Irony in ‘a Gospel According to Mark’

Irony in ‘A Gospel according to Mark’ How would you feel accepting somebody into your family and allowing them to preach to you when they are not a religious believer themselves? As we learn more in Jorge Luis Borges story ‘The Gospel according to Mark’ we find a unique message that there exists some greater power in the universe that punishes those that do preach what they do not believe. Borges uses irony in a setting to realize the importance of knowing what you teach and the potential, yet extreme dangers of not doing so.In 1914 his family moved to Switzerland, where he studied at the College de Geneve. The family travelled widely in Europe, including stays in Spain. On his return to Argentina in 1921, Borges began publishing his poems and essays in surrealist literary journals. His work was translated and published widely in the United States and in Europe. Borges himself was fluent in several languages. Borges dedicated his final work, Los Conjurados ( The Conspirators), to the city of Geneva, Switzerland, and it was there, in 1986, that he chose to die (para 2).Early in the story we get an idea for the character of Espinosa. Borges says â€Å"We may describe him for now as no different to any of the many young men of Buenos Aires, with no particular traits worthy of note other than an almost unlimited kindness and an oratorical faculty that had earned him several prizes from the English school in Ramos Mejia† (186). Espinosa is introduced as a skilled speaker, non-confrontational, who is thirty-three years old. Borges describes him as having â€Å"no traits worthier of note than the gift for public speaking†¦ e didn't like to argue† (186). Jesus was renowned for his powerful sermons, peaceful nature, and most of the information available about him starts when he is in his thirties. However, the similarities in personality end there, because unlike Jesus, Espinosa is a freethinker, at least in name, who prefers city living. As we get deeper into the story ’A gospel according to mark’ Borges continually relates stories and similarity’s in the events that leave a clear indication of Jesus and the Bible.Borges tells the readers ,Espinosa is â€Å"thirty-three† with â€Å"an almost unlimited kindness and a capacity for public speaking,† (187) making him comparable to Christ at the age of His Crucifixion, who had gained followers with his kindness and charisma. Also, Espinosa, who is stranded indoors with the Gutres family after a large flood that is reminiscent of the Biblical account of Noah’s Ark. Espinosa is once more comparable to Christ when he cures a pet goat with â€Å"pills,† an act which resembles magic to the rural family.By creating this resemblance to Jesus, Borges manages to keep us thinking how good Espinosa is being towards the Gutres and therefore doesn’t give us an opportunity to think of the events that later take place . This is all a part of creating the Irony of the story. Borges uses irony to create and intriguing story. As we are becoming more familiar with the story and the character of Espinosa we believe things are moving smoothly between him and the Gutres family. This shows when Borges characterizes the Gutres as Christ’s followers and writes, â€Å"as if lost without [Espinosa,] liked following him from room to room†¦Ã¢â‚¬  (186).From this we can see how they have become almost reliant on Espinosa and how much of an impact he has had on them. This is where we start to learn the key irony of the story. Espinosa is not religious and only prays before bed because of a promise he had made to his mother. This is ironic in itself as it makes the Christ figure of the story not religious, causing the reader to believe it strange later when Espinosa begins to read to the Gutres from the Bible. Borges sets the scene later for the even greater irony than to be expected.As readers we e xpect Espinosa to die of a metaphorical crucifixion, we are taken back to how precise the death of Christ is. The Gutres take the story seriously and don’t see it as the story it is but as if it is orders from their Christ figure. When they later on crucify their Christ, this reveals the greater irony of the story which is the man who calls himself a â€Å"free thinker† (187) and is almost ignorant towards religion is actually seen as the Christ figure essentially leading himself and instructing his own death by the Gutres.The lesson that is opened to Espinosa’s eyes at the end of the story as he realizes what is happening is also one taught to the reader. Both Espinosa and the reader realize, through the ironic situations of the story, the importance of knowing what you teach and the potential, yet extreme, dangers of not doing so. Works Cited Barnet, Sylvan, William Burto & William E. Cain. eds. An Introduction to Literature. 16th ed. New York: Pearson, 2011. Print Last name, initial of first name. Title of the article in italics. 24 Feb 2013. Date published. Placed it was published. Web. URL.

