Chemical Warfare :: essays research papers

Chemical warfare What is Chemical Warfare: To understand chemical warfare you must first understand what a chemical agent is. A United Nations report from 1969 defines chemical warfare agents as " ... chemical substances, whether gaseous, liquid or solid, which might be employed because of their direct toxic effects on man, animals and plants ... ". This means basically that any chemical that is used to directly effect and harm a person, plant, or animal would be an act of chemical warfare. Some commonly confused Chemical Agents: Agents such as napalm and phosphorus are not considered to be Chemical agents since they achieve their effect mainly through thermal energy. Certain types of smoke screen may be poisonous in extremely high concentrations but smoke ammunition is not classified as a chemical weapon since the poisonous effect is not the main reason for their use. Another common misconception is that biological agents such as viruses or microorganisms (small pox etc.) are considered a chemical agent, but this is not the case. Effects of chemical agents and biological agents may be similar but they different in production. Chemical agents are created and biological agents are found naturally in nature or cultured for use. Different types of Chemical agents: Nerve Agents: Source: A FOA Briefing Book on Chemical Weapons Nerve agents acquired their name because they affect the transmission of nerve impulses in the nervous system. They are stable, easily spread, highly toxic and have rapid effects when absorbed through the skin and respiratory track. Nerve agents can be manufactured by means of fairly simple chemical techniques. The materials are inexpensive and generally readily available. It was not until the early 1930's that German chemists discovered the effects of certain phosphorus compounds to be toxic. Two years later a phosphorus compound with extremely high toxicity was produced for the first time. This phosphorus compound, given the name tabun, was one the first substances later referred to as nerve agents. Physical and chemical properties The most important nerve agents included in modern arsenals are: „h Tabun, O-ethyl dimethylamidophosphorylcyanide, This nerve agent is the easiest to manufacture. Therefore, it is more likely that developing countries start their arsenal with this nerve agent „h Sarin, isopropyl methylphosphonofluoridate, a toxic substance mainly afflicting the respiratory system. „h Soman, pinacolyl methylphosphonofluoridate, a moderately toxic substance which can be taken up by inhalation or skin contact. „h Cyclohexyl methylphosphonofluoridate, a gas or Liquid substance with low volatility which is taken up through skin contact and inhalation of the substance

The Recipe for Nature Essay -- Daniel Dennett Algorithm Essays

The Recipe for Nature Missing Works Cited Nature is a fluid coalescence of complex magnificence resulting from an algorithmic mastery of simplicity. It is no doubt an awe-inspiring entity that invokes both great curiosity and bafflement in those who attempt to account for its existence and splendor. It is often seen as overly reductionistic, if not  ¡Ã‚ §dangerous ¡Ã‚ ¨, to try to condense the (mindless?) brilliance of nature through any sort of mechanistic or logical means. And here we are faced with what Daniel Dennett calls Darwin ¡Ã‚ ¦s dangerous idea:  ¡Ã‚ §that all the fruits of evolution can be explained as the products of an algorithmic process ¡Ã‚ ¨ (Dennett, 1995 p.60). It is no surprise that this idea might present a problem for the Homo-sapien ego, as it jeopardizes our egocentric concept of  ¡Ã‚ §natural ¡Ã‚ ¨ superiority, as well as fails to satisfy our almost insatiable need to directly account for the expansiveness of the world around us. That is, for many of us it is somehow pessimistic, if not fatalistic, to be satisfied with the idea that we are products of nothing more than a mindless mechanical process (what a dangerous idea this is!) (Dennett, 1995 p.60). The question then inevitably arises: Is Darwin ¡Ã‚ ¦s theory of natural selection really  ¡Ã‚ §powerful enough ¡Ã‚ ¨ to can account for all of the world ¡Ã‚ ¦s design work (i.e., the time, energy and development needed to produce a complex outcome)? (Dennett, 1995) The answer is yes, but only after nature has been unraveled in terms of an algorithmic design and only after the many misunderstandings of Darwin ¡Ã‚ ¦s fundamental ideas have been rectified. If we are to discuss nature and natural selection in terms of being an algorithmic process, we must first define what is meant by an algorithm. An... ...Principle of Accumulation of Design ¡Ã‚ ¨ refers to the fact that the complexity of design work found in nature can be accounted for, not by a definite design process preformed by a designer, but by  ¡Ã‚ §a different sort of process that distributed that work over huge amounts of time, by thriftily conserving the design work that had been accomplished at each stage, so that it didn ¡Ã‚ ¦t have to be done over again ¡Ã‚ ¨ (Dennett, 68). This idea of distributed design work is certainly in line with nature ¡Ã‚ ¦s slow advancement in terms of complexity and  ¡Ã‚ §order of organisms ¡Ã‚ ¨ (Dennett, 69). Furthermore, the Principle of Accumulation of Design does not apply to work done as a result of a single unifying algorithmic process, but to the work done by a  ¡Ã‚ §large class of related algorithms ¡Ã‚ ¨, the conglomeration of which is responsible for the complexity found in nature today (Dennett, 51).

