws of labour. According to Verma (2003), â€Å"an employee relations system is the key point of reference for determining the nature and extent of employers’ rights and obligations to wards their employees.† (p. 519). Today, intense changes are taking place in the contemporary world of work with particular concern on the labour market. These changes have led to subsequent emergence of new types or rather forms of employment relationships. As a result, market flexibility has been increased as well as an increase in the number of employees uncertain of their status of employment and thus falling out of the normal protection scope of employment relationships. This is a challenge that is described by the International Labour Office’s Director as follows: â€Å"The State has a key role to play in creating an enabling institutional framework to balance the need for flexibility for enterprises and security for workers in meeting the changing demands of a global economy. At

Living As If God Does Not Exist Essay Example for Free

Living As If God Does Not Exist Essay Since ancient times, alongside society’s development is the widespread proliferation of the religious consciousness of mankind. Although primitive small-scale societies had always been depicted as animists and polytheists, the concept of the High God is a common theme that has already been discovered. Studies of ancient societies have revealed in the belief of a Supreme Being, although this was also coupled with worship of lesser spiritual entities since the Supreme God seems distant and uninvolved in daily concerns of men. Compared with modern men, people of the ancient past were mainly agricultural communities. They are basically more aware of their natural surroundings and the different forces which affect his sustenance and survival. Many of these forces are beyond his control and understanding. Early man was therefore more inclined to acknowledge the existence of a Great Being who is responsible for the existence of the world and the one who is in complete control over all. Worship, whether to God or lesser spirits, has often been closely associated with receiving favour and positive results, or to ward off negative conditions like sickness. But current mode of attitudes and perspectives that pervade modern men has increasingly being held under the spell of beliefs that exclude God and the invisible world from the realm of reality and day to day living. Such an approach to life however, is not entirely exclusive in modern times. This was already present in the distant past where there were critics of religious beliefs for instance among some of the ancient Greek philosophers and the Roman Lucretius; in India, where most see it as a rich place of religious practices, materialism has already flourished at the time of the Buddha and for many centuries afterward which basically rejected all belief in a transcendent world; and in China, rationalist Confucianism often involved a rejection of religious doctrine. But these protests against the existence of and reliance of a Supreme Being or of spirituality in general, are only sporadic and never gained majority allegiance during its time. But this is now greatly pronounced in the modern period than ever before, since the powerful restatements of atheism and agnosticism have found a wide success in acceptance and following. The rise of the scientific discoveries and inventions, as well as the increase of intellectuals has made it more ideal to reject the existence of God and other religious values. Man sees himself as the ultimate controller of his destiny, as he experiences more control of the things that affect him. As greater understanding of the world around him is achieved, man sees a greater lack of importance in relying on an unseen and somewhat ‘distant’ God. Modern man is also pressed with many concerns. The large masses of manual workers that were born of out of industrialization in the big cities of northern Europe have caused them to become largely alienated from the faith of their fathers. It is both the social and intellectual forces which have thus combined to promote a widespread practical atheism. There are mainly anti-religious ideologies of modern man which has come to influence modern day thinking. First, was the growth of liberal humanism that principally influenced the western world. This philosophy is rooted in the scepticism of the eighteenth century; it received a greater momentum from the religious controversies of the nineteenth century. Second, was the spread of German type of atheism which were popularized by the writings of Feuerbach, Marx, and Nietzsche. Nietzsche even pronounced the death of God in one of his writings. He announced the death of God, as man is ‘awakened’ to the ‘reality’ that God is only a creation of the human mind. Today’s society is very much influenced, although mostly indirectly, by the banner of humanism that fiercely denounces the existence of God and His requirements. Humanism passionately proclaims that the acknowledgement of God is a declaration of war against life, against nature, against the will to live; and that Christianity is the formula for every slander against this present world and guilty of proliferation of ‘lies’ of a world beyond or afterlife. Out of this, came the atheistic Communist ideologies, which for some time in the past, has pronouncedly divided the world. Then, there were also the philosophical movement known as Existentialism, which ironically had Christian origins through the work of Kierkegaard, has nurtured within it a newer type of atheism, popular since the Second World War. Such a deluge of assault on the Christian faith would seem overwhelming and puzzling to those who profess faith in it. God and Christianity seem to have often called down upon strong denunciations. But it is not entirely out of reason. There has been the spectacle of inter-denominational strife, the growing cynicism towards the authenticity of those who were key figures of the Christian faith as against their extravagant lifestyles, memory of persecutions, and the political conservatism of many Christians all these must be taken into consideration. However, what could be considered a more major reason for rejection is because of the more common association of Christianity with Puritanism. There have, indeed, always been pronounced ascetic elements in the Christian experience, although they are considerably less than in most other of the world religions. It can be said though, that Puritanism and ascetism obviously have important place in certain kinds and phases of different religions. Puritanism demands the population at large to conform to it. Central to the Christian belief is the submission to the Supreme Being, and His instructions. The world, as symbolized by Nietzsche, continuous to express a strong reaction against such beliefs. God and his laws are often received as restrictive, since man’s experience show that he possess desires and instincts which often goes in conflict to what God approves, and must therefore contend with it for most of his time. For most men, this seems to constitute a kind of conspiracy to confine human self-expression and freedom. It is not surprising then, to see an abundance of decay in wide areas of society, since unwillingness to submit to God’s authority is more appealing in order to gratify the self. God is therefore seen as an enemy against the fulfilment of the desires and plans of the self. In addition to this, many simply suspect that those â€Å"kill-joy† Christians, do make those impositions on others condemning jollification and gaiety, as an unconscious repressions and anxieties which stems from Freudian influence. The rejection of the divine and supernatural is not just a mere intellectual scepticism about the truth of God and Christian beliefs; it has also been an emotional rebellion as well. Social factors have contributed. As we have seen, the dislocations caused by industrialism in many Western countries, have produced the alienation of much of the working masses from Christianity. In addition, social forces have brought a distrust of the older forms of authoritarianism. This was already demonstrated between the World Wars, the rejection of being ruled by a higher force. Moreover, this has been heightened after the war where many younger folks have opportunities of work and spending that often creates a sense of being relatively independent. This new found independence rewards man’s desire to be the sole controller of his own life. Such an attitude was already displayed since man’s creation. Self-rule, the rebellion against God’s authority has become the norm. With this development, the traditional forms of Christian teaching and preaching and the presentation of the ethical side of Christianity as something fixed and God-given have not had a widespread effectiveness. What is more popular in many folks of today’s generation is the adherence to