Fin111 Financial Markets and Economic Principles

[pic] Financial Markets and Economic Principles (FIN111) Assignment Answer Template |Students: Please enter |Word count | | |your word count for this |I have read the Assignment Guide in the Subject Room and have applied the word count | | |assignment |principles to my work. | | |My word count for this assignment is | | | |5368 words | | | | | | Marker feedback Comment on overall performance: |For marker use only. | |Students begin your assignment answers on the following page. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Begin your assignment answers from this point. Section A – Question 1 †¢ Describe the operations of each company JB Hi If – Is an Australian owned and operated company established in 1974. Due to the success of the business model and the growing retail sector in July 2000 JB Hi Fi was purchased by private equity bankers and senior management with the strategy of taking the model nationally. With a strong sign of the success of the business in October 2003, JB Hi Fi was floated on the Australian Stock Exchange.JB Hi Fi has proven to be one of Australia’s fastest growing and largest retailers of home entertainment. Looking to build on the successful model and expand their operations in July 2004, JB Hi Fi bought the Clive Anthony chain of retail stores who competed in the same retail space. Harvey Norman – Is an Australian based retail provider of electrical, furniture, computer, entertainment and home goods. They have over 230 stores in Australia and abroad in countries including New Zealand, Slovenia, Ireland, Malaysia, Croatia and Singapore.Harvey Norman has implemented a unique strategy to the Australian retail market through their operating structure, in that each store department is operated by a separate franchise. Therefore these superstores are a combination of more than one business with each franchisee (computer, bedding, electrical) contributing to the gross reven ue of Harvey Norman Holdings Ltd. This is achieved through their individual lease payment and a percentage of their sales. The individual departments have their own checkouts for its products and warehouse space is shared by the separate franchisees.Harvey Norman Holdings Limited is also a franchisor of other well known retail chains including Domayne, Joyce Mayne and others. †¢ Consider the key factors that may affect the performance and the share price of the companies in the short and long term Given the fact both companies are competitors in the retail sector, key factors affecting their performance will be quite similar. They both heavily rely on the consumption of the â€Å"Household Sector†, this helps drives revenue through their operations. A concern therefore would be given the challenging economic times there is a decrease in domestic spending.With households adversely increasing their savings as anxiety over the sovereign debt crisis in Europe escalates and g eneral unease in regards to the global economy. This is also reflected through the â€Å"Business Cycle† as it is my belief we are currently within a â€Å"Contraction to trough† period which is reflective of a decline in retail sales. This decline has been seen nationwide through the whole retail sector as organisations battle to lower prices to remain competitive when demand isn’t strong and still attempt to retain a profit.Some retailers have opted for longer trading hours and there is also concern over the moving trend towards internet shopping. JB Hi Fi currently have a strong focus on online shopping which has helped them maintain consistent sales results. Harvey Norman have moved to online shopping only in July of 2011, and has big ambitions with Gerry Harvey stating â€Å"I’ve told my team I want them to turn over $100 million within 2-3 years and then take it to $1billon within 5-10 years†. The decline is also reflected in the ABS August K ey Figures report for monthly turnover within the retail sector which saw department stores post a -0. % fall in July to August 2011. Also a long term concern for both companies would be that if global equity markets do recover and inflation rises that will lead to a rise in interest rates which would further affect the Household sector through their discretionary spending. The fluctuations of the Australian dollar will impact both companies as the stronger Australian dollar lowers the prices both enterprises can charge consumers. Increasingly consumers are buying electronics online both domestically and international, with the resilient dollar giving them an incentive to shop abroad. Question 2 ) JB Hi-Fi and its network of retail stores is an intermediary. They are an intermediary between the large electronic manufacturers (Sony, Samsung, Panasonic) whose products are sold in store and the general consumer in the household sector. The large manufactures are able to meet the order demands of the organisation and JB Hi-FI in return supplies the broad market with the products. The consumer is provided with a product at a competitive price and JB Hi Fi earns a margin on the product for the service. 2) JB Hi-Fi also uses an additional intermediary to increase their exposure in the sector.They have purchased Clive Anthony which was another established retail electrical chain. They own Clive Anthony however it continues to operate under its original trading name. All revenue is attributed to the JB Hi FI Limited organisation. 3) Harvey Norman Holdings Limited is well known for using a number of intermediaries within their own organisation. They have fragmented each department (bedding, electrical, computer) of their organisation to be an individual franchise or â€Å"intermediary†. With each franchisee contributing to the gross revenue of Harvey Norman Holdings Limited.This provides each department the ability to specialise and deliver expert service to thei r consumers. Other financial intermediaries Harvey Norman would include its acquired retails chain Clive Peter’s and the number of overseas retail operations it owns which contribute to its net profit. Question 3 Question 3: Impact of monetary policy Justify the Reserve Bank’s decision on interest rates announced on 4 October 2011 †¢ The factors that influenced the Reserve Bank’s decision and the likely impacts on the domestic economy The Reserve Bank nominated on the 4th of October to keep interested rates on hold for the 10th straight meeting.The factors influencing this decision were concern over global financial markets and fears world economies may be sent into global recession. Previously during the Aug-Sep meetings there had been a deteriation in the markets and between Sep-Oct meetings that had been a further substantial deteriation of global markets. The RBA acknowledged that domestic growth would weaken in the coming quarters. Europe’s sove reign debt issues are a major concern to the RBA and a contributing factor to rates remaining on hold. It has caused major volatility to global markets, with growing uncertainty in regards to a solution and its impact on banks in Europe.It is also affecting the outlook for Global Economic growth. The RBA will continue to assess market developments as well as the general indicators it follows including economy and inflation data. A benefit for the domestic economy is the RBA stated it had a bias to easing and that a rate cut could occur if September Quarter CPI data due on October 26 showed a moderation in prices †¢ The impact on the share market as a whole and the share price of your chosen companies The immediate impact on the share market following the RBA’s decision was negative. The S&P/ASX 200 closed down 0. % or 24. 9 points to 3872. 1 points, with the All Ordinaries down 0. 6% or 25. 1 points to 3935. 6. Also the Australian dollar slumped to a 13-month low of $94. 6 US cents. Despite an optimistic start to trading on the day with the market overcoming a negative lead from the US, the RBA’s decision had plunged the markets back into negative territory. JB Hi-Fi was down 60 cents to $14. 30 Not a substantial impact to HVN which was up 2cents from the close the previous day. †¢ Whether the impact on the share market as a whole differed from the impact on your chosen companiesThe negative impact of the decision by the RBA was shared by both the market itself and the individual holdings of JB Hi Fi Limited and Harvey Norman Holdings Limited. The decision had a significant impact on the performance of consumer exposed stocks such as JB HI FI and Harvey Norman. Question 4 JB HI FI posted its first profit slide since the stock floated in 2003. There were some contributing factors to this performance including a restructure of its Clive Anthony’s stores and a negative sales growth for July. JB Hi-Fi reported on August 8th 2011 that full year net profit fell 7. 5% to $109. 7 million on sales of $2. 6 billion, up 8. 3%. The slip has been attributed to the $24. 7 million in costs to restructure its Clive Anthony stores. Annual comparable sales fell 1. 2% Despite the daunting outlook for the retail sector JB Hi FI have stated they expect another solid group sales performance for this financial year, with full year sales to rise 8% to 3. 2billion. JB Hi FI is expecting that the Christmas period will be successful also timing with a number of new product releases. However due to the profit results and weak July sales on August 9th JB Hi-Fi shares closed down 35 cents at $14. 00 Harvey Norman announced a net profit after tax of $252. 6 million for the financial year ending 30 June 2011, which is up 9% on the 2010 financial year. These results were released in its 2011 annual report. The franchises within the organisation continued to provide the stability in the overall performance of the group. Owner Gerry Harvey s tated â€Å"we have a strong balance sheet underpinned by a $2. 04 billion property portfolio and generate strong free net cash flows from our franchising operations segment† Total revenue for the year was $2. 7 billion, which has increased from the 2010 figure of $2. 45 billion according to the results statement.Harvey Norman experienced an increase in consumer transactions despite revenue being down, this was caused by the strong Australian dollar reducing prices on imported goods. Despite the retail sector weakening in reflection of global markets Harvey Norman franchisees have experienced strong customer traffic and transactions. Also stronger results generated by retail operations in Singapore, Malaysia and Slovenia have increased profitability by $4. 65 million before tax collectively compared to the previous year. Despite challenging macroeconomic conditions, the outlook the retail, franchise and property system of the company remains positive.An important addition to the business moving forward in the first half of 2012 financial year will be the launching of our e-commerce site for Harvey Norman. Harvey Norman states they are confident there online transactional strategy will produce incremental dollars to the existing channel. Harvey Norman closed 1cent higher after releasing its annual report at $2. 15 on August 29th. Question 5 †¢ Explain the correlation of returns from the asset classes – Cash- Is looking to be a stable and reliable asset class in the 2011 calendar year. It will provide necessary stability to investor’s profiles.However will remain relatively unattractive reflecting low interest rates. Some important considerations for the RBA in determining any movement in monetary policy is the strength of the Australian dollar relative to trading partners, in particular the US. It is anticipated the RBA will lift the cash rate to 5% before the end of the year Fixed Interest – Will provide stability with a higher yield than cash given there is an element of risk. Savvy investors will look to this sector as global equities remain volatile and fixed interest provides the ability to stabilise returns.Large parts of the credit market in particular Australian credit offer reasonable value especially if the global growth outlook commences an incline. Equity – Global equity markets outlook remains extremely volatile. This outlook is reinforced by the RBA’s recent decisions to keep interest rates on hold and even suggest they may be deducted in the future. The cause for concern has moved on from the Sub Prime Crisis of 2008 and is now centred on government sovereign debt in the US and particularly in Europe and the PIGGS (Portugal, Ireland, Greece, Spain).Of major concern is whether Greece will default on its loans and the potential impact on world markets. This is playing out at the moment with recent developments within the EU with a bailout fund and more recently revision of the si ze of the fund. This has provided huge amounts of volatility in the market and it seems it will play out most of the year, with a potential default if not avoided of Greece in early 2012. There is plenty of value long term in equities currently with stocks undervalued however you must be prepared to accept volatility in the short to medium term.Property – With improving international economic conditions, a local economy with good foundations and quality property managers achieving attractive terms on financing, prospects for high grade property investment remains attractive. Australian direct property will continue to perform well and prospects for the sector are high especially in commercial and industrial property. The retail sector could be a danger given the challenging times being experienced in the Australian consumer sector †¢ Provide a forecast of which asset class you believe will provide the best returns in 2011Due to global economic growth picking up in 2011 w ith various predictions at around 3. 5 – 4% driven largely by emerging economies, this provides opportunities in the equities sector. Market volatility is likely to continue due to Sovereign debt concerns in Europe and the impact of potential further quantitative easing in the United States. There is concern about equity markets seemingly drifting sideways over the past 12 months, however global share markets have recorded strong gains The economic outlook is likely to be supportive for equities in 2011, while there will be areas of concern.The slowly improving economic environment and a potential solution to the sovereign debt crisis in Europe should see companies begin to expand by borrowing. After experiencing a significant correction in 2010, equities are well positioned to post strong gains in 2011. Shares are good value and continuing economic recovery will contribute to further gains in profit. Question 6 Question 6: Influences on share prices Provide a graph showing b oth companies daily share price and the All Ordinaries index over the four week tracking period [pic] [pic] Explain the performance of the two companies over the four week period.In your explanation consider: †¢ The impact of any significant events or unexpected announcements JB Hi Fi – The announcement of Apple’s launch of its latest handset the iPhone 4s is hoped to have a significant impact on sales and foot traffic through its retail stores. – JB Hi-Fi held its annual general meeting on the 12th of October, it stated total sales were up 6. 6% compared with the previous corresponding period. The timing of this news to the market had investors responding positively with 3. 09% increase for the day with a close at $14. 36 Harvey Norman Holdings Limited There is direct concern for Harvey Norman over debt issues within Europe as they hold operations in Ireland which was the first country in the European Union to ask for a bailout. Harvey Norman’s stor es there made a trading loss of $38. 59 million for the 2010-11 financial year, with the board â€Å"committed to Ireland for the long term† – Harvey Norman have also responded to the online retail sector threat by launching a new e-commerce site in early October – Harvey Norman released its annual report on the 29th of September, revealing a 9% rise in 2011 full-year net profit to $252. 3 million Whether the performances have been similar or different The performance of Harvey Norman has been quite flat with quite limited movement of the stock over the reporting period. They released their annual report with a rise in profits but investors did not respond with any significant movements. JB Hi-Fi hit a low of $13. 87 for the reporting period on the 11th of October as anxiety hit over the release of information from its annual general meeting. The news and results provided were positive and the stock reacted positively reaching close to the peak of the reporting period on the 14th of October closing at $15. 