Corporate Finance Essay

Introduction In 2001, the Tulsa, Oklahoma, Williams Company was in financial distress. The primarily energy-industry company was struggling with a shrinking energy trading market, which was marked by distressed entities such as Enron’s broadband unit and Global Crossing. Williams also suffered internally with a floundering telecommunications division and a plummeting stock price. These issues led credit rating agencies Moody’s and Standard & Poor’s to downgrade the credit rating of Williams’ bonds to the level of non-investment-grade junk bonds. Amidst all of this uncertainty, the company on January 21, 2002, announced a new CEO, Steven J. Malcolm. Malcolm realized one of the most important functions for Williams moving forward would be raising capital. Malcolm’s four-pronged plan to achieve this goal involved selling assets, reaching a resolution for its energy and trading book, managing and monitoring cash and businesses and â€Å"right-sizing† Williams to reflect the new scope of operations. However, Williams had a substantial amount of short-term and long-term debt maturing in the second half of 2002. In addition, its credit and commercial paper facilities needed to be renewed about the same time. With approximately $450 million dollars of cash on hand and only one undrawn revolving credit facility, Williams sought external financing to help meet its current cash flow needs. One group of investors led by Warren Buffett’s Berkshire Hathaway along with Lehman Brothers offered Williams a solution with a one-year $900 million loan. Under the terms of the agreement, each lender would loan $450 million to Williams Production RMT, a Williams subsidiary, whose major assets included natural gas properties in the Rocky Mountains. In addition to the repayment of the principal in one year, Williams would pay 5.8 percent interest quarterly and an additional 14 percent of the principal at maturity plus a â€Å"deferred setup fee.† The deferred setup fee would be equivalent to the greater of 15 percent of the principal or 21 percent of the purchase price less RMT’s indebtedness. This would be influenced by any further asset liquidation by RMT. The loan, guaranteed by Williams Company as well as certain subsidiaries, also contained several covenants that Williams must meet to avoid breach of contract. The positive covenants included maintaining an interest coverage ratio of greater than 1.5 to 1 and maintaining a fixed charge coverage ratio of at least 1.15 to 1. Negative covenants limited restrictive payments (including redemption of capital stock) and capital expenditures in excess of $300 million. Thorough evaluation of the terms and lending scenario reveals this loan would create a beneficial scenario not just for the lenders, but for the borrower as well. For Williams, the loan provided temporary relief from multiple short-term debt security maturations and enhanced the company’s ability to secure a credit facility of $700 million. This would likely be followed by favorable market reactions in the form of increased stock price as a result of decreased uncertainty of future cash flows. Also, any Buffett investments in Williams would signal a strong endorsement of the company’s future prospects, likely leading to increases in Williams’ stock price. Likewise, for Berkshire Hathaway and Lehman Brothers, this deal should supply high returns on investment. Assuming the loan would be held to maturity, the lenders would divide returns of approximately 34% on this loan. Given that Williams guaranteed the loan, backing it with asset and capital stock, such returns on this risk would be a huge win for both lenders. Although the risk-free rate would be necessary to determine the exact net present value of the investment opportunity facing Berkshire Hathaway and Lehman Brothers, sufficient information is available to find the project’s internal rate of return. The IRR for this agreement ranges between 11.87% and 13.01%. The return on investment (ROI) for this particular agreement ranges between 52% and 58%. In either case, the numbers range because of provision (c) listed in the case’s Exhibit 1. The â€Å"deferred setup fee† fluctuates depending on potential sales of RMT’s assets. Terms of the proposed financing Guarantees Those involved in the lending process establish financing terms to protect the positions of all parties. The debt guarantee in Williams’ proposed financing, for example, provided insurance for the repayment of debt. Williams would essentially act as a co-signer for Williams Production RMT’s obligations to Berkshire Hathaway and Lehman Brothers. Per the terms, Williams would have to agree to make payments in place of Williams Production RMT if any of the payments were late or not paid. Using a guarantor would allow Williams Production RMT access to a loan at a lower interest rate than if Williams had not secured the loan. The logic behind this is that two individuals or entities promising to pay back the debt means there is lessened risk for overall default. That means Berkshire and Lehman may be willing to accept a lower interest rate in return for less risk of loss. It is quite possible that Williams Production RMT would not have been able to obtain a loan without a gu arantee. Covenants Equity and debt investors have a somewhat adversarial position, though both want a company to succeed. Equity investors want the company to take a certain amount of risk so they have the chance of seeing large returns. Debt investors want a company to be more conservative to protect the issuer and to ensure that the company will repay its debts. Like many other companies, Williams’ top priority, however, is