anti-authoritarianism and which continuous to stimulate anti-Church feeling, even to the political level. Various advocacies that are being presented with much militancy and following today (i. e. same sex-marriage) run in complete opposition to God- declared laws. It is therefore not an unexpected condition that those who support such advocacies will reject God’s authority and existence. God’s ‘in-existence’ would mean that man can do whatever seems right in his own eyes. Truth and right is therefore relative. Also, aside from the agnostics and anti-religious atheism, are those within the so-called Christian societies, are a large number of people who simply do not attend church or religious ceremonies (Smart, pp. 558-573). They are not necessarily lacking in religious belief, but nevertheless they do not feel themselves called upon to belong to any religious organization. They are people who live in a large, gentle twilight zone between religiousness and agnosticism. They have inherited much of the humanist movement, but they do not share the intellectual presuppositions. They include many, therefore, who, when asked, profess belief in God or more vaguely in a Power which controls the cosmos. But they are not convinced of actively participating in worship of such a Being as something essential of one’s existence. They are not inclined to pray, seek God, read the Bible, though they might possibly do so in times of stress or great danger. They are, for the most part, alienated from the fellowship with God and the fellow believers. They are aware of the differences of teachings in different denominations, and are thus mistrustful of dogma. They have no wish to deny God’s existence outwardly, but they do not desire to seek and know Him. They have reverence for a Creator; but they feel that God is distant and detached. They respect Christian moral values, but they reject Puritanism. They do not have much sense of sin, but they admire saintliness. They are worried by death, and they hope to live for a better afterlife. But the division between heaven and hell they do not feel. Such people far outnumber the committed atheists and the explicit agnostics. For many members of society today, science possess greater prestige derived from the practical benefits of technology and the awesome mumbo-jumbo surrounding the expert, has superseded that of religion. The current civilization can be depicted in such a state. Although the blatant atheists and agnostics have been relatively few, the influence of their thinking has been formidable. Despite the ‘advancement’ in knowledge, man has generally been ignorant of God and His ways. What is generally esteemed as ‘wise’, those who reject God, does not see the pointlessness of their argument. Creation itself speaks as a witness to His superiority and existence. What is evident in creation is the presupposition of a Creator. If the world and the universe came out of chaos, scientific discoveries show that everything in it has a purpose and held with much order, which could not basically flow in congruence with the ‘accident’ theory. Also, the amazing functions of the human body, also defy such a premise that man was created by chance. For man to reject his Creator and His authority is one of the most miserable and worse thing that has occurred to man. Man indeed is very much in need of redemption from the futility of his own way of thinking. Reference: Smart, Ninian. (1984). Contemporary Religious Experience. The Religious Experience of Mankind. New York: Charles Scribner’s Sons

Two Characters from J.B.Priestley’s play, An Inspector Calls :: English Literature

Choose two characters from the play. With careful analysis of relevant sections of An Inspector Calls, show how Priestley wants us to react to them in different ways, and give reasons for these differences Priestley’s socialist views are reflected in his play-written in 1945 but set in 1912- just before the first of many imperative and decisive events such as World War 1, World War 2 and who could forget , the sinking of the not so resilient cruise liner; Titanic- â€Å"An Inspector Calls†. Priestley wants everyone to work together and have no boundaries between them any longer. Believing that we are all responsible for each others actions and that we should learn from lapses in the past and act upon them is a key element in Priestley’s socialist beliefs. By learning these mistakes it would create a superior and more established hope for the future. â€Å"An Inspector Calls† is a moralizing glance at the site and situation of one family, the Birlings. Priestley uses his play as a vehicle to express his moral and social concerns; that if we do not begin taking responsibility for each others actions, there will be no hope, no foundation and most importantly no future. The characteristics of this family are chosen carefully and accurately. The â€Å"older generation†, Mr Birling is described as a â€Å"prosperous manufacturer† who believes that â€Å"a man has to mind his own business and look after himself† and should not get involved in â€Å"community and all that nonsense†. He is a very pretentious, egotistical and typical man of 1912. The moment in time when Priestley decided to write the play couldn’t have been more perfect, and is where he uses Mr Birling to express the naà ¯ve and pugnacious capitalist views in his rather long and â€Å"portentous† speeches. His speeches consist of how none of these things will ever happen. â€Å"†¦I say there isn’t a chance of war† and the Titanic is â€Å"†¦unsinkable, absolutely unsinkable† and not to overlook that the world would have â€Å"forgotten all these Capital versus Labour agitations†, which are obvious signs of dramatic irony. Whereas Sheila, the â€Å"younger generation† is rather â€Å"pleased with life†, which shows her vulnerability to be easily divorced from her engagement festivity. Because she is young and still learning new and â€Å"squiffy† terms, Priestley chooses her to change and develop, in hope that people will become more socialist in the near future. Sheila is a more compatible person who eventually changes her views as the play progresses. In the beginning of the play â€Å"the general effect is substantial and heavily comfortable, but not cosy and homelike†. We are made to feel that this is an environment with an array of surprises lying ahead.

Financial Statement Analysis of Bata Pakistan from 2005-2010

Running head: Financial Statement Analysis of Bata Pakistan â€Å"Bata Pakistan†; Financial Statement Analysis From 2005 to 2010 Anum Fatima BSc. IV Section: B Lahore School of Economics This report is submitted as partial requirement for Financial Statement Analysis of Pakistani Companies to Dr Farooq Chaudhry Abstract This paper does an in depth analysis of Bata Pakistan Limited. It includes a brief summary of accounting policies and standards of the company. The analysis revolves around financial statements, their horizontal and vertical analysis.It also includes a detailed analysis of different financial ratios to measure different aspects of the company’s performance. Weighted average cost of capital is calculated on the basis of which intrinsic value of the stock is calculated. It also includes analysis of economic value added and Du Pont. Introduction Bata Pakistan is a public limited company and it is listed on Lahore and Karachi stock exchange. The main office of the company is at Batapur, Lahore. This company manufactures all kinds of footwear with accessories sells them at its outlets.Sales are both local and export The parent company is Bafin B. V. , Netherlands whereas above it is Compass Limited, Bermuda. The financial data disclosed in the annual report has been prepared in accordance with IFRS (International Financial Reporting Standards) stated by International Accounting Standards Board. These standards are applied under the Companies Ordinance of 1984. The company made some amendments to account standards; some of them are effective whereas some of them will be effective in the near future.According the company’s opinion, these amendments didn’t have a significant effect on their financial statements. The financial statements follow the principle of historical cost rather than the fair value concept except some employee benefits whose details will be discussed later. All statements except the statement of cash flow are recorded at accrual basis. After giving a brief summary of accounting policies there is an in depth analysis of company’s financial statements, company’s valuation and then recommendations based on that analysis. Accounting PoliciesEmployee benefits are calculated through the defined benefit plan. A defined benefit plan basically involves a determined amount of gratuity dependent on factors like age, years of service, compensation etc. the company has an unfunded gratuity scheme for all employee excepting management. The provision for employees which are also the member of provident fund is calculated on the basis on 3 weeks basic salary for every year of service whereas for employees which are not the members of the provident fund it is calculated on the basis of 30 days gross highest salaries/wages.The actuarial gains and losses are recognized as per defined in IAS 19 over the expected average remaining working life of the employee. The company also operates pro vident fund scheme in which equal monthly contributions by the company and the employee at the rates of 8% and 10% are made to the employee and managerial staff respectively. The current taxation is calculated on the taxable income from local sales at the present tax rate after accounting for the tax credits, rebates or exemptions if any. Deferred tax is calculated by using balance sheet liability method for all temporary differences between tax bases of assets and liabilities.The carrying amount of deferred income tax asset is revised at each balance sheet date. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the liability is calculated on the basis of tax rates applicable on the balance sheet dates. Revenues, expenses and assets are recognized net of sales except when sales tax is recognized as part of cost of acquisition of asset and when receivables and payables include the amount of tax. Property plant and equipmen t are reported at cost minus depreciation and impairment losses which are accumulated but land is stated at cost.The method used to calculate depreciation is the reducing balance method. Recognized expenditures, related to an item of property plant and equipment, are added to the carrying amount of asset when future economic benefits are expected. To measure the impairment of non financial assets, at each balance sheet date the carrying amount of assets id revised to check for any impairment loss. If such is the case then recoverable amount of the asset is calculated. Recoverable amount is higher of an asset’s fair value less cost to sell and value in use.The company’s rubber factory represents assets that are leased out under the operating lease and that has been leased out to a third party for processing products and is included in the fixed assets of the company. Their depreciation is calculated in the same way as done for the other assets. Intangible assets are cal culated on initial recognition at cost. After that they are carried at cost minus any amortization and impairment losses that are accumulated. If such assets have finite lives then they are amortized over that life and assessed for impairment if any. The amortization mechanism is reviewed at least once every financial year.This expense is recognized in the income statement. Gain and loss from intangible assets are measures as the difference between net disposal proceeds and carrying amount of asset and recognized in the profit and loss account. The investments of the company have fixed maturity and the company intends to hold till maturity. These investments are first recognized at cost including transaction costs and then carried at the amortized cost. Stores and spares which are purchased are valued at weighted average cost whereas in transit stores and spares are valued at actual costs.Stock in trade is valued at lower of cost and net realizable value. Raw materials that is own p roduction and purchased are valued at weighted average cost whereas in transit are valued at actual cost. Work in progress is valued at the production cost. Finished goods that own production are valued at production cost on FIFO basis, purchased are valued at actual cost on FIFO basis whereas in transit are valued at the actual cost. Cost is calculated on the basis of cost of material, labor and production overheads. Net realizable value is based on estimated selling price minus estimated cost to completion and estimated cost to make sale.Provision for doubtful debts and other receivables are decided by management’s assessment of customer’s creditworthiness. It is recognized in the profit and loss account. Contingencies and commitments are also important. Contingent liabilities are disclosed when there is a possible obligation from the past due to any future event not within control of the company or when there is a present obligation from the past events but the amou nt of that obligation cannot be measured in a reliable manner. Borrowings are recognized at fair value net of transaction costs then they are carried at amortized cost.Any difference between proceeds and redemption value is recognized in the P and L account using effective interest rate method. Provisions are recognized when there is an obligation from past events and it can be estimated in a reliable manner. This amount is the best estimate while taking into account the risks. When the amount required settling a provision is expected to be recovered from a third party then a receivable is recognized if it is certain and estimate is reliable. Revenue recognition is done as stated below. The revenue from wholesale is recognized when company has delivered the product to the wholesaler.Retail sales are recognized when product is sold to the customer by cash or by credit. Customer loyalty card sales are recognized as revenue over the period that the award credits are redeemed. Profit on investment is recognized on accrual basis by using effective interest method. Profit on bank deposits is recognized on accrual basis whereas rental income is recognized on accrual basis over the duration of lease agreement. Cash and cash equivalents include cash in hand, deposits with banks, other short term investments with original maturities of three months or less and bank drafts.In cash flow statement, it is cash in hand; cash in transit, bank balances and short term investments. Recognition and measurement of financial instruments is done at times when company enters the contract. Al financial assets and liabilities are measured at fair value. Major categories of assets are investments, advances, deposits, trade debts, other receivables and cash and bank balances. Financial liabilities are creditors, accrued expense and other payables. Any gain or loss is recognized in the P and L account for the period.Offsetting of financial assets and liabilities is done and the net amount is reported in the balance sheet if the company has a legal right to set off. Corresponding income and charge are also off set. The amount of loss is the difference between asset’s carrying amount and present value of the estimated future cash flows discounted at effective interest rate. Related party transactions are conducted at arm’s length just as with the third party using comparable uncontrolled price method whereas related parties are those who are able to influence the operating and financial decisions of the company.Dividends and other appropriations to reserves are recognized when these are approved. Operating segments are reported in a manner consistent with the internal reporting. Board of Directors is the chief operating decision maker that makes strategic decisions. Significant changes observed during the 6 year period under consideration are discussed below. In 2006, stores and spares and stock trade didn’t use FIFO or LIFO, rather purchased unit s were valued at lower of moving average cost and net realizable value. In 2007 same method was used whereas in 2008 FIFO was used for similar valuation of inventory.This change of method has been effective since. When this method was used there was a remarkable increase in the amount of stock in trade as well as cost of sales and gross profits from the previous years. Other than that no significant policy changes are observed except some minor changes in standards which according to the company’s opinion had no significant effect on financial statements, Analysis of Financial Statements First of all we will be analyzing the financial statements indirectly through financial ratios divided in feasible groups. Liquidity RatiosThe working capital of the company has shown healthy growth over the year. Working capital is useful in evaluating company’s ability to meet currently maturing liabilities. The working capital of the company is not only positive but it is growing at an average rate of 44. 46%. It also means that current assets are growing at a rate faster than current liabilities. Working capital took a jump in 2007 which proved to be a prosperous year for the company due to favorable economic conditions and the company used this opportunity in an efficient manner to gain from the situation.This shows that current assets are always in access of current liabilities which is a good indicator. Comparing working capital with the industry is not very useful because it depends on the size and scope of the company. The Current ratio is basically another way of expressing the relationship between current liabilities and current assets. Minimum it should be equal to 1 meaning that current liabilities are exactly matched with current liabilities. The company is showing good performance in this regards as the current ratio is greater than 1 and increasing steadily over the years from 1. 