0 †¢ How the companies performed in relation to the All Ordinaries Index There has been limited volatility seen in regards to both JB Hi-FI and Harvey Norman. The reasons for this would be they both have core business which is based in the retail household consumer sector. The All Ordinaries which is based on the movements of the top 500 Australian companies has a much wider exposure to sectors. It is for this reason there has been significantly more volatility on the All Ordinaries as it has been exposed to the market’s recent concerns over the European Sovereign debt crisis. Whether the shares would be considered growth or defensive Both these companies’ shares would be considered cyclical stocks, where sales and earnings are affected by economic or industry cycle They would therefore be considered growth shares. †¢ Your view with justification on whether the companies are a buy, sell or hold JB Hi-Fi (HOLD) â⠂¬â€œ The stock is vulnerable to a decrease in discretionary spending in regards to its electronic goods and also the impact of the volatile Australian dollar. However the organisation is in a growth period with a number of new stores opening in a strategic move.The company has been a popular stock and has proven to be quite resilient, trading strongly through the last few turbulent years and also distributes a strong yield. It is in a good position to see through the current wave of volatility. Harvey Norman (HOLD) – The strength of the Australian dollar has seen a rise in internet commerce. Harvey Norman is launching a centralised online website to respond to this growing trend. International holdings have been performing well and there are talks of a possible expansion into the UK.The stock has been proven to be relatively resilient with a reasonable dividend and is adapting to a changing market by looking at opportunities online and abroad, for these reasons the recommend ation would be to hold. Section B Question 1 Section B – Question 1 Identify and discuss four advantages for AWPL of establishing a factory in New Zealand †¢ Operating costs – Establishing a new factory in New Zealand will save AWPL $A2 million per annum which is a significant savings long term. These additional funds can be used to reduce debt or spent on further product development or research Increase production – With the establishment of the New Zealand facility AWPL will be able to meet the demands of their current production and collectively with its Melbourne location the demands of the new proposed contract in the US. This will add a projected 30% to sales growth. †¢ Save $A 3 million – Establishing the new location at New Zealand would mean the fire upgrade to the current location at Devonport would no longer be necessary and the funds will be used to support the long term functionality and growth of the business as opposed to a mainte nance cost Brand Awareness – Currently AWPL provides production for Australia, UK, Germany and potentially the US. Having a location in New Zealand will promote the brand and create awareness which may lead to business opportunities through production in their domestic sector in the future Also four major funding and/or business constraints that AWPL needs to consider when deciding whether to establish a new factory in New Zealand or upgrade and expand the existing factory in Melbourne Production concerns – Due consideration needs to be made to legitimate concerns over AWPL ability to meet the demand of current production requirements during construction of a new factory in New Zealand. Meeting these demands are imperative to the survival of the business †¢ $1 million payout – Will need to be paid due to the retrenchments of the employees at the Devonport factory, this is a considerable amount of capital and needs to be taken into consideration †¢ Esta blishment costs – AWPL have determined that the establishment costs of the New Zealand venture are high with additional costs that do not exist in Australia Debt Funding – All the proposed developments require capital of $A10 million, AWPL do not have the liquidity to cover this outlay and will need to look at financing options. Their lenders at the moment already have concerns over their current level of gearing, so they will need to look at all their options. Question 2 a) Is AWPL eligible for listing on the ASX given its current structure and financial position? AWPL is not able to list on the ASX given its current structure, as it does not currently meet the requirements of the ASX listing rules. In particular condition 7 which states â€Å" An entity must satisfy either a) or (b)† a) There must be at least 500 holders each having a parcel of the main class of securities with a value of at least $2,000, excluding securities not acquired by those holders unde r a recent prospectus or Product Disclosure Statement b) Both of the following are satisfied †¢ There must be at least 400 holders each having a parcel of the main class of securities with a value of at least $2,000, excluding securities not acquired by those holders under a recent prospectus or Product Disclosure Statement AWPL is unable to meet these requirements as it currently only has 40 shareholders ) Listed companies are required to comply with stringent obligations imposed on them by the ASX Listing Rules. Explain four obligations that AWPL would be required to fulfil if it was a listed company †¢ Under Condition 3 of the ASX listing rules â€Å" A prospectus or Product Disclosure Statement must be issued and lodged with ASIC. If ASX agrees, an information memorandum that complies with the information memorandum requirements of Appendix 1A will be sufficient instead of a prospectus or PDS. This ensures that potential investors have access to critical financial inf ormation about the organisation to make an informed decision to invest or not. 1. 2. 4 of the Profit Test states that the entity’s aggregated profit from continuing operations for the last 3 full financial years must have been at least $1 million. This is to ensure the organisation is successful and has the means necessary to warrant being listed on the ASX †¢ 1. 2. 5A states that the entity must give ASX a statement from all directors confirming that they have made enquiries and nothing has come to their attention to suggest that the economic entity is not continuing to earn profit from continuing operations up to the date of applicationThis is to ensure the organisations admission is based on factual information and aims to confirm the integrity of the organisation and its intention not to commit any acts of fraud or deception †¢ 1. 3. 5 The entity must give ASX each of the following a) Any accounts, together with any audit report or review: – for the last 3 full financial years (or shorter period if ASX agrees); and – if the last full financial year ended more than 8 months before the entity applied for admission, for the last half year (or longer period if available) from the end of the last full financial yearIf the accounts have not been audited or reviewed, the entity must tell the ASX This ensures that there is full disclosure of financial information to the ASX and potential investors Question 3 a) Discuss three reasons why the bank would be reluctant to increase funding to AWPL at this time †¢ Financial Markets – Due to the implications of financial markets over the last few years starting with the Mortgage Sub Prime crisis in the United States and more recently the sovereign debt crisis in Europe, lenders have become tighter with their lending practices.They want extra security and having a signed contract confirming the commitment for production in the US confirms the need for additional funding †¢ Th e bank already has expressed concern over the level of gearing the organisation holds at the moment so without evidence to support the need for expansion there will be hesitancy from the lender †¢ There is also an element of risk involved as there is concern that if the upgrade and expansion plans are not handled effectively then production rates may be harmed which would ultimately mean AWPL would be unable to meet current order demands.If that was to occur then the ability of AWPL to service its current debt commitments to the bank would be placed in jeopardy b) Jack is concerned that the New Zealand project will expose the shareholders of AWPL to a new financial risk (associated with borrowing funds to upgrade the Melbourne factory and to establish the New Zealand factory). Assume that the US contract is signed. Identify the new financial risk. Discuss the implications of the risk on debt repayment schedules and outline the steps AWPL might take to reduce the riskJack is con cerned about AWPL ability to meet current production orders. The fear is that if establishment of the NZ factory and upgrade of the Melbourne location isn’t seamless it will affect the ability of the business to meet current demands and that of the new contract. This exposes the business and current shareholders to potential risk of defaulting on existing debt demands from their lender. AWPL may look at hedging this risk by looking at Business Risk Protection which would cover their expected income if they are unable to meet their demand for various reasons.AWPL should also consider looking at alternate factory locations they can use at short notice if production is impacted for any reason Question 4 a) Identify and discuss three effects that an appreciating Australian dollar (AUD) would have on a decision by AWPL to move its manufacturing operations to New Zealand †¢ An appreciating Australian dollar would be a concern for the core of AWPL business which is exports. If the Australian dollar rises a major implication is the impact on the terms of trade as exports become more expensive and imports become cheaper.A likely result would be an increase in domestic spending on imports and reduced demand for exports in foreign countries. This would be a huge concern for the viability of AWPL’s international production orders. If there is a change in the current revenue streams than it may impact their ability to service their current debt and/or gain finance for expansion plans †¢ Also an appreciation in the Australian dollar will mean AWPL’s exports will become more expensive and may result in them not being as competitive as other international competitors. The impact of this may be felt in loss of contracts, renegotiations and general cost cutting.Severely impacting their ability to implement any expansions †¢ These concerns will not only be felt by AWPL but by their shareholders and lenders. When approaching lenders about furth er debt funding an appreciating dollar and the potential negative impact on the business may very well be taken into due consideration before approval. b) Taking into account current economic conditions and financial market sentiment, identify and discuss two factors that could cause the AUD to move significantly above its current rate against the US dollar in the coming months One impact which could cause the AUD to move significantly above its current rate against the US dollar is the appetite for risk from foreign investors. With extreme volatility being experienced in the market currently and concern for the global economy the Australian dollar can be influence by the risk appetite of foreign investors. During the volatile times in the market we are experiencing currently there are heightened perceptions of risk which leads to a decline in the demand for riskier assets which promotes a move for investors to quality investments and an appreciation of reserve currencies such as th e US dollar.This can see the Australian dollar appreciated when markets sentiment is high and there is positive news about foreign and global development and depreciate on negative news. – An additional factor which may see a further increase of the AUD over the US dollar could be another round of Quantative Easing (QE3) from the United States. This involves the US Federal Reserve effectively prints more money injecting it into the economy The US government achieves this through purchases of bonds and places money into banks which then be loaned to the public.This in turn eases lending constraints and money flows through too small to medium businesses. A consequence for the US is that the increase in the supply of their currency weakens the value and causes further appreciation of the Australian dollar Question 5 – A) Discuss the outlook for global economic growth in 2011. Support your answer with a percentage forecast for global growth International recovery after the Great Financial Crisis has been uneven with markets seemingly moving sideways recently. Risks globally remain high with world economies continuing to recover from its effects.Financial conditions have improved through corporate earnings and financial market volatility has moderated, notwithstanding ongoing concerns over European Sovereign debt and the European Union ability to contain the crisis. The forecast for advanced economies is to continue to consolidate, where as growth in emerging markets is anticipated to deliver higher levels of growth and returns. Therefore in accordance the global economy is widely predicted to grow over 4% in 2011 down from 5% growth in 2010. Although traction has been made global economic recovery also remains vulnerable and a clear resolution to the sovereign debt crisis in Europe ill provide markets with strong sentiment and incentive to return to the equities market. Also failure for the US to develop a viable solution to the unsustainable US Fisc al position also poses a threat to the progress of global recovery – (B) Each of the countries below has a significant influence on global growth. Briefly comment on each country’s outlook for economic growth in 2011 Support your answer with a percentage forecast for each country’s economic growth i) USA The forecast for the United States is that their economy will grow between 3. -4% in 2011. This is an increase from the 3% growth recorded in the 2010 calendar year. The basis of this will be driven from growth in the consumer and business spending and personal consumption expenditure (PCE), an increase in consumer spending. PCE is adding between 0. 7% and 2% to overall US growth has increased for five consecutive quarters. Concerns for the US are European Sovereign Debt, budget concerns at all levels of government and falling house prices. These effects could impact and lead to a slower US recovery. ii) ChinaDue to the unprecedented growth of China, tighter mon etary policy was necessary to reign in growth which is still projected to be close to 9% in 2011. Inflation is a constant concern and will increase over the calendar year. It is china’s greatest concern and most pressing policy issue, their ability to contain this effectively will determine their sustained growth. The present account surplus is set to fall to 4. 5% of GDP, which is a reflection of a decline in export growth and higher commodity prices While high commodity prices pose risks they are unlikely to dent growth.Currency appreciation will continue at a gradual pace as reserves accumulate iii) Japan In March 2011 the Great East Japan Earthquake was the strongest ever recorded in Japan and triggered a tsunami which severely damaged the country and was the impact was felt on world equity markets. A preliminary report by the government estimated damage at between 3. 3-5. 2% of 2010 GDP There are serious concerns about Japans ability to recover from such a traumatic natu ral disaster. The timing and strength of an economic recovery is difficult to forecast.The growing uncertainty about the Japanese recovery, compounded by the ongoing nuclear situation and rising oil prices are adding to the difficulty of the situation. However Japan has experienced natural disasters before and the sentiment from other advanced nations is there will be a rebound in economy as reconstruction spending picks up. Such a pattern will see real GDP growth to 0. 8% in 2011 Bibliography Chris Zappone April 27 SMH – Harvey – Move online. http://www. smh. com. au/business/harvey-norman-reveals-online-move-20110427-1dvl9. htmlPip Freebairn – Australian Financial Review – 4th October RBA holds rates but hints door open for cut http://www. afr. com/p/national/rba_holds_rates_but_hints_door_open_5JEhJP8jKehLd5SsNxQREL Joanna Heath – Australian Financial Review – 4th October Shares fall after RBA rates decision http://www. afr. com/p/markets /shares_fall_after_rba_rates_decision_gYLoKCrItyz0zl5JXVUUQM Eli Greenbalt – August 9th High Flying JB Hi FI experiences the lows of a struggling sector http://www. smh. com. au/business/highflying-jb-hifi-experiences-the-lows-of-a-struggling-sector-20110808-1ij7k. tml Harvey Norman Annual Report http://www. harveynormanholdings. com. au/pdf_files/2011_Annual_Report. pdf Shane Oliver Insights – Review of 2010 and outlook for 2011 http://www. adviservoice. com/2010/12/review-of-2010-and-outlook-for-2011/ David Ramli & Ben Woodhead – Australian Financial Review October 5th Wither retail as Apple touts iPhone 4s http://www. afr. com/p/business/technology/whither_retail_as_apple_touts_iphone_FzmXGsKsIEA3iYW45oG21M Joanna Heath – Australian Financial Review 24 September 2011 Europe’s troubles hit home http://www. fr. com/p/markets/europe_troubles_hit_home_FTVWCTnHmtNXJ90oaRoTsI RBA – The Exchange rate and the Reserve Bank’s Role in the For eign Exchange Market http://www. rba. gov. au/mkt-operations/foreign-exchg-mkt. html Chris Caton – 2 Feb 2011 The Aussie Dollar- Where to from here? BT Insights http://www. bt. com. au/bt-market-insights/bt-latest-updates/2011/02-february/201102-australian-dollar. asp Budget Strategy and Outlook 2011-12 http://www. budget. gov. au/2011-12/content/bp1/html/bp1_bst2-01. htm IB Times Staff Reporter – US Economic Outlook 2011

