Market Segmentation for Lawn Mowers Essay

Introduction In this document, we will analyse the current market of lawnmowers in Portugal. By recognising this market and its products with distinct characteristics, we will perform a customer segmentation, which will allow us to divide the market into small groups. Through the segmentation of the lawnmower market, it will be possible to achieve a greater proximity to the final customer; create advertising media that target the identified segments; facilitate the positioning of the product; and obtain the return on investment by the company. The developments and technological diversity provided by all the competitors operating in the sector has shown that this market is very competitive nowadays. Thus, it is imperative that a strategic shift is implemented, which is more focused on meeting the needs of the customer. The notorious falling sales in the sector since 2008 were of equal importance, although the explanation of this phenomenon lies in the national and international economy situation. To analyze the current market of lawnmowers in Portugal, we started to make a small market research. To get a concrete â€Å"shape†, we went to one of the biggest players in the market – Leroy Merlin, who kindly gave us some informations which served as basis for this assignment and which allow us to have a better vision of what is happening in the lawn care industry. GOALS By segmenting the market of mowers you can:  · Get a closer relationship with the end consumer;  · Create advertising media that are targeted to the identified segments;  · Facilitate the positioning of the product;  · And monetize coveted by the company. This last point is usually associated with Increase sales, Increase profits, Increase sales dealer channel. Segmentation There are several types of lawnmowers available on the market: manual, battery – powered or gas – powered models, are some of the options. There are ways to segment the lawnmower market : Customer characteristics †¢ Geographic ( region, city size, and so on ) †¢ Demographic ( gender, age, race, household size, and so on ) †¢ Socioeconomic ( income, education, occupation, and so on ) †¢ Psychographic ( lifestyle, personality, and so on ) Buying situation †¢ Benefits sought ( product features, quality, service, warranty ) †¢ Usage rate – quantity purchased during a specific period Based on the market research that we conducted, we restricted the types of lawn mowers to non-powered, powered and powered riding for three different market segments : urban, suburban and rural. (POR TABELA DE PERCENTAGEM) The percentages given are based on the literature, as well as the information given by the head of the gardening sector at Leroy Merlin, which we visited, in Alfragide. Against this backdrop, the most attractive segment seems to be that of the consumers who live in the suburban area and who use powered walk-behind lawn mowers. However, this segment may already be flooded with competition, it may be more beneficial to target a small segment of consumers, like urban consumers using non-powered or powered walking mowers. The smallest segment may be the most profitable and lucrative. Conclusion From our research we ​​can segment the market of lawnmowers in Portugal as: mainly directed to male gender, between 35-55 years old, who lives in the suburbs of large cities, in a house with a garden area between 1.000 to 2.150 square feet of grass; with a household of four people and average income between â‚ ¬ 20.000 and â‚ ¬ 30.000 per year. The most chosen mower for this kind of segment is the electric powered one, in spite of major disadvantage of requiring a wire plugged to work, which makes that their use is impractical for those who have large estates. It is noteworthy that one of the great advantages of an electric lawn mower is that it does not require extensive maintenance. With the displacement of many ex-urbanites to the most suburban areas of large cities, the growth of lawnmowers little by little began to live better days. With this segmentation, we believe that  the Finnish company will take advantage of this kind of market penetration. Faced with fierce competition (AKI Group, IZI-MESTRE MACO, LEROY MERLIN, BRICOMARCHÉ, BRICO LECLERC and also in many other customers in traditional market said: Garden Centres, Hardware Stores, Drugstores, Building Materials Stores and other sited North to South), the Finnish company will have to differentiate the products presented, as well as in the developed marketing campaigns, satisfying specific needs and desires of this kind of consumers. Bibliography: Market Segmentation: How to Do It and How to Profit from It, Malcolm McDonald Butterworth-Heinemann, 2012 Market Segmentation: Conceptual and Methodological Foundations, Michel Wedel, ‎Wagner A. Kamakura – 2000 Handbook of Market Segmentation: Strategic Targeting for Business and Technology firms, 3rd edition, Art Weinstein, PhD, 2004 Market Segmentation Success: Making It Happen!, Sally Dibb, ‎Lyndon Simkin – 2013 a

Impact of the British Victory in the Indian French War Essay

A war transpired between Britain and France, which lasted from the year 1756 to the year 1763. This war, which was termed as the French and Indian War, was fought over colonial possessions in the North American Continent. It was fought between the American colonists and the British on one side and the French and the American Indians on the other. The incident that initiated this war was the deployment of troops under Washington by the Virginian Governor, to dispute the Ohio valley French expansion (French and Indian War , 2005). This war was part of the larger struggle to attain colonial supremacy and in this struggle between the European colonizers, Britain obtained control of India and several French colonies. In this process Britain obtained Florida from Spain instead of Cuba. This period of strife ended with the signing of the Treaty of Paris in 1763, by Britain, France and Spain. Britain was the major beneficiary and obtained control over Canada, Florida and a number of Caribbean islands (Seven Years’ War , 2005). Initially the war efforts in America were not accorded much significance by the rulers in Britain. However, in 1757, William Pitt or Pitt the Elder, the then secretary of state and virtual prime minister, realized the fact that this skirmish had the capacity to obtain global domination for the British. Accordingly, Britain borrowed heavily and adopted a number of stratagems like paying Prussia to fight on its behalf in Europe and reimbursing the American colonists. In July 1758, the British emerged victorious at Louisbourg, in the month of August in the same year, they captured Fort Frontenac. In September 1759, a great victory was achieved against the French on the Plains of Abraham. The French were soundly and completely routed in Canada with the capture of Montreal by the British in September 1760. Due to the Paris Peace Treaty Britain obtained Canada and Florida and the American colonies became much stronger after this war, due to the removal of their European colonial rivals (SEVEN YEARS’ WAR , 1991). Vast and far reaching changes were wrought by the victory in this war. Some of these were that Britain’s presence in the New World became significantly larger. However, Britain incurred a very heavy monetary debt in achieving this victory. The leaders in England developed deep resentment towards the colonists, because the latter had not provided adequate financial and military help to the former. Consequently, Britain decided to enhance their control over the American colonies and to drastically reduce the extant decentralization. This resulted in severe dissatisfaction on the part of the American colonists towards the British. A major benefit that accrued from this war was that the colonists realized that their real enemy was Britain and not each other. They also realized that if they became one, then they were a truly redoubtable foe to contend with. This confidence coupled with the unjust and repressive policies of the British resulted in the American Revolution. In this manner a war that was fought between Britain and France to curb the latter’s expansionist ambitions led to the obtention of independence of the American Colonies from the British (Mooy, 2003). References French and Indian War . (2005). Retrieved September 5, 2007, from The Hutchinson Unabridged Encyclopedia including Atlas: http://www.credoreference. com/entry/6427767 Mooy, A. (2003, June 3). French and Indian Wars. Retrieved September 5, 2007, from From Revolution to Reconstruction : http://www. let. rug. nl/usa/E/7yearswar/fiwxx. htm Seven Years’ War . (2005). Retrieved September 5, 2007, from The Hutchinson Unabridged Encyclopedia including Atlas: http://www. credoreference. com/entry/6465088Seven Years’ War SEVEN YEARS’ WAR . (1991). Retrieved September 5, 2007, from The Reader’s Companion to American History: http://www. credoreference. com/entry/5868885

LIVE CELL IMAGING OF BACTERIAL PATHOGENS BREACHING THE BARRIER OF Dissertation

LIVE CELL IMAGING OF BACTERIAL PATHOGENS BREACHING THE BARRIER OF POLARIZED EPITHELIAL CELLS - Dissertation Example 2.3 Staining with anti-cortactin and phalloidin 15 2.4 Staining with anti-ZO-1 and HOECHST 16 2.5 Extracting GFP and YFP plasmids from C.jejuni for transformations 16 2.6 Transformation of Cj 11168 wt with GFP and YFP plasmids 17 2.7 Scanning Electron Microscopy 18 2.7.1 Specimen preparation for SEM (cultured monolayers) 18 3.0 Results 19 3.1 Laser Scanning Confocal Microscopy 19 Staining with anti-ZO-1 and HOESCHT 23 Figure 11 (A-D) HOESCHT stains blue to visualise the nuclei and ZO-1 stains green to visualize the tight junctions 23 3.2 Scanning Electron Microscopy 24 3.3 Campylobacter jejuni invasion induces cytoskeletal rearrangement 28 3.4 Campylobacter jejuni invasion causes membrane ruffling 28 3.5 Analysis of wild type and DHtrA mutant C. jejuni by electron microscopy 29 3.2 Campylobacter jejuni invasion is time dependent 29 3.3 Campylobacter jejuni invasion induces cytoskeletal rearrangement 29 3.4 Campylobacter jejuni invasion causes membrane ruffling 30 3.5 Analysis of wild type and DHtrA mutant C. jejuni by electron microscopy 30 3.6 Transformation of Cj 11168 wt with GFP and YFP plasmids 30 4.0 Discussion 31 5.0 Conclusion 34 6.0 References 35 Abstract Campylobacter jejuni is a well known pathogenic bacteria commonly transmitted through contaminated food (Oyarzabal, et al., 2012). Its presence in the human intestinal gut causes disease and is one of the leading causes of gastroenteritis in human beings. By crossing the polarized epithelial barrier in the gut, it leads to increased damage to intestinal tissue although the exact mechanism by which it accomplishes this is not yet defined (Boehm, 2011). As such, the research aimed to determine this through a series of infection studies. Results of the manner in which C. jejuni breeches the barrier of polarized epithelial cells was captured through the use of high resolution field emission scanning electron microscopy (FESEM) and confocal microscopy, and the results through various strains of the pathogenic bacteria evaluated. The results of the experiments carried out in this study indicated that invasion of an epithelial cell by C. jejuni causes membrane ruffling and cytoskeletal rear rangement. It also shows that invasion by C. jejuni is time dependent and the number of pathogenic bacteria increases with time. It also shows that C. jejuni strains can also undergo transformation with the GFP and YFP in order to ensure genetic diversity and replication. 1.0 Introduction The human gastrointestinal tract has a mucosal cell layer that forms a strong barrier which protects the body from invasion by pathogenic microbes commonly residing in the intestinal lumen (Boehm et al., 2012). This class of bacteria, commonly referred to as enteric pathogenic bacteria, include Salmonella, Shigella, Heliobacter, and Campylobacter among others possess specific properties that enable them to