1 in 2006 to reach 2. 66 in 2010. This again points to the fact that current assets are covering current liabilities effectively. Inventory and accounts receivables are forming major part of current assets. It still remains to be seen that whether this growth in current assets is solely due to increasing accounts receivables and inventory and then whether accounts receivables are being collected of inventory being sold in time. The current ratio was a little behind the industry averages in 2006 but it soon caught up and is growing side by side the industry averages.Quick ratio is calculated by excluding inventory from current assets as they are considered to be least liquid assets. It is a better measure of liquidity. Quick ratio shows a significant decline from current ratio owing to the fact that inventory is a major part of the current assets. It caught u with the industry average in 2009 when it went from 0. 51 to 1. 15. This also points to the fact that low quick ratio is not an indicator of less liquidity rather it points to the nature of the business and its dependence on inventory because it is in line with industry averages.Collection period measures the length of time after which the company expects to realize cash from its accounts receivables. Company has improved from 2006 to 2010 remarkably. In 2006 it was 30 days which reduced to 11 days in 2010. A major change was in 2007 as collection period fell by 10 days. They caught up with industry averages in 2009 which is 10 days. It shows that company’s accounts receivables are enforceable and not resulting in defaults. Days to Sell Inventory is the length of time after which company realizes sales from its inventory.They have improved from 2006 to 2010, falling from 131 to 101. They are in line with industry averages of 113 days. Major improvement was again seen in 2007 when days fell from 131 to 116. This is a good achievement as inventory has increased over time. Looking at all these indicators there isn’t any cause of concern for the company in terms of liquidity. Capital Structure and Solvency Ratios Solvency means the ability of the firm to meet its long term obligations which also involves analysis of capital structure of the company that is the debt and equity mix.The debt to equity ratio of 0. 52 means that for each one rupee of equity, 0. 52 is provided by creditors. This ratio is very low showing high percentage of equity. This is in line with industry average and has decreased over the 5 year period. This ratio should be typically low for a manufacturing company which is the case for Bata. This means that the company is in good position to meet its long term obligations. The long term debt to equity ratio is even lower meaning the company is relying very little on long term debt. it is less than 1 and decreases from 0. 13 to 0. 05.It has shown a slight decrease over the years and is in line with the industry averages. Times Interest Earned measures the times for which the amount of interest can be paid out of income befo re tax. This ratio was low in 2006 but it rose from 8 to 24 times in 2007 which is a big improvement. After that it came in line with industry average of 29 times. This also points to the fact that the interest charges of the company are very low and are only less than 1% of total sales. These set of ratio indicate that the debt equity mix of the company is satisfactory. Less reliance on debt means lower risk of default.So the company is in a great position to manage its long term liabilities which are meager in quantity as compared to equity. Return on Investment Ratios Return on assets determines the amount of return when 1 Rupee is invested in assets. In 2006 it was 18. 18% which later rose sharply in 2007 to 34. 79% and maintained the position till 2010 with slight variations. Industry average has been slightly higher that is 35% but in any case the performance of company’s assets is a satisfactory and generating good return. Another side is the return on common equity be cause shareholders are interested in the returns on equity.Return on equity shows the same pattern as return on assets. It was 16. 66% in 2006, rose sharply to 43% in 2007 and then maintained steady levels until 37% in 2010. Industry average has been almost 36% so company is earning good returns as per industry. Operating Performances This set of ratio link income statement line items with sales. These basically measures profit margins in different forms. Gross profit measures the relationship of cost and sales. Gross profit margin has maintained a steady well and increased from 37% in 2006 to 41% in 2007. The usual impact of 2007 boom is not very much apparent here.Then it maintained a steady level till 2010 of 40%. This is in line with industry average of 41%. Industry averages also doesn’t show much variation over the 5 years. Operating profit margin was initially 9% in 2006 but improved to 14% in 2007 and maintained the level till 2010. Industry average has remained more or less around 14% so compared to the industry company is doing fine and generating good returns. Net profit margin was 3. 67% but improved greatly in 2007 to 9. 05%. It has improved to 10. 46% in 2010. The industry average is around 9% according to which net profit margin of the company is satisfactory.Overall operating performance shows a good picture. Asset Utilization Ratios Asset utilization relates sales to different assets and their importance lies in the fact that they are important determinants of return on investment. Cash Turnover is the firm’s efficiency in its use of cash for generation of sales revenue. This ratio shows a volatile trend. The value in 2006 is 36 fell to 16 in 2007, rose to 57. 4 in 2008 and then maintained 13% to 15% from 2009 to 2010. This can be explained by rather volatile cash and bank balances portraying varying liquidity requirement each year.Accounts receivable turnover is an indicator of how many times company has collected its receivable s in a year. This has increased steadily from 2006 to 2008 and shows a sharp rise in 2009 due to high sales and 31 in 2010. This is almost in line with industry average which is 35. this shows that the company is not having any significant problem in receivable collection. Inventory turnover is steady over the years from 2. 74 to 3. 56 in 2010. It shows that how many times inventory is sold during the year. This is in line with industry average.It may seem quite low but seasonality has a big factor in shoe business as business peaks when season changes but after that it slackens until the next change. Working capital turnover is high in 2006 and 2007 but falls in 2008 till 2010. Still they isn’t any significant difference between industry average and the company’s average. Property Plant and equipment turnover maintains a steady growth profile from 9. 72 in 2006 to 13. 73 in 2010. Industry average is also steady around 12 so that show good results. Total asset turnover varies around 2 but is steady same as the industry average. Market MeasuresPrice to earnings ratio shows that how much investor is willing to pay per rupee of the profits. It was 8. 90 in 2006 but rose to 10. 23 in 2007, rose steadily in 2008 and 2009 and rose to 17% in 2010. This increase is attributed both to increasing market share price and rising earnings per share. This too is more or less around industry average and rose above industry average in 2010. Earnings yield is the reciprocal of price to earnings. It shows the percentage of each rupee invested in stock that was earned by the company. They dipped in 2007 to 2009 but then rose above industry average in 2010.Dividend yield shows how much a company pays in dividends relative to its share price. Dividend yield is not steady but 4. 24% in 2010. This means that the dividends are not stable but they are showing growth rather than decline and has risen significantly from Rs1. 50 per share in 2004 to Rs 12 per share in 2009. Dividend Payout Rate basically shows the percentage of earnings paid to the shareholders. This ratio is quite high supporting the same growth in dividends. This ratio increased considerably to 27% in 2006 but then EPS rose significantly because of which the ratio fell to 10%.This is also in line with industry average of around 10%. Price to book value of the share has increased over time significantly indication high growth in the market value of the stock. But if we look at industry average they are also quite high showing the trend in the industry of increasing stock prices. Overall the company’s stock is performing well in the market and also its dividend policy is investor friendly and ensures high and stable returns as compared to the industry in which dividends are not very common and that too every year. Bata also gave interim dividends in 2006 in addition to the usual annual dividends.Du Pont Analysis Return on common equity is disaggregated into its component to have a better look at what drives this return on common equity. Return on common equity was 13. 