Religious Dissent, Discord, Settlement and Religious Essay Example for Free

Religious Dissent, Discord, Settlement and Religious Essay This section of the paper introduces the topic and the thesis. In support of the formation of the thesis, the introduction discusses a brief history of the Tudor reign, and how prior monarchies have created religious divisions within the English society. The introduction enumerates the main concerns surrounding the topics of religious dissent, discord, settlement and religious atmosphere that took place before and during the reign of Elizabeth I. The introduction also establishes the argument as to whether Elizabeth I’s solution to the religious conflict, the creation of a united church, was an important and feasible move considering the politics surrounding her reign and the pressing influence of Rome on the religious affairs of many countries, particularly in Europe. Although this would eventually lead to the formation of the Church of England and the English Reformation, it is important to examine the historical impact of Elizabeth I’s decision in terms of implementing a defined and united English church. II. The Religious Atmosphere Prior to Elizabeth II Overview Elizabeth I’s impact on the religious life in England can be attributed to the problems which she inherited; this section discusses these factors, briefly touching on the religious atmosphere during the reigns of Henry VIII, Edward VII and Mary I. As religion played an important role in England at that time, especially with the influence of the Roman Catholics pertaining to England’s foreign relations with Rome and other parts of Europe, the religious atmosphere prior to Elizabeth I’s reign can be observed to represent deep divisions as some groups wanted to have a different interpretation and practice of the sacred Christian texts and rituals, whereas some wanted to follow the Roman Catholic way. Although this may seem like a small problem, religion’s role in the societies of those times was critical. At that time, the Church had a strong influence on the State, and this was something upheld by previous monarchs before Elizabeth I took the throne. Certain wars sprung out because of religious conflict, and it became a pressing problem especially as before Elizabeth I had to address the re-installation of Catholicism in England under Mary I’s period. II. a Religious Atmosphere Under Henry VIII II. b Religious Atmosphere Under Mary I III. Elizabethan Reign: Dissent, Discord and Religious Settlement and Atmosphere Overview This section provides a more detailed historical approach in Elizabeth I’s religious settlement. This takes from Elizabeth I’s decision to re-establish the Church of England and break ties with Rome. This section also touches on the different acts or laws implemented at that time which would serve as steps in the implementation of the Church of England and address religious divisions in the society. This section also provides a concise but substantive background on Elizabeth I’s installation as Queen in supplement to her religious settlement. This is an important aspect of the paper as Elizabeth I’s background provides the motivation and the decision of the queen, especially in terms of her religious settlement. IV. Elizabethan England: Religion and Renaissance This section touches on the English society during the Elizabethan era. This provides a background of the religious atmosphere in the country and how, during Elizabeth I’s reign, the English society started to change. This also gives a background on how and why Elizabeth I’s period has been considered as the Golden Age of English history in which this era became a point of significant accomplishments of literature and art, in addition to the prevalence of the Protestant Reformation mindset of the people. What is interesting is that although Elizabeth I would stabilise Protestantism in England, and she would be recognised for it, this did not prevent the emergence of the English Renaissance where the Elizabethan society would adopt a more open mind towards the arts and the sciences. V. Conclusion This paper concludes with an analysis of Elizabeth I’s religious settlement and how this would serve as an important seed to the formation of the English society especially in the religious and political context. This section also summarises the aspects of religious dissent and discord, especially as to whether Elizabeth I successfully addressed the deep religious divisions in the English society; this is an important point of discussion as her religious settlement was not just aimed to address religious conflict within the country but also as a means for her to install her legitimacy and rule an era of renaissance instead of religiosity.