What are the major requirements of the Safe Drinking Water Act What Research Paper

What are the major requirements of the Safe Drinking Water Act What major amendments have been made to the act since it was pas - Research Paper Example This is because the natural water reservoirs in the most of the countries are not yet explored which preserves its freshness and cleanliness. However, as people seek for advancement, our natural resources including our water resources, are being exploited to the point that they are contaminated with harmful substances. Contamination of water supply triggers waterborne diseases (WHO, 2004). In this regard, more and more people are now concerned with the quality of water for future use, and whether there would be enough supply of potable water for the next generations. (Hrudey and Hrudey, 2004), Such awareness pushed different countries, as well as the World Health Organization, to create a law to protect and guide people in preserving and promoting safe drinking water (WHO, 2004). Safe drinking water has numerous uses. It is not just for drinking and cooking but also consumed for other domestic and personal activities, such as bathing. In the field of medicine, it is proven that water has many health benefits. Regular intake of such may prevent diseases like hypertension. That is why, most of the countries all over the world set guidelines intended to ensure the supply of safe drinking water amidst the contamination due to industrialization (WHO, 2004). In the United States, the concern on having safe and accessible drinking water pushed legislators to pass a law regarding the said matter which is commonly known as the Safe Drinking Water Act (SDWA) (www.epa.gov, 2011). The SDWA is a main federal law which ensures the quality and safety of American water supply from its natural reservoirs such as lakes, rivers, streams and the like. It provides standards for guaranteeing the supply of potable water. (www.epa.gov, 2011). In this paper, SDWA will be further elaborated on, from the making up to the promulgation and amendments. The significant amendments and requirements set by the law will also be discussed (www.epa.gov, 2011). Safe Drinking Water Act The Evolution of the Safe Drinking Water Act The earliest promulgated standard on the quality of drinking water dates back to 1914. Its objective is to prevent the transmission of communicable diseases in water supplies on interstate carriers. Though most of the states adopted the said standards, they are not strictly complied with. The guidelines were limited only to the contamination due to the bacteria and its count (Knotts, 1999). In 1925, an updated standard on the quality of the drinking water was released. The innovation is not anymore limited in providing the ideal bacteriological count in the water reservoirs. They also set limits for physical and chemical levels for lead, copper, zinc and excessive soluble materials (Devlin, 2011). Amendments from time to time were made in order to respond to the need to supply safe drinking water. In 1942, 1946, and in 1962, revisions spelled out guidelines for bacteriological sampling and permissible concentrations of arsenic, fluoride, selenium and copper (Devlin, 2011). Due to the increasing growth in population and economy, the demand for water increased. This triggered the people to procure water from contaminated sources. In a community study, it was found out that 41 percent of the 969 water systems that were surveyed did not comply with the standard set to ensure the quality of drinking water. This alarming result concluded that most of the Americans

Effects of abortion Essay Example | Topics and Well Written Essays - 250 words

Effects of abortion - Essay Example (Allied Action Inc. 1996, 1). Other major effect of abortion is rather a physical one- miscarriage as a result of previous abortion(s). Based on recent studies, there has been a discovery of real danger to the future reproductive systems of women. The "West Jerusalem Study" presented careful research studying 11057 women, 752 of which had previously had an abortion. The findings of that report reveal serious repercussions on the mother, and any future children. There is relatively a 3 to 4 fold increase in the chance on miscarriage among women who have had an abortion, as those who have not had an abortion. Also, there was reported a disturbing amount of malformations in the births that followed induced abortions. On the other hand, many women who try to get pregnant after having an abortion face with infertility. It has been discovered that terminating a pregnancy stimulates developing breast cancer later in life. When cutting short a pregnancy, women's breast tissue is left in a da ngerously stimulated but undifferentiated state, increasing the risk of later cancerous development. According to studies done by Dr. Janet Daling there is reported fifty percent increase of breast cancer among women under forty five who had induced abortions. These results were published in the august Journal of the National Cancer Institute.

Aspects of Kirk's and Malcolm's Management Style that Contribute to Essay

Aspects of Kirk's and Malcolm's Management Style that Contribute to Their Effectiveness - Essay Example Like most of the managers of Neverwire, it is precisely the vision of Frank that led Kirk Arnold to join the company. Unlike Frank who wanted to have the right people in the company, Arnold focused on ensuring that their people knew what they need to do. By streamlining the operations and processes of the company, she was able to ensure teamwork and produce results that will guarantee the Neverwhere's sustainability. She became the model employee that she wants her team to be. Yet, aside from being a skilled manager, Arnold also had a personal approach, always commanding the effort, and coaching those who need improvement.  Ã‚  Like most of the managers of Neverwire, it is precisely the vision of Frank that led Kirk Arnold to join the company. Unlike Frank who wanted to have the right people in the company, Arnold focused on ensuring that their people knew what they need to do. By streamlining the operations and processes of the company, she was able to ensure teamwork and produce results that will guarantee the Neverwhere's sustainability. She became the model employee that she wants her team to be. Yet, aside from being a skilled manager, Arnold also had a personal approach, always commanding the effort, and coaching those who need improvement.  Ã‚  Frank and Arnold are the perfect partners for managing the company – one provided the â€Å"bigger picture† while the other provided the â€Å"inner work†. While one of them was busy ensuring that their people knew what they were trying to achieve, the other one was busy ensuring that their people had the right tools to get the work done right. Together, they make good complements.2. What are the key female gender stereotypes when it comes to leadership? Consider Kirk, do you find any evidence for or against these stereotypes? What factors (including her personal attributes) do you think might have contributed to her success in the business world?   In a research conducted by Alice Eagly and Linda Carli (2003), they mentioned several female gender stereotypes in leadership. Some of them are: (a) Women are more communal, they are attributed with characteristics such as warmth and selflessness and they lack assertiveness and instrumentality which people think are important distinctions of a leader (Eagly & Carli, 2003, p. 818); (b) Women are emotional, hence are unable to make objective decisions.Kirk Arnold however, one will see that the stereotypes are somewhat correct, but she was able to use it to her advantage. For example, her emotionality allowed Arnold to commend and appreciate her team explicitly, hence motivating them.

Factory Gate Pricing (FGP) Definition Essay Example | Topics and Well Written Essays - 2250 words

Factory Gate Pricing (FGP) Definition - Essay Example This essay stresses that since the business of groceries involves a variety of different skills at each level of the supply chain, FGPs can make value addition transparent and encourage channel members to specialize in the greater consumer benefit. Agriculturists should not have to worry about transport and logistics, and should focus on productivity and food safety instead. Recent incidences of mad cow disease and bid flu have put new premiums on growing technology. Concerns about chemical pollution also need dedicated attention. Farmers should have attractive FGPs for quality produce that meets specifications at affordable rates. Processing uses a completely different set of technologies. Processors need FGPs which encourage proper investments in dressing meat, removing harmful microbes and extending shelf-life. Processors may also contribute to visual appeal of grocery products through preservation techniques which retain original forms and qualities. Transportation and logistics are specialized areas of operational excellence which other members of the chain need not duplicate. Equitable and transparent FGPs will benefit all stakeholders involved with groceries. This paper declares that partners in the grocery supply chain who lack core competencies in Information Technology may face potential exclusion with the introduction of FGP. Participants and traders who do not have sophisticated product costing systems in place may lose many revenue opportunities by understating their FGPs. This is especially the case with agriculturists who may not have very detailed and accurate accounting systems. FGPs do exist in the grocery business already, but there is little transparency of how these price levels are fixed. They are also unrelated to value addition, and are influenced instead by negotiating leverage. This rarely operates in