57% in 2005 then increased sharply in 2007 to 42. 94% then falling to 39%, 34% and 37% in 2008, 2009 and 2010 respectively. The good economic conditions in 2007 were efficiently utilized by the company. It is disaggregated in profit margin, asset turnover and leverage. Profit margin is basically net income divided by sales or net income as a percentage of sales. It measures how much a company keeps out of sales revenue as earnings.Both net income and sales of the company has increased over time. The ratio increased significantly in 2007 and after that maintained same level of around 9% which rose to 10% in 2010. Then sales divided by average assets shows a steady trend over the years which show company’s ability to generate revenues from investment. This means that the growth of sales and although higher than growth in assets but still the increase is more or less proportionate. Averag e assets over equity fall in 2007 and then maintain same level till 2010. It tells how much assets are owned by the company and how much are leveraged.A low ratio indicates that the company is strong and relies more heavily on equity rather than debt. So we can say that Net income over sales or profit margins are driving the return on common equity. This points towards the strength of the company that is a stable growth in sales and also a stable growth in net income that is ensuring good returns to the shareholders. Common size Balance Sheet Common size balance sheet means all components of balance sheets as a percentage of total assets. We will start with the analysis of current assets. In this company current assets form a major part of the total assets.In 2005, they were 74. 66% of total assets, varied slightly till 2008, increased to 78. 68% in 2009 and then 82. 82% in 2010. This is a good sign but it can be an indicator of deficient investment in long term assets or property p lant and equipment. In current assets, inventory and accounts receivables form the major component of total assets. Inventory was 44. 45% in 2005, increased to 50% in 2006, decreased to 41% in 2007, increased to 55. 97% in 2008 then started to decline till 36. 56% in 2010. Stock in trade and stores and spares determine total amount of inventory.High value of inventory may be inherent to this type of business as seasonal changes induce sales and hence inventory to sale out but in any case high inventory are required to be maintained. Next major component is account receivables or trade debt which shows the good credit policy of the company as receivables have significantly decreased over the years from 23. 27% in 2005 to 0. 53% in 2010 indicating majority of sales are in cash that solves many problems. A steady level of cash is being maintained showing slight dips in 2005, 2006 and 2008. Cash is 13% of total assets in 2010.This shows that liquidity position is very strong but it can also means that company may be holding idle cash that can be invested somewhere to generate returns. Non Current assets form a small portion of total assets which means that the company is not very ambitious and doesn’t involve in expansionary operations. In 2005 they were 25% of total assets whereas they have fallen to 17. 18% in 2010. in long term assets only property plant and equipment noteworthy and constitute almost all noncurrent assets. They have declined in conjunction with total noncurrent assets.Total equity as percentage of total equity and liabilities has increased over the years. In 2005 it was 45. 278%, showed a slightly downward trend in 2006 and 2007 but rises from 63% to 65% from 2008 to 2010. It shows that company is using more equity financing as compared to debt financing. Even in debt financing, current liabilities form a higher percentage of total liabilities and equity. It was 48% in 2005, showed a significant decrease in 2008 and then 31% in 2010. It shows that the even in liabilities the company prefers to finance its assets with current liabilities and trade payables in current liabilities.Provision for taxation has shown significant increase from 0. 24% IN 2005 to 7. 47% in 2010. The major increase was from 2009 to 2010. Noncurrent liabilities form a small portion of total liabilities and equity. It was 6. 47% in 2005 and decreased to 3. 23% in 2010. This also indicates that the company is matching its current and noncurrent assets with current and noncurrent liabilities so that there is no liquidity or solvency problem. Common size balance sheet shows good financial health of the company. Common size Income Statement Analysis Common size income statement measures all income statement components as a percentage of net sales.Cost of goods sold is a major component of net sales but it hasn’t increased significantly over time showing company is employing good cost minimization measures. It was 63% in 2006 then decreased t ill 57. 62% in 2008 then increased slightly to 60% in 2010. Managing costs is not creating problems for the country. Gross profit as a percentage of sales the opposite trend of cost increases till 2008 then falls to 40% in 2010. This is a reasonable percentage of gross profit. Interest expense of the company is very low so there remains a bigger chunk for the shareholders.Next major component is operating expenses which is the only significant expense due to the requirement of maintain international standard outlets throughout the company and hiring specialized staff. But operating expenses has shown decrease over time from 29% in 2005 to 24. 80% in 2010 with slight variation in between. Profit before taxation has shown good improvement over time. It increased from 5. 05% in 2005 to 14. 27% in 2010 with a steady increase over the year. Profit after taxation has increased over the years which is also a good sign. It was 3. 03% in 2005.There was a significant increase in 2007 due to f avorable economic conditions and then that level was maintained with slight increases over the years finally 10. 46% in 2010. Common size income statement shows that the company’s profit and loss account is in good health. Balance Sheet Horizontal Analysis (Year over Year Analysis) This analysis is useful in tracking the trends of different components of balance sheet over the years and then analyze those trends. Starting with current assets, from 2005 to 2006 current assets showed a slight decrease of 0. 51%.Within current assets the major assets of the company that is account receivables and inventory decreased by large percentages whereas cash and loans showed increases. This fall in current assets may not be harmful as it may pertain to inventory sale out or realization of accounts receivables. After that there is a consistent increasing trend. From 2006 to 2007, current assets increased by 37. 87% because all major assets showed increase. They dipped slightly from 2007 t o 2008 but gained paced later. From 2009 to 2010 they increased by 43. 58% with different components showings different inconsistent trends.Noncurrent assets increased from 2005 to 2006 by 15. 82% and kept increasing each year at an increasing rate. The trend was broken in 2008 to 2009 when the increase was only 4. 49%. Property plant and equipment shows an increasing trend till 2008. After that they are increasing but at a much lower rate. Largest increase was in 2007 to 2008 of 33% indicating expansionary phase of the company. Total equity is increasing over the years at an increasing rate. From 2005-2006 it increased by 12. 84% but in the next year it increased by 39. 49% and showing a major increase from 2008 to 2009 of 47. 5%. This is a favorable trend showing that the shareholders are putting n more and more equity and less and less debt. Current liabilities show an inconsistent trend sometime decreasing and some time decreasing. Only significant current liabilities are provis ions for taxation which show significant increases over the year. Noncurrent liabilities show an increasing trend over the years but by a small amount. The overall trend is inconsistent but not unfavorable. Income Statement Horizontal Analysis (Year over Year Analysis) Net sales show a reasonable trend.From 2005 to 2006 net sales increased by 17. 54% but the rate almost double next year when net sales increased by 32. 60% as compared to previous year. This again is the result of boom year of 2007. The rate fell to 29% next year but maintained its pace. This shows that growth of sales is healthy. Cost of goods sold increases at same rate over the years as the net sales with a slight variation. Gross profit has peaked from 2006 to 2007 at an increase of 47% and then the rate normalizes. The achievement of the company lies in the fact that gross profits have increased steadily over the years.The next important item is the operating expenses that increased over the years but the company managed to decrease the rate from 28. 