Shooting an Elephant Essay -- Literary Analysis, Orwell

In the essay, Shooting an Elephant, George Orwell illustrates his experiences as a British police officer in Lower Burma, and reflects it to the nature of imperialism. Since â€Å"anti-European feeling was very bitter† due to the British Empire’s dictatorship in Burma, Orwell is being treated disrespectfully by the Burmese (12). This allows him to hate his job and the British Empire. However, the incident of shooting of an elephant gives him a â€Å"better glimpse †¦ of the real nature of imperialism – the real motives for which despotic government act† (13). Through his life experiences as a British man, Orwell efficiently demonstrates the negative effects of imperialism on individuals and society. With the usage of effective diction in his essay, Orwell excellently conveys his emotions and message to his readers. He often uses the word â€Å"natives† for the Burmese: â€Å"Here was I, the white man with his gun, standing in front of the unarmed native crowd† (15). By doing so, he shows his emotions and respect towards the Burmese because calling them â€Å"natives† suggests that he agrees on the fact that they are the true owner of Burma and not the British Empire. Also, by frequently using the word â€Å"natives†, Orwell reminds his readers the existence of imperialism in Burma so that the readers do not simply hang on to the elephant but also get the message incorporated in the essay. The body of the elephant is compared to machinery as Orwell thinks that killing an elephant â€Å"is comparable to destroying a huge and costly piece of machinery† (15). This comparison makes the readers realize that the British Empire is also like a huge pie ce of machinery, so the death of it would be a serious matter to both oppressor and people being oppressed. When Orwell wa... ...Shooting an Elephant. According to what Orwell is trying to impose, his target audience seems to be youth, adults, and politicians as imperialism is more reflected off of people under these categories. As a police officer, Orwell teaches his readers that imperialism is the worst way to govern a country as it is harmful to an individual’s way of thinking and value of morality in society. He proved that in an imperialism based system, no one is actually dominant over one another as they all end up being slaves of each other. This results in demolished and demoralized society. Orwell achieves his goal outstandingly by playing with rhetorical devices, tone, diction, and sentence structure to generate the feeling in the audience the way he desires. In result, Orwell brilliantly uses the incident of killing an elephant to describe the negative effects of imperialism.