to maximize stockholder wealth. This creates a dilemma in a debt offering. Berkshire Hathaway and Lehman Brothers therefore use debt covenants to limit the amount of risk Williams can take in the hopes that the company’s actions will not endanger loan repayment. Collectively, these covenants outline the rights of the lenders and restrictions upon Williams in regards to the loan. When a company does not live up to its debt covenant, it breaches the contract. In theory, such action would trigger automatic payment to creditors. In reality, however, many companies default because they are not in good financial health and thus cannot pay. Therefore, breach of covenant usually means that the two parties renegotiate the terms of the debt, often calling for higher interest rates or other incentives for the issuer to allow Williams more time to pay. Williams’ financial problem During the first half of 2002, Williams suffered a number of financial difficulties. The company’s total cash flow decreased by 680.22 percent as compared with 2001. During the year, Williams’ only net positive cash inflows came from financing, which netted the company $1.061 billion. In contrast to cash inflows, the company’s outflows totaled $1.589 billion from operations and investing. Overall, the decrease can largely be attributed to the decrease in cash flow from operations, which amounted to a decrease of $2.566 billion. Specific to operations, much to blame is the company’s decrease in working capital of $879 million. To adjust for this decrease in cash flows, the company liquidated a number of assets in 2002. The most valuable included the Kern River and Williams pipelines, which generated immediate cash proceeds of $1.124 billion. The question remained, however, as to how Williams would be able to find a way to pay debts of $2.347 billion within the next year and eventually long-term debts of $11.972 billion. In May 2002, the firm sold another $1.7 billion in assets and announced its intention to sell an $1.5 to $3 billion in assets. Previously, in December 2001, Williams planned to cut its 2002 capital spending by 25 percent or $1 billion to bolster its balance sheet. Williams also issued $1 billion in equity-linked securities called FELINE PACS and decided to cut its dividend by 95 percent. While seemingly drastic measures, the negative total cash flow of $619 million reveals that reducing dividend payments and selling off two major sources of operating income was not sufficient for Williams to dig itself out from under its debt obligations without independent financial assistance. Signs of distress It was clear that Williams was in deep. Though the signs of distress were many, the most noticeable was that the company’s cash flows were insufficient to meet its short-term debt. Unless the company continued to take drastic action, it could have found itself entering into bankruptcy proceedings within the next year. Another concerning sign included that in 2002, Williams’ 95 percent decrease in dividend payments and its more than 90 percent decrease in stock price should have indicated that the firm was struggling. Particularly striking was the fact that dividend disbursements had been increasing for the prior 10 years and that Williams Communications stock closed at a mere $0.01 per share on July 31, 2002. Williams also sent strongly negative signals with its 2002 sales of its Kern River and Williams pipelines. Although these netted the company immediate cash amounting to $1.124 billion, the sale was made at the sacrifice of substantial cash inflows, suggesting this was an act of desperation. Investors weren’t the only ones receiving signs of Williams’ distress. Credit agencies also observed uncertainty in Williams’ future, as indicated by the company’s fluctuating credit ratings. With Williams in July 2002 settling at a B+ Standard & Poor’s long-term credit rating, the company saw resulting increases in bond yields. Whereas Williams had bond yields of approximately 7 percent in December 2001, its yields fell just under 20 percent in July 2002, further complicating its situation. Recommendation Williams’ plight left it with few options for restoring its financial solvency, and most were of limited feasibility. Williams could have issued additional equity at the then current stock price of $2.95 per share, though this would dilute the company’s current share base. In addition, most companies only hold seasoned equity offerings when they believe their stock is overpriced. Considering that Williams’ stock price had fallen by more than 90%, Williams should not consider an equity offering. The company also could have issued more bonds. This option was not feasible, however, due to the company’s credit downgrade.With Standard & Poor’s rating the company a B+ in July 2002, Williams would have to issue many bonds and pay a substantial yield amounting to just under 20 percent per annum. Williams also could have sold assets. Since Williams had already sold close to $3.0 billion in assets, however, selling more could damage the company’s ability to generate operating cash flows. Though Berkshire and Lehman presented an opportunity, most lenders were hesitant to provide Williams capital due to the company’s financial turmoil. This large, 35 percent interest loan appears to have the most favorable terms possible for Williams in its last-ditch effort to save itself. The real winner here, however, would be Berkshire Hathaway and Lehman Brothers, both of whom would glean a lucrative return on their investment, given it is successful. Williams, on the other hand, should agree to the loan only because it has no other feasible options.