The But for test Essay Example | Topics and Well Written Essays - 2000 words

The But for test - Essay Example Such pandects believe that as far as justice is concerned, one person should not be the reason for other person suffering injuries or any physical calamities and so as long as the law can proof that but for the defendant’s action, the complainant would not have suffered, the defendant should be made to face the full damages caused. The other school of thought also hold the idea that laws are meant to be amended and changed to suit the human society. For this reason, they see nothing wrong with logical changes that arise from the need to protect the larger interest of society. With such two schools of thought all seeming to have some point to prove, the discussion and conclusion of the paper would bring one of the schools of thoughts higher to the other. How Fairchild (2003) have affected the original application of the ‘but for’ test The Fairchild (2003) emanated from the case, Fairchild v Glenhaven Funeral Services Ltd [2002]UKHL 22. In the case, the wife of Mr. Fairchild was seeking justice for her husband, who had worked for different employers, who had all, in one way or the other negligently exposed him to asbestos. Since Mr. Fairchild died as a result of suffering pleural mesothelioma, Mrs. Fairchild was actually suing the employers for negligence. As far as the ‘but for’ test was concerned, her major claim was that ‘but for’ the exposure that her husband suffered at the hands of the different employers, her husband would not have died. But there was going to be more than just this contextual assumption.... as long as the law can proof that but for the defendant’s action, the complainant would not have suffered, the defendant should be made to face the full damages caused. The other school of thought also hold the idea that laws are meant to be amended and changed to suit the human society. For this reason, they see nothing wrong with logical changes that arise from the need to protect the larger interest of society. With such two schools of thought all seeming to have some point to prove, the discussion and conclusion of the paper would bring one of the schools of thoughts higher to the other. How Fairchild (2003) have affected the original application of the ‘but for’ test The Fairchild (2003) emanated from the case, Fairchild v Glenhaven Funeral Services Ltd [2002]UKHL 22. In the case, the wife of Mr. Fairchild was seeking justice for her husband, who had worked for different employers, who had all, in one way or the other negligently exposed him to asbestos. Sinc e Mr. Fairchild died as a result of suffering pleural mesothelioma, Mrs. Fairchild was actually suing the employers for negligence. As far as the ‘but for’ test was concerned, her major claim was that ‘but for’ the exposure that her husband suffered at the hands of the different employers, her husband would not have died. But there was going to be more than just this contextual assumption as the judges who heard the case would have different interpretations of the ‘but for’ test to give as far as the case that was presented was concerned. Basically, she had to proof that the sole cause of her husband’s contraction of mesothelioma was as a result of the inhalations he had from his employers are there exists several environmental factors that can expose a person to the disease causing

Analysis of Concepts Brought out by Marx, Smith, Mill and Walzer Essay

Analysis of Concepts Brought out by Marx, Smith, Mill and Walzer - Essay Example These rights granted the citizens a level of liberty but it was not sufficient. However, governments objected a second step to set a societal check committee. Setting it up would ensure that the government did not use power to oppress its subjects. In addition, Mill describes a different era of governance when people believed that they achieved liberty. This is the era when the citizens chose leaders who would represent their opinion in the government. The leaders represented the opinion and views of the citizens, keeping their personal views to themselves. Although the citizens felt more represented by this form of governance, it brought about the controlling power of the majority and this denied the self-cultivating autonomous individual the right to exercise his or her freedom to hold and practice a different opinion from what the majority holds. Society exerts the compulsion on an individual to follow the opinion of the majority. Mill refers to this control as worse than that of tyrannies. According to Mill, society should not hold the majority’s opinion as absolute truth. The majority can be wrong at times, whereas the minority opinion is right. In most cases, accepting of the majority’s opinion is without reason (Jones 27). In addition, refuting of the minority’s opinion is without meaningful analysis. ... According to Mill, absolute liberty should be an expression of one’s conscience and should entail freedom of thought and feeling. In addition, one should have the liberty to express and make public his opinion as well as pursue his or her interests and associate freely with a group. Society should set each individual free to exercise creativity in thought and action. This will encourage diversity in society. Walzer expressed his views on the continuous struggle to achieve equality in society. In his opinion, there are many inequalities in the world because people possess the things that they do not honestly deserve. A great majority of people having a lot of money have not worked for it. Once they are in possession of money, they get access to a wide variety of goods and services. Essentially, some people in possession of certain goods do not deserve them at all. Some doctors buy certificates without the right academic qualifications. Others get access to power because they ha ve money. Walzer wrote his essay in response to Kristol’s ideas and questions (Jones 29). According to Walzer, equality is important in society and is achievable if distribution of goods and services depends on need and qualification. His illustration of the wealthy accessing medical services because they have money and not because of health issues shows the irony in society. It is clear that some people have access to services and goods they do not need. Logically, only the sick and not the wealthy should have access to medical services. If services and goods are only accessible to those in need, a level of equality in society is attainable. Other goods should come into an individual’s possession when they qualify to own them. In addition, one should work hard enough to

Lord of the Flies Essay Example for Free

Lord of the Flies Essay A symbol can express an idea, clarify meaning, or enlarge literal meaning. In the book, â€Å" Lord of the Flies† by William Golding, there are many symbols such as the pig’s head, fire, painted faces, and Piggy’s glasses. However one symbol stands out more than the others, the conch. The conch symbolizes order, government, savagery, and even one of the characters called Piggy. Order was one of the main themes that the conch symbolized. When Ralph and Piggy first found the conch Piggy said, â€Å"We can use this to call the others. Have a meeting. They’ll come when they hear us. † (16). Automatically they find the conch, blow on it, and everyone on the island comes to the platform. This shows that they are trying to have everything be put in order by calling a meeting and discussing everything that is going on, and to discuss how they are going to survive. Another example of order is, â€Å" I’ll give the conch to the next person to speak. He can hold it when he’s speaking. We’ll have rules! Lots of rules! † (33). This shows that they want the order of England and of school. When in school, if the students have a question or an answer, they raise their hands and say what they are going to say. Another main theme in this book that the conch symbolizes is government. For example, when they called the meeting Ralph said, â€Å" Seems to me we ought to have a chief to decide things. † (22). This shows that they want for the island to be like England and have a ruler. The ruler would tell them what is right, what is wrong, and how they should be doing everything. Another example of government is, â€Å" Let him be chief with the trumpet-thing. † (22). The children on the island wanted Ralph to be the chief because he started to lead by just blowing the conch. To the children it showed that he knew what he was doing, and they thought he knew how to go home. The other theme that the conch symbolizes is the savagery. For example, Jack explained. â€Å" I agree with Ralph. We’ve got to have rules and obey them. After all, we’re not savages. We’re English, and the English are best at everything. So we’ve got to do all the right things. † (42). This shows that in the beginning of the book, Jack thinks that they are not savages. The thing is that every human has savagery in them in some way or form. Toward the end of the book when Jack is in the separate tribe, it describes, â€Å" Before the party has started a great log had been dragged into the center of the lawn and Jack, painted and garlanded, sat there like an idol. There were piles of meat on green leaves near him, and fruit, and coconut shells full of drink. † (149). The conch forced Jack to make a separate tribe, because he was tired of taking orders from Ralph. He wanted to be chief so badly that he created a tribe and convinced almost all of the children to go to his side. He provided the children with meat and protection that Ralph didn’t. The conch also symbolized the book’s character of Piggy. An example would be when the plan first crashed and the meeting was not called, Piggy said, â€Å" S’right. It’s a shell! I seen one like that before. On someone’s back wall. A conch he called it. He used to blow it and then his mum would come. It’s ever so valuable. † (15). At the beginning he was the one who discovered the conch. Piggy was also the one to tell Ralph to blow on the conch so that all the children on the island would all meet at the platform. Another example would be one of the main turning points in the book, â€Å" The rock struck Piggy a glancing blow from the chin to knee; the conch exploded into a thousand white fragments and ceased to exist. Piggy, saying nothing, with no time for even a grunt, traveled through the air sideways from the rock, turning over as he went. (181). When Piggy first arrived on the island he found the conch, and when Piggy died the conch died along with him. Once Piggy and the conch were gone, the order of the island was gone as well. The conch was both the leader and the assaciane at the same time. At first the conch was the one who brought the tribe together. It provided order and a sense of government on the island. However, in the end in was the one to tear everyone apart. It created Jack to act as a savage and for him to create a whole new tribe to torture Ralph. Once the conch exploded all the order and the government went with it, and out came the savage in everyone. In the end they even get rescued because of the conch. When the conch exploded into pieces, Jack’s tribe went to go find Ralph to kill him. Jack set the whole island on fire to smoke Ralph out to kill him. By setting the island on fire the smoke could be seen from miles away. The navy was able to see the smoke and they came to rescued the children. Isn’t it ironic. The whole time Ralph talked about the fire being the main priority, and in the end Jack’s fire rescued them from the island.