Rooms Division Assignment Example | Topics and Well Written Essays - 750 words

Rooms Division - Assignment Example The functions of the reception office include: There are wide ranges of front office services which include: Reservations, check-in and registration, mail and information, uniformed service and baggage handling, telephone calls and messages, handling guest accounts, and check-out and bill settlement. These operations start from the time a guest calls or sends in a request for reservation/accommodation (www.answers.com). Therefore the staff of the front office starts interacting with guest by taking in guest information and reservation request, leading to confirmation of reservation and finally to the handling of guest on arrival and guest check-in. Front office takes in the guest information for future use and provides the guest with information about the hotel and its various services and thus becomes the connecting link between the guest and the hotel (www.hotelmanagement.com). The pivotal role played by the front office is quite apparent from this very fact that it is the centre of all activities connected with guests in the hotel. Therefore, the decisions regarding the sale of a room to a particular guest, availability and allocation of a room, maintaining guest account by coordinating with the housekeeping and room service are the major front-of-the office activities. It is the first contact a customer has with the hotel. If it is sort from the start, it makes transition much easier when they are in the hotel. The key to the success of a hotel business is service which starts with the first contact between the guest and the hotel personnel of the front office. The way guests are received and treated is very vital because it becomes the basis of their impression and conditions their disposition about what the hotel provides. It is necessary to have a well-defined plan of a Hotel front office area to enhance smooth operations since the front office area is the first place a customer comes into contact on

Internal and External Environmental Analysis - Barnes and Nobles Essay

Internal and External Environmental Analysis - Barnes and Nobles - Essay Example Barnes and Nobles are the industry leader in the book industry. Being the market leader in any industry is considered a strength due to the fact that the market leader generates the most amounts of revenues. The firm has been very innovative throughout its history including becoming the first bookstore to advertise on television. At the turn of the 21st century, Barnes and Nobles realized that e-commerce was a major trend that affected everyone in the retail industry. The firm today is the internet’s largest bookstore with a product selection of over 1 million titles. Two years ago the company also became a leader in e-books with over 1 million e-books to choose from. The management of the firm is highly qualified and over the years they have made a lot of smart decisions that have helped the firm become the best in the industry. The product selection in both the e-books and printed books is beyond what any other company can provide. The dominance in the e-book marketplace was achieved through the 2009 acquisition of Fictionwise. The tremendous selection of books has helped the company retain a lot of customers because the firm can satisfy the customer’s reading needs. Another strength of the company is its branding value. The firm was able to capitalize on its ability to generate customer traffic by diversifying into other products. The firm offers its customers a selection of over 60,000 blue ray DVD titles. The firm’s music store was categorized as the best on the net by Forbes.... The firm has been very innovative throughout its history including becoming the first book store to advertise on television. At the turn of the 21st century Barnes and Nobles realized that ecommerce was a major trend that affected everyone in the retail industry. The firm today is the internet’s largest bookstore with a product selection of over 1 million titles. Two years ago the company also became leader in e-books with over 1 million e-books to choose from. The management of the firm is highly qualified and over the years they have made a lot of smart decisions that have helped the firm become the best in the industry. The product selection in both the e-books and printed books is beyond what any other company can provide. The dominance in the e-book marketplace was achieved through the 2009 acquisition of Fictionwise (Barnesandnoblesinc, 2011). The tremendous selection of books has helped the company retain a lot of customers because the firm can satisfy the customer†™s reading needs. Another strength of the company is its branding value. The firm was able to capitalize on its ability to generate customer traffic by diversifying into other products. The firm offers its customers a selection of over 60,000 blue ray DVD titles. The firm’s music store was categorized as the best on the net by Forbes (Barnesandnoble, 2011). The location of the firm’s bookstores is another strength the company has. Barnes and Nobles operates 705 retail bookstores strategically located in regional shopping malls, major strip centers and other freestanding location, and the firm also owns 636 college bookstore placed near major university campuses (Barnesandnobleinc, 2011). One of the strengths of the college book operation is

Public Health Research Paper Example | Topics and Well Written Essays - 1250 words

Public Health - Research Paper Example In the following discussion, the researcher shall enumerate on the concept of public and community health by tracing its historical development, and comparing it to each other. The objective is to identify the differences and similarities between public and community nursing, and its impact on acute care setting. Health, according to the World Health Organization can be defined as "a state of complete physical, mental and social well-being, and not merely the absence of disease and infirmity" (Stanhope and Lancaster 322). This definition has evolved over the centuries due to several historical health events which shall be discussed as follows: Historically, health care can be traced to the Greeks. They initiated the concept of self-care as the basis for developing a system of health care for the public. They believed that if individuals were free of disease, practice hygiene and care for themselves, then the community would be healthy. Based on this concept in the United States active promotion of health care developed during the 19th century when concern for the spread of epidemic and diseases due to poverty, dirty environment, and lack of awareness among the people led to the first public policies (Scutchfield, Mays and Keck 11). At the time public health organizations developed by political entities were defined as institutions for policing epidemics through quarantine, and keeping diseases at bay. The first American Public Health Association was formed on an entirely different platform as compared to today. The purpose of the Association was to practice public sanitation, and worked in conjunction with medical practit ioners, lawyers, engineers, lay reformers and on. This was more community focus rather than policy based holistically. Yet, it was different from community health, and operated based on national economic and social reforms, and was political in

Philosophy Essay Example | Topics and Well Written Essays - 750 words - 6

Philosophy - Essay Example The film depicts the class difference in the society where the powerful manipulate the less fortunate for social and economic gains. The three categories describe human nature which Plato asserts consists of the appetite, the spirit, and the reason. The most skeptical members of the society are those who govern the rest. As portrayed in the film, they seek to manipulate their kind for the economic gains, which contravenes the dictates of ideal coexistence in the society. To achieve this, they seek mechanisms to manipulate others. The film depicts those who develop computer programs that compel the rest of the human population to be at their mercy. The programs have the ability to manipulate everyone, yet the inventors do not employ that on themselves but on others that they deem secondary (Plato, Ferrari, and Griffith 34). However, Plato and Desecrates concur that everyone possesses a quality of opposition especially on issues that they do not concur in. This is what led to the liber alization of most contemporary democracies. Regardless of their positions in the society, humans will always oppose any idea that seeks to subordinate their existence. Additionally, in his description of the state, Plato observes that the workers are always the majority in any society. They may not always have much wealth or capital, but their large number is their greatest power. The ruling class consists of a select few who often, as per the dictates of democracies, promise to protect the interest of the rest of the population. When united in an opposition, the workers topple states and governments. The film depicts this and uses the zeal to oppose oppressive regimes to develop an effective conflict... This paper approves that Plato and Desecrates concur that everyone possesses a quality of opposition especially on issues that they do not concur in. This is what led to the liberalization of most contemporary democracies. Regardless of their positions in the society, humans will always oppose any idea that seeks to subordinate their existence. Additionally, in his description of the state, Plato observes that the workers are always the majority in any society. They may not always have much wealth or capital, but their large number is their greatest power. The ruling class consists of a select few who often, as per the dictates of democracies, promise to protect the interest of the rest of the population. The film depicts this and uses the zeal to oppose oppressive regimes to develop an effective conflict that sustains the story. This paper makes a conclusion that Descartes explains the origin of science which the film also exhibits. He emphasizes the use of reason to develop science; the developers of the film employ extensive reasoning to help stretch the limits of science. Descartes asserts that philosophy is like a tree with metaphysics as the roots and physics as the trunk. All other branches of science such as physics, medicine, and ethics thus stem out of the trunk. In this assertion, Descartes explains that ethics should always govern human curiosity and result in the determination of ethical knowledge. The lack of ethics in any of such endeavors is likely to meet resistance from the disadvantaged just as the film depicts.

The Omnivores Disgust Essay Example | Topics and Well Written Essays - 1500 words

The Omnivores Disgust - Essay Example Choice gives us ‘autonomy, freedom, adaptability’ (Fischler 1988), but we must incorporate variety, because of ‘An omnivore, unlike a specialized eater, cannot obtain all the nutrients it needs from one food’ (Fischler 1988). The healthy human diet depends on diversity, but our paradox is that to stay healthy, humans must remain suspicious of possibly dangerous substances. The dilemma follows: we must orally incorporate sustenance, but, as Rozin reminds us, ‘it is not possible to specify in advance what sensory properties will characterize sources of nutrition (or toxins) in any particular environment (Rozin 1987). Thus, it was historically important that humans learn patterns of rejecting potentially poisonous food prior to allowing it to breach the barrier of the mouth. Modern eaters seldom face this aspect of the dilemma. Humans have already identified the edible and inedible substances in their environment. Food can be contaminated or spoiled, and ‘All domestic animals are potentially hazardous to human health’ (Harris 1998), but modern cooks are usually aware of how to store, prepare, and cook to eliminate this problem. Prepared food has symbolic magic qualities as â€Å"the mythical representation of nature-culture transformation’ (Falk 1991). Food is removed from a raw, untamed state and made edible in a symbolic cultural sense. How can we reject it when it has clearly been made—transformed—into food? There is nothing inherently wrong with it. Humans have learned they can eat bitter foods like coffee and that even painful foods like chiles have beneficial effects, such that they ‘delay food spoilage...make the dwellers of scorching climates sweat in a way that cools them off†¦supply essential micronutrients and protective antioxidants’ (Nabhan 2004).