Blood Diamonds

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Evaluating the Socio Economic Impact of the Structural Adjustment Program Essay

These have left most SSA countries with acute balance of payments (BOP) disequilibria and an inability to service their debts to foreign bodies. In an effort to tackle the economic crises and to stimulate economic recovery, most African countries had to adjust and re-structure their economies. According to Dasgupta (1998), structural adjustment was seen as a fact of life. Thus in the 1980s, most African countries initiated economic policies which were sponsored by the World Bank and supplemented by the International Monetary Fund(IMF) in the form of stabilisation and structural adjustment programmes (SAP). Between June 1986 and July 1987 alone twenty one SSA countries went through World Bank/IMF SAP. Generally, SAPs entail policies designed by the world Bank/IMF aimed at improving the socioeconomic conditions of implementing nations by restoring economic stability and achieving long term growth through addressing structural weakness, and disequilibria in among others government budgets and external sector. More precisely, they involve the adoption and implementation of policies such as currency devaluation, trade liberalization, privatization, and removal of subsidies etc. hich are perceived as means of reversing the pervasive social and economic problems of developing nations. There has been a considerable amount of literature on the effects of SAP measures on less developed countries (LDCs) with no apparent consensus. On the one hand, international financial institutions (IFIs) maintain that SAPs are vital tools for economic recovery and sustainable economic growth. On the other hand , many economists and social scientists argue that SAP measures have led to recessions and poor standards of living in developing countries (Jauch 1999). Thus, the impacts of SAPs remain highly controversial. Even though there are disparities as to the exact effects of SAPs, it is generally accepted that they have far reaching implications for not only the macroeconomic environment of the countries concerned but society at large (Mosley and Weeks, 1993, Riddle, 1992, Stein, 1992, El-Tom, 1994, World Bank, 1994). It is against this background that this dissertation attempts to study and analyse the effects of SAP on the Nigerian economy. The choice of Nigeria as a case study is due to the fact that it has implemented one of the most radical structural adjustment programmes in Africa. Thus the question which posed is, what impact if any has SAP had on the Nigerian economy. Before we proceed, it should be emphasised that this dissertation subsumes IMF stabilisation programmes under World Bank structural adjustment programmes. The reason for this is that the two programmes are intertwined and this is done also for simplicity. . 2 Aims and Objectives This paper aims to explore the role SAP has played in the Nigerian economy. The major objective of the project is to offer a better understanding as to why, what and how structural adjustment program in Nigeria evolved. The primary focal point is to inspect the basis for and causes of the reforms, formulation and implementation processes, and the reform outcomes. The precise objectives of the dissertation are as follows: First, to provide a better understanding of the backgr ound to the economic crises in Nigeria that led to SAP * Second, to outline the objectives of SAP and the reforms implemented by the Nigerian government * Third, to analyse the macroeconomic and social consequences of implementing SAP in Nigeria 1. 3 Methodology and data To evaluate the effects of SAP on the Nigerian economy, the dissertation applies so-called ‘before-after approach’ which in its essence compares the values of selected variables in the period before a program is implemented to those of post-implementation. This approach has been one of the most widely used when evaluating SAP. One of the main advantages of the approach is that it can give an insight into whether structural adjustment improved key economic indicators. The major shortcoming of the methodology employed in this paper is that it assumes that all outcomes are the result of the programme itself and thus does not take into account the impacts of others factors. Another limitation is that it does not reveal the causes of variable changes. However, in spite of the fact that the before-after approach may have some degree of bias as an estimation procedure, it nevertheless, has inherent objectivity and is relatively easy to employ. The dissertation relies on secondary data – mainly World Development Indicators. In addition, various government publications are utilised. In the case of Nigeria, the lack of data and the quality of data available had a major constraint on the study. The data were often found to be unavailable and there were discrepancies in the different data sources.