09% to 16. 04 in 2009 to 2010. Operating profits have shown positive increase from year over year. From 2006 to 2007, operating profits increased by 133. 98% again showing effects of favorable economic conditions of the economy. Provisions for taxation have increased at an increasing rate over the years. Profit after taxation shows the same trend. From 2006 to 2007, profit after taxation increased by 227% which shows great performance.After that rate increase lowers down significantly but rises again from 2009 to 2010 when profit after tax increases by 48. 81%. The overall year over trend is quite favorable with no major setbacks in different measures of profit such as gross profit, profit before tax and profit after tax. Statement of Changes in Equity Statement of changes in equity also shows favorable trends. From 2006 to 2007 total equity increases by 39. 49% which is again owing to economic conditions but the good thing about the company is that they profited by this big push and maintained and even improved same levels.From 2007 to 2008 equity increased by 47. 55%. It increased by 36. 57% next year and finally increased by 39. 81% from 2009 to 2010. Dividends also show healthy growth over the years showing consistent dividend policy of the company. Cash Flow Analysis Company is generating enough cash flows from operating activities to cover its investing and financing activities. In 2005 net cash flows were coming out to be negative but combined with previous cash flows the end result was still positive. From 2006 onwards the amount became positive and showed a major increase.There is a major decrease in cash flows in 2008 because of very low cash generation from operation indicating some problem in realization of receivables or sale out of inventories. There is also an increase in loss on net change in assets and liabilities and income tax paid. But the latest year of 2010 shows a favorable situation. Growth of cash flows over the years is very inconsistent. From 2005 to 2006, cash flow from operating activities is increasing by 2584. 57% which is a huge amount. Then from 2006 to 2007, cash flows from operating activities fell by 2. 5% and fell by 80% next year. Then there is a big increase from 2008 to 2009 of 1159. 73% and a fall of 48% from 2009 to 2010. Cash flow from investing activities shows same volatile trend but on average it is positive or increasing. Cash flow from financing activities decrease at a decreasing rate till 2007 to 2008. Later it increased by 300% from 2008-09 and also from 2009-10 by 49%. Total cash flows are also increasing from year to year but from 2006 to 2007, they are showing a decrease of 64%. So the only problem in the statement is the inconsistency of cash flows.Economic Value Added Economic value added is the true economic profit of the business for the year and it is very different from the accounting profit. Its basically net operating profit after tax min us weighted average cost of capital into capital invested, where capital invested is working capital plus fixed assets. Economic value added deducts cost of all charges including equity which is basically opportunity cost of the invested equity capital. This basically measures the amount that the firm has added to shareholder’s value.Because of the way EVA accounts for the equity it is a better measure to decide upon corporate goals of the company and determining performance of the management. This number is positive for the company and also showing year over year growth. From 2006 to 2007 it is showing a growth of 227. 48%. As capital invested increased, NOPAT also increased. Company Valuation One of the most important task when analyzing a company is to gauge whether the current market price of the company’s stock shows intrinsic value of the stock or whether it is overvalued or undervalued.The first step is the calculation of weighted average cost of capital or WACC . For Bata Pakistan, WACC is calculated to be 13. 83%. Next step is to apply different techniques for determining the rate at which the company is growing. The average growth rate of sales is coming out to be 26. 89%. The average growth rate of dividends is coming out to be 60. 33% which is abnormally high due to extreme values and sharp increases in the amount of dividends paid. The last technique is that of calculating growth of free cash flows.The free cash flow is basically the amount available to the shareholders after deducting all charges. Values of free cash flows is coming out to be positive but again the average growth rate is coming to be 88. 22% which is also due to extreme values attributed to uneven and inconsistent growth in the operating cash flows used in the calculation of free cash flows. So we didn’t apply the dividend growth model. In any case WACC is coming out to be less than growth rate so we used free cash flow to equity model and assumed an average g rowth rate of 12% for the sake of simplicity.The intrinsic value of the company is coming out to be 639. 08. The stock price on 31st Dec 2010 was 660. The stock seems to be slightly overvalued but this amount is not significantly different and can easily be attributed to calculation mistakes. Recommendations * The company seems to be performing satisfactorily overall as it is making significant yearly profits. * It has sound credit and dividend policy and managing its inventory effectively. * Cash flows are inconsistent but that is not creating significant problems for the company. The company has the potential to expand if it increases its investment in long term assets. It basically means that the company needs to be a bit less conservative. * The previous points follow to the fact that going for a certain percentage of debt financing may open new opportunities for the companies. * Based on the analysis and valuation, we can positively say that even if the stock is slightly overva lued it is a good buy and a good hold for those who already have it. The stock price is not very volatile. The company is growing but still it has the potential to grow further or maintain its growth; nothing less.Apart from intrinsic value, its dividend policy is very attractive and ensures good return for its shareholders. References Wild, J. & Subramanyam, K. (2008). Financial Statement Analysis (10th ed. ). McGraw-Hill Brigham, E. & Houstan, J. (2003). Fundamentals of Financial Management (10th ed. ). South Western Publisher Arifeen, S. (2010). Financial Statement Analysis of Companies Listed at Karachi Stock Exchange (2005-2010). State Bank of Pakistan, Statistics and DWH Department www. kse. com. pk www. investopedia. com www. lse. com. pk

Deception Point Page 60

â€Å"Ms. Tench?† the transparent voice on the line said. â€Å"William Pickering, here. To what do I owe this honor?† Tench could hear the television in the background-NASA commentary. She could already sense in his tone that he was still reeling from the press conference. â€Å"Do you have a minute, director?† â€Å"I expected you'd be busy celebrating. Quite a night for you. Looks like NASA and the President are back in the fight.† Tench heard stark amazement in his voice, combined with a tinge of acrimony-the latter no doubt on account of the man's legendary distaste for hearing breaking news at the same time as the rest of the world. â€Å"I apologize,† Tench said, trying to build an immediate bridge, â€Å"that the White House and NASA were forced to keep you unapprised.† â€Å"You are aware,† Pickering said, â€Å"that the NRO detected NASA activity up there a couple weeks ago and ran an inquiry.† Tench frowned. He's pissed. â€Å"Yes, I know. And yet-â€Å" â€Å"NASA told us it was nothing. They said they were running some kind of extreme environment training exercises. Testing equipment, that sort of thing.† Pickering paused. â€Å"We bought the lie.† â€Å"Let's not call it a lie,† Tench said. â€Å"More of a necessary misdirection. Considering the magnitude of the discovery, I trust you understand NASA's need to keep this quiet.† â€Å"From the public, perhaps.† Pouting was not in the repertoire of men like William Pickering, and Tench sensed this was as close as he would get. â€Å"I only have a minute,† Tench said, working to retain her dominant position, â€Å"but I thought I should call and warn you.† â€Å"Warn me?† Pickering waxed wry momentarily. â€Å"Has Zach Herney decided to appoint a new, NASA-friendly NRO director?† â€Å"Of course not. The President understands your criticisms of NASA are simply issues of security, and he is working to plug those holes. I'm actually calling about one of your employees.† She paused. â€Å"Rachel Sexton. Have you heard from her this evening?† â€Å"No. I sent her to the White House this morning at the President's request. You've obviously kept her busy. She has yet to check in.† Tench was relieved to have gotten to Pickering first. She took a drag on her cigarette and spoke as calmly as possible. â€Å"I suspect you may be getting a call from Ms. Sexton sometime soon.