British Airways Management of Company Finance

Ahoussou kouadio Jean Christian Student number: 2522706 Management of company finance Analysis of the financial structure of British Airways Name of professor: Tony Kilmister British airways is one of the most valuable company in the world that is why I choose her. With the aim to evaluate the proportion of debt in British airways, we will study his financial gearing: income gearing and capital gearing. In order to calculate the company’s capital gearing according to the book value, we need especially the value of the long-term and short-term borrowings and the value of shareholders’ funds. But, there is several different formulas which arises some issues: the fact that the book value is lower than the market value (the first formula) and provisions can be considered either as liabilities or assets (the second formula), depending on firm. Then I will calculate the Weighted Average Cost of Capital. In 2004, the way of doing the balance sheets changed that’s why there are some differences between two reports. Part ——————————————————————————————1 Measure of the gearing and income ratio Part —————————————————————————– ————-2 Measure of the debt and equity based upon the market value Part ——————————————————————————————3 Estimation of the WACC. I) Measure of gearing and income ratios We will take those expressions: 1. Debt to equity ratio=Long term Liabilities/Shareholders’funds 2. Debt to debt plus equity ratio=LTL/(LTL+ Shareholders’funds) 3. Long Term Borrowings/Shareholders’ funds a) Gearing Ratio Capital Gearing = LTL / Shareholders' Funds    |2006 |2005 |2004 | |Capital Gearing |259. 75% |437. 6% |590. 7% | To set an upper rati o; we can incorporate the LTL at the shareholder value. Capital Gearing = LTL / (LTL + Shareholders' Funds) |   |2006 |2005 |2004 | |Capital Gearing |72. 2% |81. 4% |85. 5% | The provision are incorporates in those 2 formulas. We can consider that the provision can be take as liabilities (highly certain) or as equity (ultra-prudence). Capital Gearing = Long Term Borrowing (LTL – provisions) / Shareholders' Funds |   |2006 |2005 |2004 | |Capital Gearing |193. 5% |341. 4 % |475,40% | Net Debt: Net debt = (Finance debt – cash and liquid resources)/ Equity For British Airways, Net debt = (loans, finance leases and hire purchase arrangements + Convertible Capital Bonds, net of other current interest bearing deposits and cash and cash equivalents – overdrafts) British Airways' definition from the annual report 2006) |? million |2006 |2005 |2004 | |Capital Gearing |1641 |2922 |4158 | The figures of long term liabilities are higher than the net debt that explain the fact that the ratios are different; The company health seem less vital, because of the cash and those equivalent, and deposits. Overdrafts are not representing a big amount, we include them. Since 2004 a policy of high liquidity is developed in order to reduce the debt, they tried to repay the debt earlier. The debt are reduced by the conversion of the 112 millions of convertible bonds. â€Å"The ? 320 million 9 3/4 per cent Convertible Capital Bonds 2005 issued in 1989 matured on June 15, 2005. On that date 47,979,486 ordinary shares were issued in exchange for 112,317,274 Convertible Capital Bonds on the basis of one ordinary share for every 2. 34 Bonds held† (British Airways Report 2006). The capital gearing of the company is around 65% in almost all gearing indicators and more in som of them, as a conclusion we can say that the financial statement of the company is risky and more the company is weak due to the payment on the debt. We can also highlight the fact that British Airways is finance by debt. Its has a important amount of lease and purchase arrangement, which exceeds the bank loans. b) Income Gearing This ratios show us the security of creditor’s fund and the debt exposure. While using Income Ration we highlight the relation of the company’s income and its interest commitments. Income Ratio = Interest payable / Profit Before Interest and Tax |% |2006 |2005 |2004 | |Income Gearing |0,17 |0,26 |0,87 | Interest are taking a lower place in the profit (strategy reduction of debt). In fact, we use the Interest cover to see if the company can meet its interest. Interest cover = Profit before interest and tax / Interest charges |Times |2006 |2005 |2004 | |Interest Cover |5,79 |3,80 |1,15 | The company can afford her interest. 1) Because of the decrease of the amount of debt, 2) The profit before tax and interest increased by 269%, the risk is less important. We can also use another formula, which gives a better image of the finance. It based on the fact that cash has not been received. As a conclusion we can says that: :British Airways reduced its long term debt by 28. 5%, and keep their interest payment low and increase the PBIT strongly. From the shareholder point of view, the company takes high risks so they have a good return on investment although reduction of the debt of the company makes the rate of return lower and lower. II) Measure of the debt and equity based on the market value a) Value of Equity Share Price*:Number of Shares*: 2004: ? 2,181 083 845 000 2005: ? ,941 082 903 000 2006: ? 2,791 130 882 000 *I took those which were in the report. *The difference in the number of shares between 2005 and 2006 is the conversion of the 112 millions of Convertible Bonds into 47,979,486 shares. The value of equity is now: |? |2006 |2005 |2004 | |Value of Equity |3 155 160 780 |2 100 831 820 |2 362 782 100 | b)Rating: Value of Debt [pic ] The rating shows that the company take risks for financing because she invest in high return share in the junk bond or high yield market those are really unstable. This means that the company is highly financing by debt, investor need an important rate of return regards to the risk of non payment. In spite of that, British Airways’s main source of external funding is less sensitive to credit rating than the unsecured bond. The impact of the credit ration is not important for some parts of the debt. We will use the faire value of the debt to calculate the market value of debt. Because of the â€Å"†fair values of the Euro-Sterling notes and Euro-Sterling Bond 2016 are based on the quoted market values at March 31, 2006. The fair values of floating rate borrowings are deemed to be equal to their carrying values. † British Airways Report Example in March, 31st 2006: [pic] Market value of the debt is: |? million |2006 |2005 |2004 | |Market Value of Debt |4 130 |4 682 |5 954 | |Book Value of Debt |4 081 |4 492 |5 716 | The problem is: Those market values are blending the current liabilities. In the purpose to respect the ratios made before, I will deduct with percentage the current liabilities. The new market value of debt is: |? million |2006 |2005 |2004 | |Market Value of Debt |3645 |4216 |5244 | |Book Value of Debt |3 602 |4 045 |5 034 | There is the a market where Debt are trade daily, that explain the difference between years. ) Measure of gearing based on market values We use here the gearing ratio to compare the book value and the market value of the company: Capital Gearing = LTL / Shareholders' Funds |% |2006 |2005 |2004 | |Capital Gearing |115,5 |200,7 |221,9 | We can make a second ratio in order to set an upper limit: Capital Gearing = LTL / (LTL + Shareholders' Funds) % |2006 |2005 |2004 | |Capital Gearing |53,6 |66,7 |68,9 | Figures are lower than the one we made with the book value. The equity are valued in the book value at 25p whereas in the market value at an average price of the three years at 230p This divergence makes the ratios lower, thus with the b ook values the company seems to be less indebted and also less risky to investors. III) Estimation of the Weighted Average Cost of Capital (WACC) a) Cost of Equity To estimate the cost of equity, we can use two ways: 1) the dividend valuation model 2) the Capital Asset Price Model (CAPM). In this case, we can not use the dividend valuation model because the company did not distribute dividends since 2001, so the cost of equity will be 0 that would lead to irrelevant results. British Airways has not distributed dividends because: -They wants to strengthen the balance sheet by making new investment, then it invests into the company Quantas and also into the 5th Terminal in Heathrow. British Airways is the 13th highest performing company out of the 93 FTSE 100 companies remaining for the performance period April,1st 2003 to March, 31st 2006. The board of director indicated that the payment of dividends will be resumed at an appropriate time. To calculate the cost of equity, the CAPM is the only model available: Ke = Rf + ? (Rm – Rf) Rf ( the risk-free return; Rm ( the market risk; ? ( quantitative measure of the volatility of a given stock, mutual fund, or portfolio, relative to the overall market. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile. For British Airways, the Beta is, for the three years, 0,91. The risk-free return can be found in the website of the Bank of England for each years and the market risk is the caps of the FTSE 100 of year N less years N-1 divided by the caps year N-1: (Caps N – caps N-1) / caps N-1 The risk-free return rate is: 2004: 4,75% 2005: 5,1% 2006: 4,2% The market risk is: |   |31. 03. 2006 |31. 03. 2005 |31. 03. 004 | |Caps FTSE 100 |5964,6 |4894,4 |4385,7 | |year N – year N-1 |1070,2 |508,7 |772,4 | |Market Risk (%) |21,87 |11,60 |21,38 | The Cost of Equity using the CAPM is: |% |2006 |2005 |2004 | |Cost of Equity |20,1 |10,9 |19,7 | ) Cost of debt In order to obtain the cost of debt, the best ratio is to divide the interest payable by the debt: |% |2006 |2005 |2004 | |Cost Of Debt |2,62 |3,01 |3,50 | They leads to the same conclusion decrease in Debt and interest. We can add that no debt has been taken in 2006. All the purchase have been made by internal cash flow. c) The WACC The Weighted Average Cost of Capital is used to measure the cost of capital. The formula is: Ko = Ke (Ve/Vo) + Kd (Vd/Vo) Where: Ke (the cost of equity Ve (the value of equity Kd (the cost of debt Vd (the value of debt Vo (the total value of the firm: |? million |2006 |2005 |2004 | |Vo |7 236 |6 593 |8 079 | The WACC is: |% |2006 |2005 |2004 | |WACC |10,08 |5,41 |8,04 | The amount of Debt decreased but the WACC stay in the average, that because of the high level of the cost of equity. 2005 is discernible by a share price lower than the two other years. This leads to a lower shareholders' funds and also an higher influence of the debt’s drop, therefore the lower WACC. However, the CAPM have some limitations. – He is based on several assumptions: – The investors are rational and risk-adverse who set a level of risk. – The investors have the same single-period planning horizon. – The investors have homogeneous expectations on the future yield. The investors can borrow and lend unlimited amounts at a risk-free rate. – There is neither taxes nor cost of transactions – The investors have all an efficient portfolio which maximize the yield, for a level of risk given. Whole of efficient portfolio form a curve called the efficiency frontier†¦ To conclude, from the point of view of market value, we can say that British airways succeeded to face its commitments in term of debt and equity. Indeed, they took advantage of an increase in share price. The repayment of share allowing to reduce the gearing in debt capital.