Byzantine times: The effect on women

Byzantine times: The effect on women An average woman in the fifth and sixth centuries of the Byzantine Empire did not have a big role in public society.  [1]  In fact, it was common for her to not be seen in public at all. It was standard for Byzantine women to get married around twelve to thirteen years old due to an arranged marriage chosen by her parents. Once married she spent most of her time at home. Occasionally a woman was allowed to leave her home to attend to church, festivals, marriages, births, visit relations, or go to public baths. These were the only activities in society acceptable where a woman could to leave her house.  [2]  However, if a woman must venture outside, she must have her face covered by a veil at all times and be accompanied by a man. Though veils were rarely shown in Byzantine artwork, this was a social standard for women. The wearing of veils often represented the difference between an honest women and a prostitute.  [3]   Even in her own home, a Byzantine woman had to endure gender inequalities. During meals she was not allowed to dine with men foreign of her relations. More often than not, she would be eating alone separate from men.  [4]  For her education, she was taught skills only useful for a house wife. If a woman was in middle to upper class, she was usually taught to read, write, and sing.  [5]  Women of royalty however, were given the opportunity to study medicine and natural sciences with scholars in their courts.  [6]  Nevertheless education was usually second quality compared to the education given to men. Women could easily be described as cloistered as prisoners, though her prison walls were only the invisible judgments and rules cast by society.  [7]   Most women could not participate in politics. A woman could not even testify in court for fear that her testimonial would be easily influenced by her husband or brother. It is only in rare cases where a man was not involved that a woman could testify.  [8]  Despite what little influence and respect women had in public society, through home life a woman could still easily influence her own husband, sons, brothers, and other male relations in her home life.  [9]  This influence could be subtle in a small Byzantine family or extremely considerable if she was the wife of the emperor. Unlike men who could rise up to a political position through military, or the church, for a women to gain political power she had either be born or marry into aristocracy. Born in 399 A.D, Empress Pulcheria was the eldest daughter of Emperor Arcadius.  [10]  She was a devoted Christian that paved her way into power through her influence over her younger brother Theodosios II. She eventually received the title of Augusta (Empress) which was the highest position a woman of relation to the Emperor could aspire to.  [11]  Pulcheria was just two years older than Theodosios II but had a great influence over him all his life. Though Pulcheria was the eldest born into royalty, she did not have much power as she would if she had been born male. Even with this gender disadvantage, she was extremely intelligent. At the age of 16, she swore a vow of chastity and also influenced her younger sisters to do the same.  [12]  This was a way to sustain power that would be lost if she was forced into marriage as well as stop the competition to her brothers throne.  [13]  The reasoning she gave for her actions was due to her Christian fate, comparing the Vi rgin Mary as her heavenly counterpart.  [14]  Figure 1 depicts an ivory relief known as The Translation of Relics Ivory dating around the year 420 A.D.  [15]  and was acquired by the Trier Cathedral in 1844.  [16]  The carving measure 13.1 x 26.1 x 2.3 cm and has been cut to a depth of 2 cm  [17]  . The Byzantines loved ivory and usually imported it from India and Africa. The ivory of this specific piece has been speculated to have been imported from Africa do to its larger size.  [18]  The Translation of Relics Ivory depicts a procession of people in the streets followed by two priests riding a chariot pulled by mules. Leading this procession is an Emperor holding a candle and ready to receive the relics is an Empress holding a cross in front of church doors. In the background are onlookers cheering waving incense and a church which is still under construction, still being complete for the relics to be place into. For many years, the protagonists in this relief have been unidentifiable. Historians have compared the lives of Justin II, Maurice, and Phocas and their wives but found no historical evidence which relates them to this scene.  [19]  In the late 70s, The Translation of Relics Ivory has been identified by historians, Kenneth G. Holum and Gary Vikan that the characters in this relief are likely Empress Pulcheria, her brother Emperor Theodosios II and the relics given are the bones of Saint Stephen. The historians deducted this from written evidence of a chronicler of the ninth century named Theophanes Confessor. In his narrative he wrote: Under the influence of the blessed Pulcheria, the pious Theodosius sent a rich donation to the archbishop of Jerusalem for distribution to the needy, and also a golden cross studded with precious stones to be erected on Golgotha. In exchange for these gifts, the archbishop dispatched relics of the right arm of Stephen Protomaryr, in the care of St. Passarion [Pulcheria] arose taking her brother with her and went to greet the holy relics. Receiving them into the palace, she founded a splendid chapel for the holy Protomartr, and in it she deposited the holy relics.  [20]   The narrative matched perfectly with the description of The Translation of Relics Ivory as well as another found narrative which proved that the bones of Saint Stephen had in fact appeared outside Jerusalem that time in December 416 and later went under control of the bishop.  [21]  The church under construction is believed to be a church of St. Stephen.  [22]  An interesting detail to The Translation of Relics Ivory is the composition of the piece. The entire focus of the image is on Pulcheria rather than the Emperor Theodosios II, her brother. Even Theodosios relief is still a bit further back than hers, as he is standing right next to her. This is a huge representation of Pulcherias power as she is the center of attention opposed to the Emperor himself. In her lifetime, Pulcheria had commissioned several new churches, most dedicated to her patron saint the Virgin Mary. It was well known that Virgin Mary deeply impacted her life to staying openly celibate for God. However during the fifth century the Virgin Mary was not a major figure in Constantinople.  [23]  Her choice for the Virgin Mary as her patron was not to advance women but simply get rid of the stigma that women were the curse of eve, a curse which claimed that women where responsible for original sin.  [24]  It was also due to Pulcherias influence that the Virgin Mary would be again be known not just as the Mother of Christ (christotokos) but the Mother of God ( theotokos) when the statement was overturned.  [25]  Pulcherias most well-know church to the Virgin Mary is the Church of Saint Mary of Blacherne , which has also been depicted in literature with names such as the Panagia of Blachernae and the Blachernae Monastery. The church started construction in 450 A.D. and was finished by her husband Marcian after Pulcherias death in 453 A.D.  [26]  The church was built around a pre-existing sacred spring called the Ayazma of Blacherne.  [27]  It is also said that Christians of Jerusalem had contributed a robe that belonged to the Virgin Mary as a relic for the church,  [28]  though other sources state that the robe was stolen.  [29]  Figure 2 shows the church before its second fire, and Figure 3 shows the current modern church after being rebuilt. The church focused around images of the Virgin Mary, which led to much destruction of its icons during the reign of Constantine V.  [30]  The church first burnt down in 1070 from a fire but was rebuilt again using its old floor plans.  [31]  The church was completely burnt down yet again in 1434, this time from a careless fire caused by children chasing pigeons on its roofs.  [32]  By the time Constantinople fell to the Ottoman Turks in 1453, the Church of Saint Mary of Blachernae no longer existed and the people of Constantinople had to turn to different mediums for the protection Virgin Marys icons.  [33]   Figure 3 shows Icon of the Virgin Blachernitissa. In 626 A.D., the Blachernitissa was credited for the protecting the city from an Avar attack as well as an Arab siege in 717. Thus this relics reputation grew to be known as a powerful Byzantine talisman of protection and was kept in the Church of Saint Mary of Blachernae.  [34]  Though the figure head of this icon was a woman, it had huge veneration. The term Blachernitissa was a type of representation of the Virgin Mary named after the Church of Saint Mary of Blachernae.  [35]  The icon shows Mary within it and was held in the Church of Saint Mary of Blachernae. The piece was also within the church during its 1434 fire and was thought to be destroyed. It was a talisman that represented the protection of the citys walls.  [36]  Its absence was believed to be the reason why the Ottoman Turks succeeded their invasion only 19 years later. The year 730 was the start of the first iconoclastic period lasing until 787.  [37]  It started with Emperor Leo III, who reigned from 717-740. The Iconoclasts believed that icons where evil and led to the misinterpretation of the Catholic religion. As the Iconoclasts resorted back into symbols and scripture, they tore down icons, thinking them as heresy to their religion. When Leo III died in 740, his son Constantine V continued the ban of during his reign in 741-775.  [38]  It was during Constantine Vs reign, that the Church of St. Mary of Blachernae was attacked by iconoclasts. Constantine V ordered the destruction of the interior mosaics that represented a New Testament cycle and replaced them with vegetal ornaments and pictures of birds.  [39]  It was fortunate however that the Icon of the Virgin Blachernitissa was hidden from destruction at this time. This first Iconoclastic period was stopped by Empress Irene. Irene acted in the name of her son Constatine VI, who was too young to rule at the time. She created and ordered the Second Council of Nicea, which supported Iconophiles.  [40]  As Iconophiles, they believed that images were also representing their religion and they were not wrong in using them. The Council condemned the opposition to icons as heresy. It is through Irenes actions of the revival of icons that she earned the title of Saint in the Greek Orthodox Church. The second iconoclastic period lasted 814-842. This time it was Emperor Leo V (reigning from 813-820) who instated this new wave of iconoclasm. It was speculated that it was to cure the recent military failure. Emperors Michael II and Theophilus who succeeded him were also iconoclasts. However after Theophilus died, he was succeeded by his son Michael III. Michael at the time was too young to reign so his mother Theodora acted as a regent for him. Similar to Irene, Theodora was an iconodule and was able to proclaim the restoration of icons. Now ever since the revival of icons, the first Sunday of Lent is celebrated as the Triumph of Orthodoxy. Figure 4 shows the Icon of the Triumph of Orthodoxy, a painting that was painted on a wooden panel covered with gesso and linen. Its medium was egg tempera and gold leaf.  [41]  The center of the painting is a portrait of the Virgin Mary, said to be painted by St. Luke. Empress Theodora and her son, Emperor Michael III, appear on the left o f the portrait. On the right are three monks with the Patriarch Methodios. This painting was painted more than 500 years after the end of iconoclasm during the time when the Byzantine Empire was under threat of invasion by the Ottoman Turks.  [42]  Again as it is not usually common for a woman to be in the painting, Empress Theodora is shown next to her son in royal robes. Though she is not next to them, Theodora is shown at the same level as the bishops. In the center of the painting is the Blachernitissa, the Virgin Mary and child. The Virgin Mary was a celebrated icon of her woman status. It is not surprising that Irene and Theodora were iconophiles. Since the average Byzantine woman was housebound for the majority of their lives, most had a special dedication to religious practices involving icons.  [43]  It might be due to their life style that women where the most affected when their precious icons where taken away. The influence women had and their relations to art during the Byzantine Empire shown to be very important. It is through the influence of the empresses Pulcheria, Irene and Theodora that impacted artwork despite a judgmental and men-driven environment that shadowed their lives. It is as fascinating and influential as the works themselves that these women were able to influence the Byzantine public and the artwork. Is Bitcoin the Best Cryptocurrency? Is Bitcoin the Best Cryptocurrency? Is Bitcoin the most practical form of cybercurrency? In 2009, the world was forever changed when an anonymous individual that goes by the name of Satoshi Nakamoto introduced the world to a new form of currency: the bitcoin. A bitcoin is a form of cybercurrency that cannot be traced to the person that purchases them.   Through the introduction of the bitcoin, several other companies have released their form of cybercurrency. These newer currencies range from the â€Å"Litecoin† to the â€Å"Dogecoin†. While bitcoin has been the figurehead of the cyber-coin movement, there are several other notable and more efficient â€Å"altcoins† as they are referred to: the ever popular â€Å"Dogecoin† for the online â€Å"memer† community, the Litecoin, a more efficient version of the Bitcoin, the â€Å"Ripple†, the â€Å"Ethereum† cryptocurrency, and â€Å"Dash† are all widely accepted cryptocurrencies that are taking the world by storm. The Bitcoin was one of the first forms of cryptocurrency that gained notoriety. Bitcoins are not a form of tangible currency; they are not connected to banks in any way, shape or form. There are no transaction fees and no way that a Bitcoin can be traced back to someone that purchases them. Merchants are beginning to accept bitcoins as a new method of payment, ranging from food, trips to the hair salon, and even illegal products on the internet! To acquire a bitcoin, people purchase them on a multitude of cryptocurrency exchange market websites. Transfers are relatively simple; People can easily transfer their bitcoins among each other by using mobile apps or their computers. People are also capable of â€Å"mining† for bitcoins, where individuals solve complex math problems, which is how Bitcoins are made. However, Bitcoins are kind of shady; If an everyday person was to invest in purchasing some Bitcoins, the only thing that protects their cryptocurrency is a Blockchain that you need to enable. This means that virtually anyone that has hacking experience can take that person’s Bitcoins if they do not take the necessary steps to protect them. Granted, the anonymity of Bitcoin transactions and purchases make it somewhat secure, but anyone that solves the complex mathematical equations is probably able to hack into an unsuspecting person’s account.