† â€Å"Good. I've been expecting one. I've got to tell you, when the President's press conference began, I was concerned Zach Herney might have convinced Ms. Sexton to participate publicly. I'm pleased to see he resisted.† â€Å"Zach Herney is a decent person,† Tench said, â€Å"which is more than I can say for Rachel Sexton.† There was a long pause on the line. â€Å"I hope I misunderstood that.† Tench sighed heavily. â€Å"No, sir, I'm afraid you did not. I'd prefer not to talk specifics on the phone, but Rachel Sexton, it seems, has decided she wants to undermine the credibility of this NASA announcement. I have no idea why, but after she reviewed and endorsed NASA's data earlier this afternoon, she has suddenly pulled an about-face and is spouting some of the most improbable allegations imaginable of NASA treachery and fraud.† Pickering sounded intense now. â€Å"Excuse me?† â€Å"Troubling, yes. I hate to be the one to tell you this, but Ms. Sexton contacted me two minutes before the press conference and warned me to cancel the whole thing.† â€Å"On what grounds?† â€Å"Absurd ones, frankly. She said she'd found serious flaws in the data.† Pickering's long silence was more wary than Tench would have liked. â€Å"Flaws?† he finally said. â€Å"Ridiculous, really, after two full weeks of NASA experimentation and-â€Å" â€Å"I find it very hard to believe someone like Rachel Sexton would have told you to postpone the President's press conference unless she had a damn good reason.† Pickering sounded troubled. â€Å"Maybe you should have listened to her.† â€Å"Oh, please!† Tench blurted, coughing. â€Å"You saw the press conference. The meteorite data was confirmed and reconfirmed by countless specialists. Including civilians. Doesn't it seem suspicious to you that Rachel Sexton-the daughter of the only man whom this announcement hurts-is suddenly changing her tune?† â€Å"It seems suspicious, Ms. Tench, only because I happen to know that Ms. Sexton and her father are barely civil to one another. I cannot imagine why Rachel Sexton would, after years of service to the President, suddenly decide to switch camps and tell lies to support her father.† â€Å"Ambition, perhaps? I really don't know. Maybe the opportunity to be first daughter†¦ † Tench let it hang. Pickering's tone hardened instantly. â€Å"Thin ice, Ms. Tench. Very thin.† Tench scowled. What the hell did she expect? She was accusing a prominent member of Pickering's staff of treason against the President. The man was going to be defensive. â€Å"Put her on,† Pickering demanded. â€Å"I'd like to speak to Ms. Sexton myself.† â€Å"I'm afraid that's impossible,† Tench replied. â€Å"She's not at the White House.† â€Å"Where is she?† â€Å"The President sent her to Milne this morning to examine the data firsthand. She has yet to return.† Pickering sounded livid now. â€Å"I was never informed-â€Å" â€Å"I do not have time for hurt pride, director. I have simply called as a courtesy. I wanted to warn you that Rachel Sexton has decided to pursue her own agenda with respect to tonight's announcement. She will be looking for allies. If she contacts you, you would be wise to know that the White House is in possession of a video taken earlier today in which she endorsed this meteorite data in its entirety in front of the President, his cabinet, and his entire staff. If now, for whatever motives she might have, Rachel Sexton attempts to besmirch the good name of Zach Herney or of NASA, then I swear to you the White House will see to it she falls hard and far.† Tench waited a moment, to be sure her meaning had settled in. â€Å"I expect you to repay the courtesy of this call by informing me immediately if Rachel Sexton contacts you. She is attacking the President directly, and the White House intends to detain her for questioning before she does any serious damage. I will be w aiting for your call, director. That's all. Good night.† Marjorie Tench hung up, certain that William Pickering had never been talked to like that in his life. At least now he knew she was serious. On the top floor of the NRO, William Pickering stood at his window and stared into the Virginia night. The call from Marjorie Tench had been deeply troubling. He chewed at his lip as he tried to assemble the pieces in his mind. â€Å"Director?† his secretary said, knocking quietly. â€Å"You have another phone call.† â€Å"Not now,† Pickering said absently. â€Å"It's Rachel Sexton.† Pickering wheeled. Tench was apparently a fortune-teller. â€Å"Okay. Patch her through, right away.† â€Å"Actually, sir, it's an encrypted AV stream. Do you want to take it in the conference room?† An AV stream? â€Å"Where is she calling from?† The secretary told him. Pickering stared. Bewildered, he hurried down the hall toward the conference room. This was something he had to see. 70 The Charlotte's â€Å"dead room†-designed after a similar structure at Bell Laboratories-was what was formally known as an anechoic chamber. An acoustical clean room containing no parallel or reflective surfaces, it absorbed sound with 99.4 percent efficiency. Because of the acoustically conductive nature of metal and water, conversations onboard submarines were always vulnerable to interception by nearby eavesdroppers or parasitic suction mics attached to the outer hull. The dead room was, in effect, a tiny chamber inside the submarine from which absolutely no sound could escape. All conversations inside this insulated box were entirely secure.

How to Answer Tough Interview Questions in 60 Seconds

How to Answer Tough Interview Questions in 60 Seconds We all know it’s good to prepare answers to the standard interview questions, plus the not-so-standard ones that might come up in a particular interview at a particular company. But often we are so prepared that we forget to edit our answers down to their most surgical and concise form. Here are six standard but tough interview questions and the snappy sorts of answers you should start rehearsing right now. 1. Why you left your last jobMaybe the answer is as simple as your company was downsizing, but if you left in order to challenge yourself further or pursue more meaningful work, try saying something that emphasizes some skill or experience you wanted to develop professionally. Talk about how it wasn’t possible to do so at your former job, and so you are committed to mastering it and see the perfect opportunity to do so at this company. Bonus points if you can prove you’re already well on your way to developing this skill, whether by having taken a class or ear ned a certification.2. Your greatest weaknessStep one: pick a trait that won’t scare them off, and doesn’t in any way affect your ability to perform this job. Don’t humblebrag. â€Å"I’m just too good at work!† But do try and pick something with a positive spin. Maybe  you’re too much of a perfectionist or you go flat out until a project’s done without taking a break.  Or choose a weakness that you’ve since worked hard to convert into a strength. Formula for the latter: â€Å"Well, I was noticing that I was x, so I took , so I took step y in order to improve, and ended up in situation z (which is infinitely better and makes you a stronger candidate for the job).†3. Why you seem overqualifiedRather than agree with them and say how much this job is beneath you, emphasize why (and pick three or so specifics) this job is perfect for you right now, and how it fits into your career growth plan. Your resume probably shows t hat you can do this job, use this answer to prove that you want it.4. Why you’ve changed jobs a lotCan be a red flag to some employers who haven’t gotten the memo that job-shifting isn’t necessarily a red flag anymore. Try telling the truth. Either it’s as simple as: â€Å"For reason x, we moved around a lot and so I was forced to†¦Ã¢â‚¬  or you have a unique opportunity to document your drivenness and your desire to learn new things and acquire new skills that make you such a stellar candidate with such passion for what you do. Emphasize how all this hopping has uniquely prepared you to land on their precise lily pad, and why you’d want to stay put for a good long while.5. Why you’ve been unemployed for agesIf you’ve been out of the workforce for a year or more, you’re going to have to explain yourself. Either go for the â€Å"I took some time off to evaluate my career needs and wishes in order to come back refreshed a nd well-prepared and hungry to do this kind of work,† or the â€Å"I’ve just completed x course or accreditation in order to make myself more valuable in my field.† They’ll eat either up.6. Your ageIt’s illegal to discriminate in hiring decisions based on age, but not illegal to ask. If you’re on the older end of the job market spectrum, use your answer to assuage their fears that you’re just in it for the drudgery and the paycheck. Emphasize how much passion you still have and how much invaluable experience you bring to the table. You’re not done yet!