What is on the Horizon for Apple Research Paper

What is on the Horizon for Apple - Research Paper Example Users were given choice to buy single songs instead of buying a complete audio disc. The iPod was different than an already saturated mp3 player market at the time. It offered superior user interface and hence better user experience. The iPod represents a start for the company to lead the revolution. The innovations did not stop and new products that invented completely new categories followed. Apple plans to grow their product lineup as well as improve existing products. Some of the possible future plans are discussed in detail; Mac Macs have been the main product for Apple since long. The company was mainly founded as a computer company. The lineup includes Mac Pro, iMac, Mac mini, MacBook Pro and MacBook Air. Macs currently run on Intel processors. MacBook Pro and MacBook Air represents major portion of the sales in Macs. Both products are made with unibody enclosures, which add durability and aesthetics. The MacBook Airs are ultra thin laptops running on low power processors and incorporate Solid State Drives (SSD) instead of convention Hard Disc Drives used in MacBook Pros. Apple plans to introduce high resolution Retina Displays in both MacBooks (Chen & Shen, 2011). This will improve real estate available on desktop as well as improve sharpness, in particular for texts. Furthermore, MacBook Pro is rumored to have a design overhaul in 2012 and will adopt design cues from the existing MackBook Air (Kim, 2012). The two lines of models are expected to merge into one product in the future. iPad The iPad represents the leading post-pc device from Apple. Apple invented a completely new category with the introduction of iPad in 2010. The tablet has been an astounding success and is liked for its ease of use and portability. The iPad has capitalized the tablet market till now and Apple has dominated the category. Competitors have introduced Android based tablets of varying size and price to compete against the iPad. It is rumored that Apple is planning to introduc e 7.85 inch iPad variant as compared to 9.7 inch current iPad’s screen size (Faust, 2012). The 7 inch screen size was dismissed by late Apple CEO Steve Jobs to be very small and incapable of expressing the software. Though, with the new iPad carrying Retina Display (resolution 2048 x 1536 pixels), there is a possibility that Apple may introduce 7.85 inch variant carrying a resolution of 1024 x 768 pixels. The major competitor to the iPad would be Windows 8 tablets planned at the end of 2012. The Windows 8 operating system would be a complete operating system working on a tablet device as compared to relatively limited mobile based Apple’s iOS on the iPad. For now, sales of the new iPad are phenomenal and Apple sold record breaking 3 million iPads in first four days of launch (Golson, 2012). iPhone The original iPhone introduced in 2007 revolutionized the mobile phone industry and left competitors struggling to cope up with its advanced features, usability and user expe rience. Over the years the phone market has become saturated with Android based devices and manufacturers offer various type of phones based on the platform. Apple’s iOS on the other hand has been a stable platform and has standard parameters. Android is running on devices with varying hardware parameters and is, therefore, fragmented. This means that applications are not designed to run on every phone with varying hardware specifications. For the next generation iPhones Apple plans to improve its camera with an aim to replace everyday point and shoot cameras. The next iPhone is rumored to have

Hometown Standpoint Essay Example | Topics and Well Written Essays - 250 words

Hometown Standpoint - Essay Example I come from Saudi Arabia. The family is considered the basic unit of society and members are inherently unified as well as supportive of each other from birth until adulthood. The relevant characters in my life are members of my nuclear family: my mother, brother and sister. My father died in 2001. When I got married, it was my mother who stood by me. In addition to my nuclear family, I consider my spouse and my two children relevant characters in my life. I played football as member of the national team for 20 years before my father died. When I came to America in 2011 with my wife, I started pursuing higher education. Recently, my mother was diagnosed with cancer and sought treatment a year ago. As such, from one’s standpoint, I strongly believe that as the male member of the family, considered the source of strength and support, I should strive to achieve personal and professional goals that aim improving the lives of the members of my family. All my plans and actions are undertaken to generate financial resources needed to support my children and spouse, as well as seek treatment for my mother’s illness. Since my father’s death, his absence left a void in terms of his physical and emotional support that he showered us when he was alive. As such, I try to make up for my father’s absence by frequent monitoring of my mother’s health condition. I firmly believe that the importance relegated to the fa mily as a close-knit unit of society in our culture contributed to my immense commitment to ensure that all members communicate with each other despite differences in geographic

Variations of the Word Family Essay Example for Free

Variations of the Word Family Essay Today, people in society share many variations of the word family. Anthropologists describe this as a social group of two or more people related by blood, marriage, or adoption who live and reside together for an extended period, sharing economic resources and caring for the young (Scupin 137). More specifically, the word family is narrowed down to two major types, nuclear and extended family. Nuclear Families are the ones most Westerns feel are the right kind of family. They are formed by two married parents and their offspring. According to our book Cultural Anthropology A Global Perspective, â€Å"in the United States, some African Americans, Latinos, Arab Americans, and Asian Americans enjoy the loyalty and support of extended family ties, enhancing their economic and social organization within the larger society† (Scupin 247). They are able to adapt to our way of living by gaining knowledge and experience in how we live. Once this is accomplished the formation of family can begin. Religion and tradition play huge roles in this development. With the many forms of family, some examples I have found are: Nuclear family, extended family, polygynous family, polyandrous family, and matrifocal family. Today fully half of all families do not meet the definition of nuclear family. We have stepfamilies; single-parent families; families headed by two unmarried partners, either of the opposite sex or the same sex; households that include one or more family members from a generation; adoptive families; foster families; and families where children are raised by their grandparents or other relatives.. Here in our U.S. society, we see the many different forms of family due to the fact that each and every one of us is individualistic. Perhaps if you were to travel to America, you would see a single gender raising a child on their own, or come along an ally way to find a street gang full of children orphaned by disease that had nowhere else to go. Though it may not be legal, there are people in our United States that marry more than one partner secretly. This is morally wrong! In our society, you are to give your faithfulness to one individual only. In many societies, kinship relationships are beyond the most significant role throughout the world. Many parts of life in all societies are impacted by kinship, and in most society’s kinship relations influence things like who one can and cannot marry, who one must show respect to, who one can joke with, and who one can count on in a crisis. Your relatives are in your life from birth to start, and are able to help you in situations that can become overwhelming at times. When you experience argumentation that seems to intensify, family may be the best people to talk to. They are there to listen as well as to socialize within the community. They know who you are, and have watched you grow, fail, succeed, etc. To fully understand and grasp the concepts linked to family, one needs to comprehend how individual thought and behavior are influenced by these interacting aspects of human communities. Human needs are almost addicting in nature and in many cases, the reason for universality in a family. These needs can be met when families provide a social environment in which they can exchange opinions and items and then learn and grow from them. As we mature we develop many functions, some of which include nurturing, enculturation of children, regulation of sexual activity, and also those who serve to protect and support their members through emotions, physically and also economically. The main function is to produce and reproduce persons, biologically and socially. Without reproduction, the world would be a lost cause, and the word family would either be non-existent or have a different meaning. Throughout our lifetime, we keep developing and changing our perspectives. As a child, our perspective is known as â€Å"family of orientation,† this is one who serves to locate children socially and plays a major role in enculturation and socialization. A child, for instance, would be interacting socially with another person in order to learn about all other cultures. From the inner eye perspective, an adult is known as the â€Å"extended family.† Here individuals are composed of parents, children, and other relatives bound together as a social unit. There are several benefits to having a family formed in this way, the obvious one being that all the children have more than just their parents eyes watching them and raising them. Family is key in my opinion. Whether they are there for your stability or just to converse, they are there until they separate. An example of this could be known as a step father and mother being divorced which leaves them removed from each other’s families. As indicated earlier about the different marriages in society, I believe that the act of polygamy is morally wrong and in many ways a burden to our culture. Why should an individual be married to two different significant others? In my culture, we don’t see this act; however, many other cultures may allow and even encourage polygyny and polyandry. Through enculturation, people are able to learn the expectations that make up our society. Religious traditions are shaped through this process by evolution and natural selection. Natural selection is merely when an organism is best adapted to their environment in order to survive and transmit their genetic characteristics. The number in the area will begin to rise while the less adapted organisms will begin to eliminate due to the changes in the society. In saying this, I leave you with a quote from Confucius, â€Å"To put the world right in order, we must first put the nation in order; to put the nation in order, we must first put the family in order; to put the family in order, we must first cultivate our personal life; we must first set our hearts right.† Meyerhoff, Michael. Understanding Family Structure and Dynamics. Discovery Health Health Guides Web. 14 Nov. 2011. http://health.howstuffworks.com/pregnancy-and-parenting/parenting/understanding-family-structures-and-dynamics-ga1.htm. Scupin, Raymond. Cultural Anthropology A Global Perspective. 8th ed. Upper Saddle River, NJ: Nancy Roberts, 2012. Print.