[1] The Bitcoin is one, if not the most popular form of cryptocurrency. However, there are a vast majority of other â€Å"altcoins† that seem to be up-and-coming. Someday, these â€Å"altcoins† may end up surpassing the Bitcoin in terms of use. One of these cryptocurrencies is known as the â€Å"Dogecoin†. The â€Å"Dogecoin† is a growing altcoin in today’s era of cryptocurrencies. The â€Å"Dogecoin† is â€Å"a peer-to-peer digital currency, favored by Shiba Inus worldwide†. It works very similarly to the Bitcoin; however, it has the Doge internet meme as the face of the currency. This altcoin caters to the meming community of the internet, which is how it advertises to its patrons. To sell their altcoins, they advertise that people that use this form of currency are in a tight-knit community, which has a Reddit sub-thread; they also explain that it is seamless to set up an account to transfer and store Dogecoins. The creators of Dogecoin also create a video that explains the origin of this meme-ridden cryptocurrency in a ninety second video, which was incredibly hard to stomach, for a multitude of reasons (I will be sure to provide the link for you somewhere; viewer discretion is advised). This altcoin is for the people of the internet that everyone collectively hates on. However, the currency is efficient, fun, and very similar to the Bitcoin. Although they have a section on their website dedicated to teaching patrons about the origin of doge, it is an ingenious selling point, as most memers just want to belong to something other than Reddit (Can you blame them? That community sucks). The Litecoin is another popular form of cryptocurrency.   Introduced in 2011 by Charles Lee, it is very similar to the Bitcoin; however, it is more practical in terms of security, and speed of transaction. The community of Litecoin also makes a point to stay united; the Litecoin community has also created forums, subreddits, and other networks. Litecoin also has a tab on their website dedicated for resources to the community. The resources tab was intended to allow their community to better understand the Litecoin and other cryptocurrencies and how they compare. Litecoin also utilizes a better form of Blockchain, a service which is considered to be the greatest software platform for digital assets. Wallet encryption is also a feature included in the Litecoin cryptocurrency; Litecoin requires that you provide a password for every transaction you encounter when utilizing the Litecoin. The password feature is useful, as it prevents theft from hacker or people that utilize bots to do t heir dirty work and also makes sure that you are positive that you need to spend your Litecoins. With any cryptocurrency, users are also allowed to mine for Litecoins, as long as they basically know rocket science. While the Litecoin is still up-and-coming, it seems to be quite secure. As of right now, it is the silver to Bitcoin’s gold.[2]   However, with more time and donations, the Litecoin could manage to surpass the success of the Bitcoin. It provides people with a significantly larger amount of coins in the economy, however, this could pose threats for inflation While this may pose a threat in the long run, the use of Litecoins seems to be practical. Overall, Litecoin is a practical and cheaper alternative to invest in, because it is cheaper to purchase and it is safer to utilize due to the use of mandatory passwords. One of the more unique forms of cybercurrency is the â€Å"ripple†. It is a form of cryptocurrency that works to connect of the economies together. The ripple works in tandem with banks. The reason the ripple works with banks is to transform how money is sent across the world, which they feel is a vital step in the advancement of economics, both international and nationally. Their company vision is to enable the â€Å"Internet or Value† to move value as fast as information travels across the internet. Traditionally, two banks would use a third bank as a middle-man to send money to each other. B including the â€Å"ripple solution† to this equation the third bank is eliminated from the process, resulting in a much more efficient system for transactions from bank to bank. The â€Å"ripple solution† also works to convey useful information and messages to both banks. The ILP ledger that the ripple service is run through, works to coordinate fund movements between institutions to settle the payment†[3]. Overall, the ripple system seems to be a practical form of cryptocurrency for everyday use. While it is not ideal for the pesky dark web users that require anonymous currency, it is a much simpler way for foreign transactions to occur, or even people that do not use the same bank to make a transaction. This is also the optimal form of cryptocurrency when dealing with foreign affairs because it is incredible secure; there is complete transaction privacy for each financial institution involved. Most banks do not operate on the same network, especially those in different countries. With the Ripple solution, banks on separate networks can transact directly. There is also an ability to connect traditional and emerging financial networks together, which is immensely useful in the modernizing and integrating of international economics. Another notable form of cryptocurrency is Ethereum. Ethereum was developed in Toronto, Canada by a nineteen-year-old programmer. Vitalik Buterin created Ethereum in 2011, after learning more about Bitcoins and other forms of cryptocurrency. He also created Bitcoin Magazine, an online news website about the cryptocurrency world.[4] Ethereum is one of the newer forms of cryptocurrencies on the market. The Ethereum Foundation has a similar view as the Ripple Foundation. â€Å"While bitcoin aims to disrupt PayPal and online banking, Ethereum has the goal of using a blockchain to replace internet third parties — those that store data, transfer mortgages and keep track of complex financial instruments†[5]. In short, the Ethereum Foundation’s long-term goal is to be a sort of world computer. â€Å"Although the apps appear to be possible, it’s unclear which blockchain applications will actually prove useful, secure, or scalable, and if they will ever be as convenient to use as the apps we use today† [6] The Ethereum Foundation uses a form of currency known as the â€Å"ether†. Ether are unique pieces of code that allow updates to the blockchain’s ledger.[7] The process behind obtaining and holding ether is similar to most forms of cryptocurrencies. First, there are varying levels of security and risks that you can take in the method of storage for ether. The first method is a desktop wallet to store ether. This form of storage requires the user to download a sort of blockchain, known as the â€Å"Ethereum client†-a copy of the entire Ethereum blockchain. The desktop wallet will also need to stay updated with transaction records.[8] The next type of storage is possible through a mobile device, typically a cell phone. The app that caters to the â€Å"light† users of Ethereum is incredibly convenient but equally as risky; light users rely on miners and other people involved in The Ethereum Foundation to verify transactions and secure their ether. If the light users lose their private keys, they will not be able to contact anyone to be able to access their ether, meaning they will ultimately lose all of the money they put into their account.[9] The next form of storage is through hardware. â€Å"These secure devices that can often be detached from the internet, and can sign transactions without being online†, meaning that although it is incredibly secure, this method can be incredibly irritating to deal with if the user is constantly out and about. The last form of storage a patron of the Ethereum Foundation can partake in is paper currency. In this method, the user carefully writes the private key and can securely store it in a deposit box or something similar.[10] While this is the most efficient way to utilize ether, it is also the most difficult method to secure and maintain. But how can users obtain ether? Ether can be purchased in person or on the internet from miners, or other users that desire to have their country’s recognized form of currency, or even other types of cryptocurrency. Unfortunately, if users are looking to purchase ether in person, it should be in a highly-populated area, such as New York City or Toronto in order to find someone that also uses ether; in less populated areas, this is not necessarily an option. While Ethereum is a growing form of cryptocurrency. However, it is not considered to be one of the most secure or efficient. While it could develop to be something incredible, as of right now, the cryptocurrency advocates of the world deem it to be a little over-zealous. Ethereum is definitely on the right track to becoming one of the best forms of cryptocurrencies, but it has a lot of room for improvement. As of right now, J.P. Morgan Chase, Microsoft and Intel have all allied in order to make Ethereum’s goal easier—a â€Å"world computer†. â€Å"Dash† is another one of the most popular forms of cryptocurrency.   Its name conveniently combines the word â€Å"digital† and â€Å"cash† together (which is super nifty right? Names are always so original when their used in business or history.). It was designed for the honest, hardworking nerds out there. These miners that participate in the mining of this cryptocurrency mine for their fair share of Dash coins. However, unique to the Dash coin system, you need special hardware and computers to mine for the coins.[11] Another useful aspect of the Dash coin is that the transactions are allegedly instantaneous. This caters to people that value time. According to Dash coin, Bitcoin takes roughly an hour for the transaction to process. While the Bitcoin is the most popular form of cryptocurrency, it is not the most efficient or practical form of currency in a generalized sense. It is useful for a multitude of reasons: anonymity, for the people that are ashamed with their addiction to My Little Pony collectables, people that are too afraid to meet their drug dealers face-to-face, or those undercover cannibals that so desperately want to try a new body part (Eww. Still can’t wrap my head around this one). However, funds of the patrons that utilize the Bitcoin as their go-to form of cryptocurrency run the risk of it being stolen by hackers. Dogecoin is a light and comical approach for the cryptocurrencies that are becoming a widely popular global phenomenon. While at first it was a joke among the Reddit community, it grew into an ever-popular alternative cryptocurrency to the Bitcoin. While it may not be the most practical form of cryptocurrency. It is a very useful alternative on the steady rise. In time, it may even be able to pass the most popular coin—the Bitcoin. The Ripple Foundation really outdid themselves with their form of cryptocurrency. It is one of the most optimal forms of cryptocurrencies in order to simplify the way people bank with each other. By making Ripple the middleman between the banks, it creates communication and eliminates any ways that banks that transfer money between two banks would eliminate misconceptions or errors. Ethereum is the next most efficient cryptocurrency, although highly unlikely to fully be achieved within the next couple years. While several notable companies have allied with the Ethereum in an effort to expand their company, they have a long way to go in order to achieve their goals to create a â€Å"world computer†. However, the most efficient form of cryptocurrency seems to be the Litecoin. While it is not worth as much as the Bitcoin, it uses faster transaction times. The Litecoin also has a very friendly website. That instantly allows you to access their forums and helpful videos to better understand their cryptocurrency and other forms of cryptocurrencies, as well.   It is also very secure, while still being efficient. There are a multitude of ways to secure your currency, one of them being the useful password feature. Where Bitcoin makes it optional to secure your account, Litecoin makes it mandatory. Bibliography n.d. Bitcoin. Accessed May 12, 2017. https://bitcoin.org/en/. n.d. Blockchain. Accessed May 12, 2017. https://www.blockchain.com/. n.d. Comparing Bitcoin to Litecoin. Accessed May 12, 2017. http://www.coindesk.com/information/comparing-litecoin-bitcoin/. corporation, dogecoin. n.d. Dogecoin. Accessed May 12, 2017. http://dogecoin.com/. Foundation, Ripple. n.d. Ripple. Accessed May 12, 2017. https://ripple.com/. Hertig, Alyssa. n.d. How to use Ethereum. Accessed May 12, 2017. http://www.coindesk.com/information/how-to-use-ethereum/. —. n.d. What is Ethereum. Accessed May 12, 2017. http://www.coindesk.com/information/what-is-ethereum/. —. n.d. Who Created Ethereum. Accessed May 12, 2017. http://www.coindesk.com/information/who-created-ethereum/. n.d. How Ethereum Works. Accessed May 12, 2017. https://www.ethereum.org/. Networks, The Dash. n.d. Dash. Accessed May 12, 2017. https://www.dash.org. Tal Yellin, Dominic Aratari, Jose Pagliery / CNNMoney. n.d. What is Bitcoin? Accessed May 12, 2017. http://money.cnn.com/infographic/technology/what-is-bitcoin/. 2017. What is a Bitcoin? May 12. http://www.coindesk.com/information/what-is-bitcoin/. n.d. What is the Best Cryptocurrency to Invest in Long Term and Why? Accessed May 12, 2017. https://www.quora.com/Whats-the-best-Cryptocurrency-to-invest-in-long-term-Why. n.d. What is the Litecoin? Accessed May 12, 2017. https://litecoin.org/. >[1] n.d. Bitcoin. Accessed May 12, 2017. https://bitcoin.org/en/. >[2] n.d. Comparing Bitcoin to Litecoin. Accessed May 12, 2017. http://www.coindesk.com/information/comparing-litecoin-bitcoin/. >[3] Foundation, Ripple. n.d. Ripple. Accessed May 12, 2017. https://ripple.com/. [4] —. n.d. Who Created Ethereum. Accessed May 12, 2017. http://www.coindesk.com/information/who-created-ethereum/. >[5] —. n.d. What is Ethereum. Accessed May 12, 2017. http://www.coindesk.com/information/what-is-ethereum/. >[6] n.d. How Ethereum Works. Accessed May 12, 2017. https://www.ethereum.org/. >[7] ibid [8] ibid [9] Hertig, Alyssa. n.d. How to use Ethereum. Accessed May 12, 2017. http://www.coindesk.com/information/how-to-use-ethereum/. [10] ibid [11] Networks, The Dash. n.d. Dash. Accessed May 12, 2017. https://www.dash.org.