Australian Identity Essay - 1565 Words

Australian Identity Mateship. Adventurous. Loyal. Free. Proud. These are the typical words Australians use to describe themselves, to identify themselves as different from the rest of the world. But who is an Australian? Someone that was born in Australia? Only people we choose to call Australian? People with great achievements that we choose to take credit for? Only people that love sport and vegemite? Or maybe only people with ‘Aussie’ accents? The Australian population is a proud one indeed, proud of their nation, their achievements and their own independent way of life, but sometimes us Aussies, forget about the rest of the world and all those other people that make us, who we are. The poem, Australia by Ania Walwicz, is told†¦show more content†¦In this particular poem we understand through the persona’s tone, that they do not like Australia or the people and are therefore making a judgement of, and being of a negative opinion towards, the nation. The text begins with â€Å"You big ugly.† This is instantly causing proud Australians to take offence towards the poem, we know it is about Australia because of the title. The poem continues with lines such as â€Å"you bore me. Freckle silly children†¦ you nothing much†¦ you’re ugly†¦ you copy†¦you big awful†¦Ã¢â‚¬  all against Australia. The poems by Komninos and Langley also use tone to relay the persona’s attitude. In Komninos’ poem, the persona, who happens to be the poet, is fed up of being treated differently by Australians because of his heritage and is using the poem to â€Å"assert† himself â€Å"as an Australian†¦ as an artist.† In Langley’s poem, the Australian persona relays a positive view of Australia, representing Australians as compassionate, educated and respectful whilst relaying an unfavourable opinion of immigrants, portraying them as self-absorbed and â€Å"god-like† in an unnatural, unfitting sense. Tone is helped to represent Australian identity by the use of a persona and the use of language in the text. Having a persona in a poem, allows the writer to relay what they want to say through a characters actions or thoughts. The use of a persona is quite strong in each of the three texts. In Australia the persona,Show MoreRelatedAustralian National Identity1927 Words   |  8 Pagesnature of national identity in Australia. How has/have national identify/ies been portrayed and maintained and which groups have been excluded? The nature of Australian’s national identity has been an ongoing debate for many years. It involves how Australians see themselves, and how other countries view Australia as a whole. Throughout the country’s history, the national identity has not remained constant, and currently it is a debate to what Australian’s true national identity is. 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