Risk and return strategies

Risk and return strategies Portfolio management is principally about risk and return strategies. Introduction Portfolio management is principally about risk and return strategies. Portfolio management is concerned with the construction and management of investment assets. There are two principal school of portfolio management: passive and active. A passive and active term refers to the method by which the assets are selected for inclusion into the portfolio. A passive portfolio includes the market portfolio; consist of shares in all companies quoted on the stock exchange, or a selection of group of stock e.g. all technology stocks. Passive portfolio therefore does not make any attempt to research each stock and decide if it should be included or excluded from the portfolio. There is no technical or fundamental analysis carried out in order to beat the market portfolio. Passive equity portfolio management is all about long-term buy and hold strategy, usually tracking an index over time. This is designed to match the market portfolio performance. Active portfolio management on the other hand uses research, analysis (both fundamental and technical), economic factors and also an element of subjective judgement in selecting stock into the portfolio. It is believed that the stocks are undervalued and will out perform the market portfolio in the future. Planning The planning stage of portfolio management involves a written investment policy statement. A clearly defined investment policy that includes the preferred management technique, hence, active or passive indexed portfolio management. It also outlines the portfolio goals; level of returns and defined risk tolerances for the portfolio. The planning also involves rebalancing strategies and means of effective internal and external communication of those goals. Asset Analysis Aside from inside knowledge asset selection advice is based on two principal types of investment analysis: technical analysis and fundamental analysis. Technical analysis is based on studying past trends in share prices in the belief that patterns can be discerned in their movements which can be used to predict future movements. This uses graphs of historical share price variations and it is often referred to as â€Å"chartists† analysis. Fundamental analysis concentrates on the study of the underlying position of the company. Such details as its strengths and weaknesses and future opportunities and threats, also uses ratio analysis in evaluating a particular stock. Asset Selection and Combination Stock selection as part of Active portfolio management has very limited impact on the return investors earn, as a result of stock markets being efficient. The efficient markets hypothesis (EMH) holds that a stock market is efficient if the market price of a company’s share quickly and correctly reflects all relevant information as it becomes available (Lumby, S., Jones, C., (2004)). In asset selection and combination we need to remember that investors are risk-adverse and select their portfolios by the mean/variance criteria (i.e. they are markowitz efficient investors). However, asset combination does result in an increase portfolio returns as a result of how the investment are combined and allocated within the available asset classes. The combination of stocks vs. bonds vs. cash, large companies very smaller ones, UK companies vs. overseas stocks and value companies vs. growth companies. Evaluation of Performance Portfolio performance evaluation involves return measurement (weight average return) over several periods. Performance measures such as market timing and security analysis. Style analysis is used to describe a portfolio by evaluating how its returns act, rather than by using a simplistic concept of what the portfolio included. Its objective is also to provide a superior mean of performance measurement for stocks and also the skills of the fund manager. Style analysis uses an asset class factor model: Ri = bi1Fi1+bi2Fi2+ †¦ + binFin+ei Where Fi1 †¦ Fin are return factors and bi1 †¦Ã‚   bni are sensitivities to the factors. All factors are return factors to the portfolio. The factors used in the portfolio are stock index, bonds, value stock, growth stock etc. There are many ways to evaluate the performance of a portfolio, style analysis is one of the newest techniques and it allows us to explain how portfolio returns behave. It is also a useful mean of stock selection for the portfolio.   Re Balancing Rebalancing the portfolio is critical for the financial future. Rebalancing involves buying low and selling high. This process ensures that the portfolio is in line with the initial portfolio asset allocation plan. As the economic conditions change some assets within the portfolio will appreciate faster then others and their weighting within the portfolio will change from the initial allocation plan. This will result in an out of balance portfolio and will need rebalancing by selling high performing stock and buying low performing ones. Indexing – Advantages and Disadvantages As the stock markets are efficient there are various advantages in index funds over actively managed funds as a portfolio management method. EMH theory states that security markets are extremely efficient in processing individual stock information; so undervalued shares are difficult to consistently identify and purchase. Another advantage is the lower expenses in managing an index fund over an active fund. Also lower trading costs versus actively managed funds where stocks are typically traded more frequently and finally, lower capital gains taxes resulting from shares being sold less often. Disadvantages of indexing are in terms of tracking error suffered as a result of changing economic climax where certain stock will out perform expectations. This could result in the portfolio becoming out of balance and rebalancing results in transaction costs and subsequent errors in tracking the underlying index. Active Portfolio Management An Active investor is one that is not passive. Active portfolio manager’s portfolio will differ from that of a passive manager. This is due to that fact that active managers will act on perception of mispricing in stock market, and as such perceptions change frequently, such managers tend to trade frequently, hence, the term ‘active’. Efficient Market Hypothesis would disagree that such mispricing exist in the market and that the stock market is efficient. Therefore, active portfolio manager’s returns are lower then that of passive managers, due to the increase cost of actively managing the portfolio. If the markets are semi-strong or strong form efficient then active portfolio management in terms of fundamental or technical analysis are waste of time as they will not provide a potential gains in discovering the undervalued stocks. Only if the market were weak form efficient than it would permit fundamental analysis to uncover potential gains. Therefore, active portfolio management is an unrewarding exercise and can lead to waste of both effort and money. Passive vs. Active There are various advantages of passive portfolio management over that of active. We have already discussed the EMH and how that would suggest that active management has very little value in terms of portfolio selection in a semi-strong form of market efficiency.   So passive portfolio management costs much less than active management. This give passive investors an increase net returns as the management costs are lower. Passive portfolios are also more tax efficient with their ‘buy and hold forever’ approach result in low income tax costs. Active portfolio often attracts capital gains tax from sell of short-term appreciated gains in stocks. Passive mutual funds have a inherently low turnover of securities and thus are exposed to fewer realised capital gains. Passive portfolios have predictable styles. A passive investor knows exactly what types of securities he or she is invested in. Active managers, on the other hand, can vary the composition of their portfolios significantly over time a problem known as style drift. Conclusion Actively managed portfolio will try to deliver excess returns over the passive portfolio by actively forecasting future returns on individual stocks. However, in reality they do not obtain significant excess return of the market portfolio, which is the primary indexing for the passive portfolio management.  Ã‚   This is in accordance with the efficient market hypothesis that states that stock markets are semi-strong or strong form efficient, with stocks being priced correctly.   Index funds are arguable more successful portfolio management method on the believe that markets are significantly efficient and active manager will not be able to gain excess returns, after taking into account the excessive costs involved in active management. Passive management seeks to deliver the return and risks associated with the chosen index. Evaluation of index funds performance is in terms of how closing the portfolio tracks the underlying index in terms of returns. The costs associated with index funds are in rebalancing the portfolio. It assumes that when the economic condition changes and the assets weight within the portfolio can be redefined automatically. However, in rebalancing the portfolio involves physical selling of high stocks and selling low stocks, which involve transaction costs. This result in tracking errors driven by transaction costs, funds cash flows un-invested, treatment of dividend by the index and index composition changes. Finally, the liquidity of the underlying index stocks can have an impact on transaction costs and subsequently the tracking error encountered by the portfolio. References Bibliography http://www.cypram.com/passive.html Lumby, S., Jones, C., (2004), Corporate Finance – theory and practice 7th edition, Thomson ACCA Paper 3.7 (2001) Strategic Financial Management, The Financial Training Company http://www.nseindia.com/content/press/jul2003b.pdf#search=tracking%20error%20and%20methods%20of%20indexing

Essay --

Even though I am aware that there have been great strides forward, especially within the past decade, in the implementation of safer and more constructive methods, in regards to child interviewing practices, I am appalled at the gross negligence of our justice system, in their failure to protect children from the brutal onslaught of such damaging interrogation. Not only does it fail to safeguard a child’s health and well-fare, but it also proves counterproductive in the gathering of reliable testimony, and so therefore does not ultimately serve the constructs of justice, either. The criminal justice system, in the United States, has been very slow in recognizing and competently employing the substantial volume of relevant research data that has been available, for the past century, on the subject of the significant differences in the psychological and neurological differences between children and adults. In Europe, there was substantial and illuminating research being carried out, at the turn of the 20th century. In the work of Alfred Binet (1900), on external forces of suggestibility, free recall, and the inherent pressures resulting from a child’s eagerness to please adults, and William Stern’s (1910) research, on the detrimental effects of repeated questioning and leading questions, which were found to literally alter future recall of the same event, there was an emergence of much valuable insight into the subject of child witness testimony (Bruck, 1993, p. 406). An explanation of why the U.S. was so slow to embrace these valuable findings l ies in the differences in the judicial systems, of these countries. In much of Europe there is an inquisitorial form of trail, whereby a judge is responsible for interviewing witnesses. Th... ...g disorder, and an on-going battle with depression. In reading about this case, I am struck first and foremost, by the damaging effects of improperly executed child witness interrogation practices, and the enormous value of the immense body of research and the resultantly improved understanding of the effects of the proper handling of such a delicate undertaking. I can’t help but feel that the interrogation process itself, can in effect be a traumatic event, and the manner in which it is carried out acting as either a benefit or an added stressor, to a child already in obvious distress. These considerations are directly responsible for so many cases of child abuse not being reported, out of a fear of worsening an already painful experience, and underline the great need for, and value of, such protective and progressive institutions, such as child advocacy centers.