Curleys Wife and Crooks in John Steinbecks Of Mice and Men Essay

Curley's Wife and Crooks in Of Mice and Men - Lord Chesterfield once said, "You must look into people, as well as at them." If you apply this logic to Curley's wife and Crooks in the book, Of Mice and Men, you will find that they are the same in many ways despite their differences in race and sex. These two unfortunate souls live in a world full of shattered dreams, discrimination, and loneliness. Langston Hughes once said, "Hold fast to dreams for if dreams die, life is a broken winged bird that cannot fly." This statement is undoubtedly a summary of the goals in Crooks, and Curley's wife's lives. Crooks had a glimmer of hope when Candy and Lennie told him of their plans of having their own farm. At first, he refused to believe in this because he had seen many men with the same intentions. Soon after, Crooks gets demoralized and realizes that he cannot enter a white world. He finally decides not to join the group. Curley's wife also had a goal, which was to become a movie star. Before she married Curley, she met an actor who came through her town with a show. He promised her that she was a naturally good actress, and that he would get her into the movie business. He also promised he would write her, but she never received the letter. She thought that her mother destroyed the letter before she could read it. It can be assumed that the actor used his fame and position to have fun with Curley's wife. He promised to get her into movies to make her happy so ...

Macbeth - Characters In The First Three Acts :: essays research papers

Compare and contrast the characters of Macbeth and Lady Macbeth in the first three Acts of Macbeth. Macbeth, the tragedy, is a penetrating, concentrated, and harrowing study of ambition. The play itself tells the story of a man, urged by his wife and foretold by prophecy, who commits regicide in order to gain power. His ostentatious appetite for domination only leads to his triumphal downfall deeming he and his wife naught but the, "dead butcher and his fiend like queen." However, the final analogy is a product of circumstantial change made evident in the first three acts. Macbeth is a basically good man who is troubled by his conscience and loyalty though at the same time ambitious and murderous. He is led to evil initially by the witches' prophecies, and then by his wife's provocation, which he succumbs to because of the unrequited love he has for her. In retrospect, Lady Macbeth, whilst appearing patronising and manipulative, is in essence, a good wife who loves her husband. She is also ambitious but lacks the morals and integrity her husband posesses. To achieve her ambition, she rids of herself of any kindness that might stand in the way. However, she runs out of energy to supress her conscience and commits suicide. A foundation reputation for Macbeth is fashioned before he comes on to the stage. The Sergeant who has fought on his side harps about Macbeth’s valour in war, "But all’s too weak | For brave Macbeth – well he deserves that name"(Act I, scene II). We then hear from Ross, who consistently speaks of Macbeth’s courage in battle, "The Thane of Cawdor, began a dismal conflict | †¦Point against point, rebellious arm ‘gainst arm | Curbing his lavish spirit: and to conclude | The victory fell on us - "(Act I, scene II). These accounts imply a mighty, patriotic warrior and a loyal subject to the King. As the plot thickens, Macbeth falls short of these expectations, as a cloud of suspicion hangs over his conspicuous relationships with the Three witches. The suspicion grows when he (aside) confesses his "black and deep desires"(Act I, scene IV). Macbeth knows in order to obtain the throne he must kill Duncan yet acutely acknowl edges the duty he owes to Duncan. He knows to kill Duncan would ultimately be an enormous sin, a crime against heaven and therefore Macbeth is restrained.