Improving Math Skills Research Paper Example | Topics and Well Written Essays - 5000 words

Improving Math Skills - Research Paper Example At their grade level, they are expected to memorize basic math facts. However, it seems they cannot recall such basic information and have to rely on finger counting or touch math. In order to help them, I had to research on available strategies to implement on them during extra sessions outside class hours so their academic daily routine will not be disrupted. This action research paper attempts to help students with learning disabilities in math using the program, Mastering Math Facts (Otter Creek Institute, 2003), a math drill program aimed at improving recall of basic math operational facts. To state the problem simply, This study was conducted with five students from three different fourth grade classrooms who each have been diagnosed with learning disabilities in Math. Due to time constraints since the study was done towards the end of the schoolyear, and the students’ difficulty to move on to the next levels because of their learning disability, the expected completion of the program was not met. Also, all of the data was collected in the resource classroom when the students were pulled out of their regular classes. Implementing this program in the regular classroom by the classroom teacher to all students might improve reliability. Although the first trials have been promising, leading one to accept that the program, Mastering Math Facts, is an effective strategy to improve math skills in basic math operations, results are not generalizable to the population of students with learning disabilities. This action research study is an ambitious attempt to help students in need. Having learning disabilities in math is an impediment for students who need to go through the tedious and progressive math program throughout their school lives. For regular students, math concepts can only go more complicated as they master basic concepts and skills. How much more for students with learning

CHOOSE ONE CHOICE Essay Example | Topics and Well Written Essays - 750 words

CHOOSE ONE CHOICE - Essay Example The contention of this paper is to examine Descarte’s mediation and determine if it they are a true representation of reality and whether the senses, as he claims are untrustworthy. During this mediation, he is sitting by the fire and commences by asking himself whether he can be sure he is sitting there doing what he thinks he is doing. He argues that he can be sure because his senses tell him so. He can feel his hands and the flames on them- surely, this should be sufficient proof that these things are happening? However, he questions this by comparing it to a dream. When he is dreaming, he imagines and believes things that would not make sense if he were awake. He even suggests that should he act in or feel as he does in his dreams, he would likely be assumed mad (Springett). He admits that he cannot really tell the different between being asleep and awake since the sensations are the same only one is abstract and the other concrete. He tries to differentiate between being awake and asleep; he can confirm that he is not asleep since he can feel the warmth of the fire and his eyes are wide. This would have been proof of his being awake except for the fact that he knows he has deceived himself thus previously while dreaming. Therefore, he posits that in view of the past occasions in which his senses have misled him, he would be unwise to trust them without question. In the process of eliminating the things he cannot prove, he examines the concept of a divine creator who he believes is all-good and all-powerful. Why then, he enquires, is it possible for him to be deceived if God in his ultimate power and goodness does indeed exist? He considers that it may not be God who is in charge of the universe but a cunning deceiver who tries to make sure we believe whatever we perceive to be true by confusing us (Springett). Descartes determines to defeat this being by refusing to believe anything but instead