Guns in the Cockpit Essay -- Terrorism Airlines Security Safety Essays

Guns in the Cockpit On the morning of September 11, 2001, four airplanes were hijacked and two of them, brought the collapse of the World Trade Center towers in New York City. As a result of these attacks on the United States, airports have come to the realization that the only way to prevent another hijacking is by strengthening the security on aircrafts through the cockpit. In order to secure the cockpit and ensure the safety of the passengers on board, guns were introduced as a possible solution in the event of an emergency situation like those that took place in September of 2001. The Transportation Security Administration head John Magaw, announced the administrations position that they are against guns in cockpits and a pilot should give full, undivided attention to flying his plane. He believes that pilots can use their plane as their line of defense by landing it as quickly as possible and conducting in-flight maneuvers to keep the hijackers off balance (MSNBC 3). John Magaw believes that pilots have to make use with what they have. Captain Tracy Price, head of the Airline Pilots Security Alliance who supports equipping the cockpit with guns, stated, We advocate arming airline pilots with firearms to provide a last resort, final line of defense of passengers, crew and innocent civilians on the ground, in a press conference in Washington D.C. (Pilots 1). She believes that the pilots need more than just their own plane as a weapon against a hijacker, but a gun as well. But in truth, both of these opposing sides are working toward the same goal, to secure the cockpit and making the flying of an aircraft a safe experience for all of those on board. In the events that took place on September 11, the future terrorists... ...daily.com/news/article.asp?ARTICLE_ID=28406> House Oks guns in cockpits. July 2002. MSNBC News. 13 Nov. 2002 Senator calls for arming pilots. Jon Dougherty. Mar. 2002. World Net Daily. 13 Nov. 2002 House votes to allow guns in cockpit. July 2002. CNN. 13 Nov. 2002. Drawing a bead on guns in the cockpit. Elliott Hester. Sept. 2002. St. Petersburg Times. 13 Nov. 2002 Press Conference with Senator Robert Smith (R-NH); Senator Conrad Burns (R-MT); and Senator Barbra Boxer (D-CA). Press Conference or Speech- LEXIS NEXIS (search engine) 10 Wed. July 2002. Federal News Service. 10 Nov. 2002

Mildred Pierce - A Woman’s Place is in the Kitchen Essay -- Mildred Pi

Mildred Pierce - A Woman’s Place is in the Kitchen A woman’s Place is in the Kitchen. Mildred Pierce uses her talents as a cook to manipulate her way through the world. Mildred has her own style of characteristics. She is fast, active, swift and inescapable around the kitchen. She turns out to be wise and brilliant around many things. For example: running her business. Unfortunately, one thing she never did was use her gut to comprehend Veda. She did everything to please her but Veda was never satisfied. In the following paragraphs we will get to know our friend Mildred, her intentions, thoughts and how she handled her way through the world. Mildred has a cooking talent. She is a small woman with gorgeous, attractive legs. She used those attributes to survive a divorce and poverty and to claw her way out of the lower middle class (Cain, back of book). As she divorces Burt, husband, she begins an independent life working as a waitress. As Mildred becomes more and more successful around the restaurant she develops self-confidence and security. Mildred never cooked anything herself now or put on a uniform. (Cain 208) Mildred is always around the kitchen. This seems to be her devotion to life, her enjoyment, and her profession. It is how she gets around and pays the bills. Ahead we’ll see how her hardworking attitude brought her out of poverty and into a high-class businesswoman. In the beginning of the story we are described how she has been earning extra money from baking and designing superb and stunning cakes. Next, she brings out her talent by cooking dinner for Wally, as she tried to impress Wally to marry her so she’ll be able to survive out of her tragic days. She really was a marvelous cook, and he watched deli... ...using skills, tricks, shortcuts, and her proficient talent. Cooking takes Mildred from a quiet desperate woman to a successful business owner. Unfortunately, blinded by Veda, she looses everything she makes and remarries the man she loves or I can say is most comfortable with, Bert. Anyone who is good at something should make the best of it, at the same time should never be a fool for anything or anyone in this case, yes even for your children. Citations Alan, Gary. Kitchens: The culture of restaurant work. Los Angeles: University of California Press, 1995. Cain, James. Mildred Pierce. New York: Random, 1941. Nick. www.nicksflickpicks.com/mildred.html. Photos. British Film Institute, http://bfi.org.uk/collections/release/mildred/ Woods, Nialle. Re-Imagining The Liberated Woman. http://showcase.netins.net/web/dendrys/reviews/mildred.html

Jamaican History (Basic) 5th Grade

jamaica was one a the largest sugar producing country inah the caribbean . Jamaica, the third largest Caribbean island, was inhabited by Arawak natives when it was first sighted by the second voyage of Christopher Columbus on 5 May 1494. Columbus himself was stranded on Jamaica from 1503 to 1504 during his fourth voyage.The Spanish settled in Jamaica in 1509 and held the island against many privateer raids from their main city, now called Spanish Town, which served as capital of Jamaica from its founding in 1534 until 1872. In 1655 Jamaica was conquered by the English, although the Spanish did not relinquish their claim to the island until 1670. Jamaica became a base of operations for privateers, including Captain Henry Morgan, operating from the main English settlement Port Royal.In return these privateers kept the other colonial powers from attacking the island. Following the destruction of Port Royal in the great earthquake of 1692 refugees settled across the bay in Kingston which by 1716 had become the biggest town in Jamaica and became the capital city in 1872. Until the early 19th century Africans were captured, kidnapped, and forced into slavery to work on plantations when sugarcane became the most important export of the island.Adam Taylor's slaves had arrived in Jamaica via the Atlantic slave trade during the same time enslaved Africans arrived in North America. During this time there were many racial tensions, and Jamaica had one of the highest instances of slave uprisings of any Caribbean island. [1] After the British crown abolished slavery in 1834, the Jamaicans began working toward independence. Since independence in 1962 there have been political and economic disturbances, as well as a number of strong political leaders