HENRY FORD :: essays research papers

hENRY FORD ---------- He produced an affordable car, paid high wages and helped create a middle class. Not bad for an autocrat.   Ã‚  Ã‚  Ã‚  Ã‚  Henry Ford1863-1947Henry Ford's parents left Ireland during the potato famine and settled in the Detroit area in the 1840s. Ford was born in what is now Dearborn, Michigan. His formal education was limited, but even as a youngster, he was handy with machinery. He worked for the Detroit Edison company, advancing from machine-shop apprentice to chief engineer. In 1893, Ford built a gasoline engine, and within a few years, an automobile, still a novelty item of the rich or do-it-yourself engineers. In 1899 Ford left Edison to help run the Detroit Automobile Company. Cars were still built essentially one at a time. Ford hoped to incorporate ideas from other industries -- standardized parts as Eli Whitney had used with gun manufacturing, or assembly line methods George Eastman tried in photo processing -- to make the process more efficient. This idea struck others in his field as nutty, so before long, Ford quite Detroit Automobile Company and began to build his own ra cing cars. They were good enough to attract backers and even partners, and in 1903, he set up the Ford Motor Company.He still met resistance to his ideas for mass production of a car the average worker could afford. But he stuck to his goal and finally in 1908, began production of the Model T. Ford gradually adapted the production line until in 1913, his plant incorporated the first moving assembly line. Demand for the affordable car soared even as production went up: before Ford stopped making the model T in 1927, 15 million had been sold, and Ford had become the leading auto manufacturer in the country. In addition to the moving assembly line, Ford revolutionized the auto industry by increasing the pay and decreasing the hours of his employees, ensuring he could get enough and the best workers. During the Model T era, Ford bought out his shareholders so he had complete financial control of the now vast corporation. He continued to innovate, but competitors (growing more powerful t hough fewer in number) began to cut into Ford's market share.Ford became interested in politics and as a successful and powerful business leader, was sometimes a participant in political affairs. In 1915, he funded a trip to Europe, where World War I was raging. He and about 170 others went -- without government support or approval -- to seek peace.

Response paper to Ian Hodder’s “Ethics and Archaeology” Essay

Ian Hodder’s article, â€Å"Ethics and Archaeology: The Attempt at Eatalhoyuk,† basically discusses in detail the different roles that archaeologists assume during an excavation and also their ethical obligation and duty to the different communities on the site. Hodder claimed that the roles of archaeologists are not only limited to studying human culture through unearthing, recovering, documenting, analyzing, and interpreting remains, historical objects, artifacts, and landscapes. In addition, he also claimed that they do not also work solely to serve the interest of their benefactors and sponsors. Rather, Hodder stated that archaeologists have bigger roles and wider responsibilities to the different sectors of the excavation site. In short, aside from the interest of their sponsors and other organizations that fund the digs, Hodder believes that it is also the duty of archaeologists to reach to the multiple communities, interest groups, or stakeholders of any excavation site. In his paper, Hodder mainly focused his arguments on the Eatalhoyuk excavation site where is the director of the archaeological dig. According to him, the stakeholders of most sites can be narrowed to four: the politicians, the local residents, the New Age Goddess followers, and the artists. Hodder noted each of these communities has its own agenda or interest and it is part of the archaeologist’s duty to somehow satisfy them. One of the stakeholders that are common to almost all archaeological sites is the politicians or those in the seat of power. Generally, based on Hodder’s paper, all politicians support archaeological digs have their own agenda or interests. These may involve governors, mayors, or government representatives from the surrounding area of the site. Hodder claimed that although a lot of these politicians hail the archaeological site for its richness in history, culture, and identity, among others, their interests mainly lie on a single thing— widespread publicity. While the politicians’ desire to be seen on television or read on the newspapers is normal, Hodder stressed that it is the archaeologist’s role to limit the ways in which they use the site for their personal motives. He also stated that archaeologists should also verify every piece of information that a politician gives to the public about the site. For example, there are certain politicians who claim to be descendants of the site’s residents and speak about his or her origins. In this case, it is the archaeologists’ responsibility to verify these claims and ensure that they are true. Another community that has its own interests is the local residents. According to Hodder, in general, these residents, who have low incomes and limited education, mainly have practical concerns such as earning money for helping in the excavation. However, they are also concerned about the history of the sites and how they contributed to their identity. In this regard, Hodder stated in his paper that is archaeologists job to educate them about their cultural history and identity using solid evidence found on the digs. In turn, these local residents may relate their personal experiences from living in the site’s environment to tourists and researchers as these are helpful information. The New Age Goddess groups, on the other hand, mainly go to excavation sites, such as in Eatalhoyuk, to pray and to practice their beliefs which are in honor of their Goddess, which was a highly significant figure in the past. Their main concerns, according to Hodder, would mostly be regarding the history of the Goddess and the role of women in the Eatalhoyuk’s past. Thus, the archaeologists should try to address these concerns and provide evidence that would show how women lived in the communities of Eatalhoyuk thousands of years ago. By doing so, Hodder surmised that this would not only serve the Goddess’ groups interests but also avoid any misinformation regarding the site’s history. Finally, another sector that has shown significsnt interest in Eatalhoyuk is the artists group. Hodder noted that over the past years, more and more artists have arrived at Eatalhoyuk mainly to create works about the site. However, he claimed that there are also certain artists who help in the interpretation, reconstruction, and visualization of the art objects found in the site. Hodder stated that the main concern of this group is whether the objects unearthed during digs and excavations could be considered art or not. Meaning to say, most of these artists are particularly interested in identifying and describing the works of art recovered from sites. In this regard, the archaeologists involved, according to Hodder, should ensure that these works of art or aesthetic objects are verified to be genuine using past studies and other evidence found on the site. Certain artists also inquire about the role that art played in the history of Eatalhoyuk and it is the archaeologist’s duty to satisfy those questions to the best of his or her abilities. In short, what Hodder was trying to point out in his paper was that archeologists should always consider the agenda and interests of all the groups and sectors concerned during an excavation as it reaps greater rewards and is also more ethical than serving only personal interests. Personally, I agree with Hodder’s claims in his paper. His use of historical evidence and real life situations make his arguments very convincing. I also think it is unethical for archaeologists to go on digs mainly to become famous or serve their own interests only. Rather than setting one agenda, I believe it is important to work with different communities as exemplified by Hodder’s work in Eatalhoyuk as there are greater things at stake. Since archaeologist’s experiences firsthand what it’s like to be in an excavation site or dig, he or she should use his or her knowledge and skill to verify all the information and answer all the questions surrounding an archaeological site. This is not only professional obligation but also an ethical duty. Works Cited Hodder, Ian. â€Å"Ethics and Archaeology: The Attempt at Eatalhoyuk. † Near Easter Archaeology 65 No. 3 (2002): 174-181.