Cliché vs. Idiom

Clichà © vs. Idiom Clichà © vs. Idiom Clichà © vs. Idiom By Maeve Maddox In response to a recent post on idioms, a reader asked for a discussion of â€Å"the distinction between idioms and clichà ©s.† In the article referenced, I gave four definitions of the word idiom. Here is the definition closest to the word clichà ©: idiom: a construction or usage peculiar to English. A clichà © is an idiom that people notice and find annoying. Here are three typical definitions of clichà ©: A phrase or opinion that is overused and betrays a lack of original thought. (Oxford Dictionaries online) A trite or stereotyped phrase or expression; also, the idea expressed by it. (Merriam-Webster Unabridged) An expression, idea, or element of an artistic work which has become overused to the point of losing its original meaning or effect, even to the point of being trite or irritating, especially when at some earlier time it was considered meaningful or novel. (Wikipedia) The irritation factor of a clichà © depends to a large extent upon the listener or reader. Three clichà ©s that make me gag are â€Å"the elephant in the room,† â€Å"a win-win situation,† and â€Å"dà ©ja-vu all over again.† On the other hand, I don’t mind â€Å"You can’t please everyone,† â€Å"This too shall pass,† or â€Å"Mi Casa es Su Casa.† Everyone uses clichà ©s. They are convenient verbal shorthand. If our goal is to be original, then clichà ©s are to be avoided. If we are just making conversation, trying to avoid confrontation, wanting to express a strong feeling, or trying to write a catchy headline, clichà ©s are our friends. Numerous websites offer lists of clichà ©s. The lists include proverbs, literary quotations, and cultural references as well as convenient phrases that say a lot in a few words. Here are a few clichà ©s that are alive and well in the media: alive and well â€Å"still existing or active; often used to deny rumors or beliefs that something has disappeared or declined† Ex. Email marketing is alive and well, at least for now- Headline, Fortune. to do an about-face â€Å"to reverse ones opinion or course of action† Ex. China Does an About-Face on GMOS- Headline, Bloomberg. a thorn in one’s side â€Å"a person or thing that repeatedly annoys you or causes you pain† Ex. Otherwise, [Trevor] seems pretty content. That is, except for one thorn in his side- his hotheaded employee, Kat (Cobie Smulders).- Movie review, Washington Post. tell it like it is â€Å"describe the facts of a situation no matter how unpleasant they may be† Ex. R. Kelly promises to ‘tell it like it is’ in memoir- Today, Book News. to be all ears â€Å"to be waiting eagerly to hear about something† Ex. Warren Buffett beams in, and everyone’s all ears- Headline, The Australian. window of opportunity â€Å"a favorable opportunity for doing something that must be seized immediately if it is not to be missed† Ex. The best window of opportunity we have to improve the brains and lives of the nations children is between birth and age 3.- Chicago Tribune. a witch hunt â€Å"a campaign directed against a person or group holding unorthodox or unpopular views.† Ex. Those leading the witch hunt twisted what Mr. Hunt was saying into girls cant do science, and cited Marie Curie to prove him wrong.- The Baltimore Sun. bottom line â€Å"the underlying or ultimate outcome or criterion† Ex. Profits are the bottom line of competitive market business enterprises, and they are signaling devices that inform and direct decisions.- Publication of the Office of the Governor, California. draw a line in the sand â€Å"make it clear that that one has reached a point beyond which one will not go† Ex. The bottom line is that when you draw a line in the sand and decide that nothing on earth will get you to move it, every student within the four walls of your classroom will be changed because of it.–Classroom management site. Clichà ©s are idiomatic expressions. They may not contribute to meaning in significant ways, but they do play a part in social interaction. They may not promote fresh thought, but their familiarity makes people feel that they’re in the loop. in the loop â€Å"aware of information known to only a privileged few† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:85 Synonyms for â€Å"Help†40 Synonyms for â€Å"Lie†Words Often Misspelled Because of Double Letters

Psychological criticism used towards the story The Strange Case of Dr Term Paper

Psychological criticism used towards the story The Strange Case of Dr. Jeckyl and Mr. Hyde - Term Paper Example In her book Routledge Critical Thinkers: Sigmund Freud, Pamela Thurschwell dwells more deeply on the conception of the human psyche, that is, Freud’s iceberg metaphor. She explains the struggle between the Id, Ego and Superego in the following manner: a. Id: Basic needs - it is all about me. Not reality based. b. Ego: Reality based or alters reality to justify his actions. c. Superego: Social programming - what is acceptable for the character - morality and conscience. (81-83) This particular piece of fiction by Stevenson is most commonly associated with the rare mental condition often referred to as â€Å"split personality† disorder, where there exist two distinct personalities within the same person. This notion is also connected to the so called â€Å"doppelganger† motif, which represents a tangible double of a living person that typically represents evil, a notion which predates Freud’s concept of the repressed, unconscious alter ego. The doppelganger represents the narrator’s attempt to project an inner evil into the outside world, which is exactly the case with Jekyll. This idea has been widely used in literature, ranging from authors and works like Oscar Wilde’s The Picture of Dorian Gray, Edgar Allan Poe’s â€Å"William Wilson,† Fyodor Dostoyevsky’s â€Å"The Double† and many others, whose protagonists find their identical nemesis in a psychological self-splitting process. This notion centers on the conception of humanity as dual in nature, even though the readers become fully aware of this in the last chapter, when the true story of Jekyll and Hyde emerges before them. Until the very end of the novella, these two characters seem nothing alike, and one can by no means make the connection between the well liked, respectable doctor Jekyll and the indescribably hideous and disfigured appearance of Hyde: â€Å"He is not easy to describe. There is something wrong with  his appearance; s omething displeasing, something downright detestable. I never saw a man I so disliked, and yet I scarce know why. He must be deformed somewhere; he gives a strong feeling of deformity, although I couldn’t specify the point. He’s an extraordinary-looking man, and yet I really can name nothing out of the way. No, sir; I can make no hand of it; I can’t describe him. And it’s not want of memory; for I declare I can see him this moment.† (Stevenson 12) When Enfield relates to Utterson how he watched Hyde trample a little girl underfoot. Utterson asks his friend to describe Hyde’s appearance, but Enfield, as the quote indicates, proves unable to formulate a clear portrait.  This lack of eloquence does not mean that he did not see him clearly. Quite the contrary, the image of Hyde is branded into his mind as he speaks, yet he fails to articulate Hyde’s ugliness and deformity. This creates the impression of Hyde as being almost intangible, m ysterious, beyond words, just as he is beyond morality and conscience. Viewed as an almost supernatural creation, he is not of this world, and correspondingly, he manages to evade the comprehensive faculties of human beings. He represents the evil