Background and Politics in John Milton`s Paradise Lost

Milton has dramatic vision of God in history, re-creating the key stories of Scripture. Once an active participant in the political turmoil of seventeenth-century England, he now asserts in Paradise Lost â€Å"Eternal Providence† that transcends not only his contemporary England but also the sinful works of men in history. Milton finds the will of God, not in the reformation of the political world, but in the spiritual reformation of each individual. Thus he becomes a prophet, seeing the things invisible and proclaiming the values that are eternal.Recent critics have called attention to Milton's view of history reflected in his Paradise Lost. They tend to lay much emphasis on his political awareness to see spiritual aspects that underlie Milton's poetic imagination. Christopher Hill (1978), for example, stresses the importance of a historical approach to Milton's Paradise Lost. Hill connects Milton's ideas, or even his theology, to the political circumstances of seventeenth-ce ntury England.For Hill, it is astonishing if Paradise Lost is not about politics; he calls it â€Å"a different type of political action from those which have failed so lamentably† (67). It is true, that Milton's concern with political circumstances is an important element that enables him to perform his role as a prophet and to participate in the historical process with a prophetic vision of teaching and correcting his contemporaries. Paradise Lost is obviously political poem. The text conceals the historical traces of its own composition so skilfully that readers are likely to forget its political significance.While Paradise Lost was evidently composed over the long period before and after the Restoration, it saw new political problems in post-revolutionary society. Among Milton's three major poems, the brief epic thus addressed itself most specifically to the Restoration audience. The purpose of this paper is to historicise Paradise Lost as a Restoration poem in order to p ropose a new political way of reading the epic. No English writer dealt more directly with Eden lost and redeemed than John Milton, and this work analyses his uses of Paradise to express his ambivalence about empire.After the establishment of Puritan Massachusetts in 1630, British colonial energies (and Milton's) were absorbed by internal conflicts through the civil wars of the 1640s and into the Interregnum of the 1650s—an introversion brought to an end by Oliver Cromwell in 1654—1656 with his unilateral Western Design against Spanish America. However much Paradise Lost (1667) reveals Milton's double-mindedness about such designs, there can be little doubt that the highwater mark of Miltonic anti-imperialism is found in Paradise Regain'd (1671).It is in this brief epic that heroism is most fully reimagined along Augustinian and humanist lines. Here Jesus, Christendom's moral model, rejects first the temptations of patriotic conquest and, beyond these, the temptations of universal virtue. Therefore, Milton's poetic message is for his contemporary England. Even though Milton as a poet-prophet does not ignore the situations in which he is placed, the message he delivers in Paradise Lost contains a spiritual meaning that transcends the political and temporal world of his time.A similarity between Milton and Isaiah can be found in their pursuit of the timeless truth that God is our salvation. Isaiah foresees that truth in the future history of Israel, while Milton sees it in Adam's historical preview, which is also a historical review for Milton. With regard to Isaiah's prophetic vision, Hobart Freeman argues that â€Å"Not every prophecy needs to be traced to a definite contemporary historical situation, nor directly applicable to the generation to whom it is spoken.†If we apply this to Milton's poetic work, Milton â€Å"speaks from an ideal, future standpoint as if it were the present or past† (166). Milton clearly demonstrates his ro le as prophet in the last two books of Paradise Lost by immersing himself in future events in order to allow Adam a vision of the restoration of man from his fallen state. Paradise Lost deals with God's handling of human affairs in history, and out of that context, delivers the spiritual message to the individual man. The first is the revelation of divine truth, the second the illumination of the mind.Milton presents in Paradise Lost two important aspects of God's purpose: first, God's macrocosmic purpose in history, and second, His microcosmic purpose in each individual soul. These two elements, historical and spiritual, are essential components of the poem. Milton in his writings shares the fundamental outlook that traces its roots to the ideology of holy war. In the case of the Civil Wars, this occurrence is only natural considering the extent to which the Civil Wars were looked upon as holy wars both by those who upheld in battle the cause of God against the king and by those wh o inculcated holy war ideology into the warriors.It is no accident that the War in Heaven is conceived as a civil or â€Å"Intestine War† (6. 259). In this sense, Abdiel, that most outspoken of nonconformists, refers ironically to himself as a â€Å"dissenter† and to the host of God as â€Å"sectarians† (6. 145-47). Milton saw no contradiction in the fact that as one who supported the rebellion against God's so-called vicegerent on earth, he could write an epic portraying the evils of rebelling against God's true â€Å"Vice-gerent† in Heaven (5. 609).Milton's celestial battle transcended the conflicts of Milton's own time and expressed the larger conceptions of holy war, conceptions that are both cosmic and apocalyptic. The historical orientation of Paradise Lost in the political context of Restoration society requires a juxtaposition of the brief epic not so much with Milton's political pamphlets before the Restoration, like Eikonoklastes (1649) or The R eadie and Easie Way (1660). Paradise Lost is historically in closer proximity to Of True Religion than to any other polemical piece of the author.With all their generic differences, the two works, sharing the plain style peculiar to the Restoration Milton, were published in a crucial period before and after the Declaration of Indulgence in 1672, when Restoration society was groping for a new direction after the lapse of the Clarendon Code which had imposed public regulations on the matter of private faith. Paradise Lost appeared when Milton's contemporaries were eager to settle the developing issue of the relationship between the public and private spheres in Restoration society.And should I at your harmless innocence Melt, as I do, yet public reason just, Honor and empire with revenge enlarged By conquering this new world, compels me now To do what else though damned I would abhor. —Satan, John Milton, Paradise Lost 4. 388—92 Whoever fights monsters should see to it t hat in the process he does not become a monster. —Friedrich Nietzsche, Beyond Good and Evil 4. 146 In October 1568, 114 English seamen, their ship badly damaged by a battle in the Gulf of Mexico, voluntarily stranded themselves on the coast of the Yucatan peninsula.They stepped ashore into what would become forthe British one of their most luridly imagined hells: a howling tropical jungle, steaming with disease, crawling with exotic vermin, peopled with fierce tribesmen, and, worst of all, governed by Spaniards. Fifteen years later one survivor, Miles Philips, landed back in England alone, bearing on his body the marks of chains, the rack, and the lash, and bearing in his mind the kind of stories that haunt the hearer's sleep. These stories, which further blackened the already â€Å"Black Legend† of Spain, he recorded for Richard Hakluyt, who included them in his 1589 Principal Navigations (9:398—445).We cannot adequately understand the British Empire or its lit erary productions unless we see them in the tremendous Spanish shadow that loomed so large at the empire's birth. Paradoxically, Spain's empire very nearly made British expansion impossible, and yet it created conditions that made British imperialism feasible. Furthermore, Spanish threats made English colonization seem materially necessary; and above all, Spanish atrocity made the English response seem—to most Protestant imaginations, at least—spiritually righteous.Indeed, Spain menaced the English Protestant imagination far longer than it menaced the English nation. As a case in point, this work examines one of the enduring literary fruits: that encyclopedic piece of Protestant imagining known as Paradise Lost. Composing 150 years after Las Casas first compared the conquistadors to demons, and nearly a century after the last serious Spanish threat to English interests, John Milton nevertheless chose to compare his Prince of Darkness to a conquistador. Throughout his e pic, Milton amplifies Satan's audacity and atrocity with frequent, implicit parallels to Cortes's conquest of Mexico.These Spanish inflections afforded Milton special means to demonize the Devil. They also suggest the degree to which the British were able to transmute their own daunting imperial liabilities into ideological advantages and virtues. Many parallels between the Satanic and Iberian enterprises in Paradise Lost involve basic matters of setting and plot. David Quint has looked for analogues mainly to Portugal and the East, demonstrating that Satan's voyage in books 2 and 3 parodies Vasco da Gama's discovery of the sea route to India, as rendered by Luis de Canoens in Os Lusiadas.But Milton's allusions to Spain's western discoveries are equally suggestive. These begin with Satan's commission in Pandemonium. Speaking under the Vatican-like dome of Hell's capital, his lieutenant Beelzebub climaxes the hellish consult by proposing the â€Å"easier enterprise† (2. 345) o f an attack on the â€Å"happy isle† (2. 410) of this â€Å"new world† (2. 403). †¦ here perhaps Some advantageous act may be achiev'd By sudden onset: either with Hell fire To waste his whole Creation, or possess All as our own, and drive as we were driven, The puny habitants, or if not drive, Seduce them to our Party †¦ (2. 362—68) Beelzebub envisions a kind of geopolitical coup, one that we can recognize as analogous to Spain's American outflanking of its Islamic and Christian rivals at the end of the fifteenth century (Hodgkins 66). Also, while Satan the navigator may resemble da Gama and Columbus, as a traveler he is even more like the wily Cortes. There is more at work in Satan's successful voyage than mariner's luck, skill, and perseverance; there is also, most essentially, interpersonal guile.In his crucial negotiations at the frontiers guarded by Sin, Death, and Chaos in book 2, Satan seems less like Columbus the earnestly persistent and more like Cortes the trickster. First of all, both Satan and Cortes opportunistically stoke the fires of resentment and dissension. Cortes's chaplain, Gomara, writes that, upon reaching the Mexican coast, Cortes found Montezuma's outlying imperial vassals ripe for rebellion and sought their aid and direction. The Indians of Cempoala and of Tlaxcala further inland were â€Å"not well affected to Mutezuma, but readie, as farre as they durst, to entertayne all occasions of warre with him† (Purchas 15. 509).Similarly, in Paradise Lost, Sin and Chaos, while nominally subject to God â€Å"th' Ethereal King† (2. 978), willingly receive Satan's flattering promises that his mission will yield rich booty and restore their rightful power and sovereignty over the realms lately possessed by the divine Emperor. â€Å"[I] shall soon return, † Satan assures his daughter and lover, Sin, â€Å"And bring ye to the place where Thou and Death †¦ shall be fed and fill'd / Immeasurab ly, all things shall be your prey† (2. 839—40, 843—44).Further on, Satan implores the personified Chaos to â€Å"direct my course, † for, he promises, Directed, no mean recompense it brings To your behoof, if I that Region lost, All usurpation thence expelled, reduce To her original darkness and your sway (2. 980—84). So Chaos blesses the venture and shows the way, and Satan wastes no time in launching out on the last leg of his journey to â€Å"this frail World† (2. 1030). After Satan's voyage and earthly landfall, Milton's reimagining of earth and Eden as an idealized western planting permeates the poem.Though he explicitly compares the â€Å"gentle gales† that â€Å"dispense / Native perfumes† to the exotic east of â€Å"Mozambic† and â€Å"Araby the blest† (4. 156—63 passim), aromatic breezes also announce the American shore: from Columbus's first scent of San Salvador and Hispaniola, to Michael Drayton' s Edenic Virginia and Andrew Marvell's imagined Bermudas, the west is also the land of spices (Knoppers 67). Yet Milton evokes not only pre-Columbian America's fragrant garden delights but also its golden and urban splendors.The conquistadors came west for treasure, and Satan has an eye for it as well—the â€Å"golden Chain† that Satan sees linking Earth to Heaven (2. 1051), the â€Å"potable gold† of Earth's rivers (3. 608), and especially the â€Å"vegetable gold† hanging from the Trees of Life and Knowledge (4. 218—20; 9. 575—78). Similarly, Cortes wonders at the Mexicans' â€Å"simplicitie† in undervaluing their abundant gold and touts it as a literally consumable elixir, telling Montezuma's emissary that â€Å"he and his fellowes had a disease of the heart, whereunto Gold was the best remedie† (Purchas 15. 507— 8).Similarly Satan, by claiming to have consumed the golden fruit, persuades innocent Eve in book 9 of its transformative powers (9. 568—612). However, when Satan first sees the Earth, Milton compares the view to a city, not to a garden, and the view is strikingly similar to the Spanish scout's first sight of the Mexican capital from the barren volcanic pass of Mount Popocatepetl, looking down on the cities glittering on Lake Texcoco. In Paradise Lost, the epic simile unfolds as Satan Looks down with wonder at the sudden view Of all the World at once.As when a Scout Through dark and desert ways with peril gone Obtains the brow of some high-climbing Hill, Which to his eye discovers unaware The goodly prospect of some foreign land First seen, or some renown'd Metropolis With glistering Spires and Pinnacles adorn'd, Which now the Rising Sun gilds with his beams (3. 542—44, 546—51). Likewise, in Gomara's words, Tenochtitlan and its sister cities were â€Å"an exceeding goodly sight. But when Cortes saw that beautiful thing, his joy was without comparison†¦. Whoeve r hath good eyesight might discern the gates of [Tenochtitlan].. . . These Towres [of the cities Coyoacan and Vizilopuchtli] are planted in the Lake, and are adorned with many Temples, which have many faire Towres, that doe beautifie exceedingly the Lake†¦. [and] many drawne Bridges built upon faire arches† (Purchas 15. 520—21, 522, 523). Even the roadways into Tenochtitlan and Eden are similarly convenient. Gomara writes that the Mexican capital was entered over â€Å"a faire calsey [causeway], upon which eight horsemenne may passe on ranke, and so directly straight as though it had been made by line† (Purchas 15.523). Likewise, Satan sees â€Å"A passage down to th' Earth, a passage wide† (3. 528). In terms of England's domestic affairs, Milton's return to poetry after 1660 was no mere quietism or withdrawal from politics, but rather, as Laura Lunger Knoppers has suggested, â€Å"a complex internalization of Puritan discipline that can carry on the Good Old Cause in the very theater of the Stuart monarchy. † Thus in Paradise Lost, Milton seeks to restore right reason with an eventual view to restoring right rule at home. In other words, his retreat is strategic.Similarly, beyond the domestic sphere, when Paradise Lost exploits colonial imagery so extensively so soon after the failure of Cromwell's â€Å"imperial republic, † Milton is not merely spiritualizing a language of defeated earthly hopes (Barnaby 56). Instead, he is practicing another kind of strategic retreat, engaging in what Blake aptly called â€Å"mental fight†Ã¢â‚¬â€stiffening the heart's sinews against all temporally and temporarily ascendant tyrannies, whether in the heart or at home or abroad. He is biding his time, the reader's time, the nation's time, serving by standing and waiting for Providence to show his hand.Like Cortes the conquistador, like the conquistadorial Satan, Milton knows that conquest, and reconquest, start with the sou l's invisible empire. And Milton never fully abandons his belief that war against flesh and blood has its place in the wars of the spirit. Works Cited Barnaby, Andrew. â€Å" `Another Rome in the West? ‘: Milton and the Imperial Republic, 1654—1670. † Milton Studies 30 (1990). Hill, Christopher. Milton and the English Revolution. New York, 1978. Hodgkins, Christopher. Reforming Empire: Protestant Colonialism and Conscience in British Literature.University of Missouri Press: Columbia, MO, 2002. King, James. An Introduction to the Old Testament Prophets. Berkeley: University of California Press, 1977. Knoppers, Laura Lunger. Historicizing Milton: Spectacle, Power, and Poetry in Restoration England. Athens: University of Georgia Press, 1994. Milton, John. Paradise Lost; Paradise Regained; Samson Agonistes. Collier Books: New York, 1962. Purchas, Samuel. Hakluytus Posthumus, or Purchas His Pilgrimes. 20 vols. Glasgow: James MacLehose and Sons, 1905—1907.