Citibank Performance Evaluation Case Study

Annual Report Consolidated and Statutory Financial Statements at December 31, 2006 101st fiscal year Fiat S. p. A. Financial Statements at December 31, 2006 234 Financial Review of Fiat S. p. A. 238 Income Statement 239 Balance Sheet 240 Statement of Cash Flows 241 Statement of Changes in Stockholders’ Equity I am enough of an artist to draw freely upon my imagination. Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world. Albert Einstein 242 Income Statement pursuant to Consob Resolution No. 5519 of July 27, 2006 243 Balance Sheet pursuant to Consob Resolution No. 15519 of July 27, 2006 244 Notes to the Financial Statements 301 Appendix – Transition of the Parent Company Fiat S. p. A. to International Financial Reporting Standards (IFRS) Financial Review of Fiat S. p. A. The financial statements illustrated and commented on in the following pages have been prepared on the basis of the company’s statutory financial st atements at December 31, 2006 to which reference should be made. In compliance with European Regulation no. 606 of July 19, 2002, starting from 2005 the Fiat Group has adopted International Financial Reporting Standards (â€Å"IFRS†) issued by the International Accounting Standards Board (â€Å"IASB†) in the preparation of its consolidated financial statements. On the basis of national laws implementing that Regulation, starting from 2006 the Parent Company Fiat S. p. A. is presenting its financial statements in accordance with IFRS, which are reported together with comparative figures for the previous year. Operating PerformanceSpecifically: Personnel and operating costs, totalling 199 million euros, comprise 58 million euros in personnel costs (60 million euros in 2005), and 141 million euros in other operating costs (121 million euros in 2005), which include the costs for services, amortisation and depreciation and other operating costs. These costs increased as a w hole by 18 million euros from 2005 as a result of non-recurring charges. In 2006, the average headcount was 140 employees, compared with an average of 133 employees in 2005.The company’s Income Statement is summarised in the following table: Investment income – Dividends – (Impairment losses) reversals – Gains (losses) on disposals Personnel and operating costs net of other revenues Income (expenses) from significant non-recurring transactions Financial income (expenses) Financial income from significant non-recurring transactions Income taxes Net income Personnel and operating costs net of other revenues total 120 million euros, compared with 109 million euros in 2005. IThe Parent Company earned net income of 2,343 million euros in 2006, 1,226 million euros higher than in 2005 when the result included net non-recurring income of 1,714 million euros. (in millions of euros) Business Solutions S. p. A. (for a total of 147 million euros), net of the revaluat ion of the investments held in Fiat Netherlands Holding N. V. (376 million euros due to the positive performance of the CNH and Iveco subsidiaries), Magneti Marelli Holding S. p. A. (144 million euros) and minor companies. 2006 2005 2,461 62 2,099 – (120) – (24) – 26 2,343 (424) 8 (431) (1) (109) 1,133 (62) 858 (279) 1,117 Investment income totals 2,461 million euros compared with investment expense of 424 million euros in 2005 and consists of dividends received during the period and reversal of impairment losses (net of write-downs) of investments. Specifically: Dividends total 362 million euros and were received from the subsidiaries IHF – Internazionale Holding Fiat S. A. (259 million euros), Fiat Finance S. p. A. (75 million euros) and other companies.In 2005 dividends received from investments totalled 8 million euros. I Impairment loss reversals (net of write-downs) of 2,099 million euros resulted from the revaluation of the investments in the subsi diaries Fiat Partecipazioni S. p. A. (1,388 million euros mainly connected to Fiat Auto), Iveco S. p. A. (946 million euros) and Fiat Netherlands Holding N. V. (96 million euros connected to CNH), all written-down in previous years, net of the impairment loss recognised on the investment in Comau S. p. A. (330 million euros).I Other revenues , totalling 79 million euros (72 million euros in 2005), principally refer to the change in contract work in progress (agreements between Fiat S. p. A. and Treno Alta Velocita – T. A. V. S. p. A. ), which is measured by applying the percentage of completion to the total contractual value of the work, to royalties for the use of the Fiat trademark, calculated as a percentage of the revenues generated by the Group companies that use it, and the services of executives at the principal companies of the Group.The increase from 2005 is mainly attributable to higher charges for the use of the trademark. No Income (expenses) from significant non- recurring transactions is reported in 2006. In 2005 a gain of 1,133 million euros (net of related costs) was recorded on the transaction regarding the termination of the Master Agreement with General Motors. In 2006, there were net financial expenses of 24 million euros, arising from the interest charges on the Company’s debt, which was partially offset by the gain resulting from derivative financial instruments.In 2005 there were net expenses of 62 million euros mainly arising from the interest expenses connected with the Mandatory Convertible Facility. No Financial income from significant non-recurring transactions is reported in 2006. In 2005 this item included income of 858 million euros resulting from the capital increase of September 20, 2005 with the simultaneous conversion of the Mandatory Convertible Facility. The income represents the difference between the subscription price of the new shares issued and the stock market price of the shares at the subscription date, net of issuance costs.I In 2005, net impairment losses recognised on investments totalled 431 million euros, mainly due to losses from the investments in Fiat Partecipazioni S. p. A. (811 million euros connected mainly to the losses of Fiat Auto), Teksid S. p. A. , Comau S. p. A. and 234 Financial Review of Fiat S. p. A. The income tax revenue of 26 million euros is the net result of the remuneration for the tax loss brought into the national tax consolidation by Fiat S. p. A. in 2006 to offset the income reported by the Group’s Italian companies, and the IRAP charge recognised for the period.Income tax expenses of 279 million euros in 2005 consisted of the reversal of deferred tax assets of 277 million euros, recognised in the financial statements at December 31, 2004 in relation to the settlement subsequently made with General Motors for the termination of the Master Agreement. Financial Review of Fiat S. p. A. 235 Balance Sheet Highlights of the Parent Company’s Ba lance Sheet are illustrated in the following table: (in millions of euros) Non-current assets – of which: Investments Working capital Total net invested capital Stockholders’ equityNet debt (liquid funds) At December 31, 2006 At December 31, 2005 14,559 14,500 167 14,726 10,374 4,352 5,168 5,118 303 5,471 7,985 (2,514) Current financial payables consist of the overdraft with the subsidiary Fiat Finance S. p. A. and short-term financing received from that company, as well as payables to factoring companies for advances on receivables. Non-current financial payables consist almost entirely of loans repayable in the 2010-2013 period granted by the subsidiary Fiat Finance S. p. A. at market rates as part of the recapitalisation of subsidiaries discussed above.At December 31, 2005 financial receivables related to short-term financing of 2,700 million euros granted to the subsidiary Fiat Finance S. p. A. and due in 2006, and to cash deposited on the current account held with that company. For a more complete analysis of cash flows, reference should be made to the Statement of Cash Flows set out on the following pages as part of the statutory financial statements of the Parent Company Fiat S. p. A. Reconciliation between the Parent Company’s equity and its result for the year with those of the GroupNon-current assets mainly include investments in the relevant subsidiaries of the Group. The net increase of 9,382 million euros in investments as compared to December 31, 2005 stems from net write-ups arising from the reversal of previously recognised impairment losses and recapitalisations of 6,361 million euros carried out during the year in the subsidiaries Fiat Partecipazioni S. p. A. (6,000 million euros), Fiat Netherlands Holding N. V. (121 million euros) and Comau S. p. A. (240 million euros), in order to re-balance the equity structure inside the Group and cover losses, as well as the re-purchase from Mediobanca S. . A. of 28. 6% of the shares of Ferrari S. p. A. (893 million euros) upon exercise of the call option provided for in the 2002 agreements, which brought the investment to an 85% stake. Working capital, which totalled 167 million euros, consists of inventories net of advances received, trade, tax and employee receivables/payables, other receivables/payables and provisions. The 136 million euro decrease over December 31, 2005 is mainly attributable to the refund of VAT receivables by the Tax Authorities.Stockholders’ equity at December 31, 2006 totalled 10,374 million euros, reflecting an increase of 2,389 million euros as compared to December 31, 2005 due to the positive result of the year (2,343 million euros) and other minor changes (including 28 million euros resulting from marking to market the fair value carrying amount of the Mediobanca shareholding). Pursuant to the Consob Communication of July 28, 2006, set out below is a reconciliation between the Parent Company’s equity at December 31, 2 006 and its result for the year then ended with those of the Group (Group interest). (in millions of euros) Stockholders’ equity atDecember 31, 2006 Financial Statements of Fiat S. p. A. Elimination of the carrying amounts of consolidated investments and the respective dividends from the financial statements of Fiat S. p. A. Elimination of the reversal of impairment losses (net of recognised impairment losses) of consolidated investments Equity and results of consolidated subsidiaries Consolidation adjustments: Elimination of intercompany profits and losses on the sale of investments Elimination of intercompany profits and losses in inventories and fixed assets and other adjustments Consolidated financial statements (Group interest) 2006 Net result 10,374 2,343 14,211) – 13,404 (346) (2,099) 1,229 – (205) 9,362 (41) (21) 1,065 For a more complete analysis of the changes in stockholders’ equity, reference should be made to the relevant table set out in the following pages as part of the statutory financial statements of the Parent Company Fiat S. p. A. Net debt totalled 4,352 million euros at December 31, 2006 compared with net liquid funds of 2,514 million euros at December 31, 2005. The use of the liquid funds balance at the beginning of the year and the subsequent accumulation of debt are the consequence of the previously mentioned recapitalisations of subsidiaries and purchase of Ferrari S. . A. shares. A breakdown of net debt is illustrated in the following table: (in millions of euros) Financial receivables, cash and cash equivalents Current financial payables Non-current financial payables Net debt (net liquid funds) 236 Financial Review of Fiat S. p. A. At December 31, 2006 At December 31, 2005 (85) 1,627 2,810 4,352 (3,076) 557 5 (2,514) Financial Review of Fiat S. p. A. 237 Income Statement (in euros) Dividends and other income from investments (Impairment losses) reversal of impairment losses of investments Gains (losses) on the disposal of investments Other operating income Personnel costsOther operating costs Income (expenses) from significant non-recurring transactions Financial income (expenses) Financial income from significant non-recurring transactions Result before taxes Income taxes Result from continuing operations Result from discontinued operations Net result Balance Sheet (*) Note 2006 2005 (1) 362,418,522 2,099,350,000 425,380 79,238,202 (57,899,516) (141,006,254) – (24,846,809) – 2,317,679,525 (25,695,447) 2,343,374,972 – 2,343,374,972 7,713,904 (430,788,686) (1,300,134) 72,853,610 (60,027,274) (121,360,013) 1,133,110,377 (61,685,499) 857,636,269 1,396,152,554 278,827,554 ,117,325,000 – 1,117,325,000 (2) (3) (4) (5) (6) (7) (8) (9) (10) (*) Pursuant to Consob resolution no. 15519 of July 27, 2006 effects of transactions with related parties on the Income Statement of Fiat S. p. A. are included in the specific income statement schedule reported in the followi ng pages and also provided in the comments of the single items and in Note 30. (*) (in euros) ASSETS Non-current assets Intangible assets Property, plant and equipment Investments Other financial assets Other non-current assets Deferred tax assets Total Non-current assets Current assets Inventories Trade receivablesCurrent financial receivables Other current receivables Cash and cash equivalents Total Current assets Assets held for sale TOTAL ASSETS STOCKHOLDERS’ EQUITY AND LIABILITIES Stockholders’ equity Capital stock Additional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock option reserve Net result Total Stockholders’ equity Non-current liabilities Provisions for employee benefits and other non-current provisions Non-current financial payablesOther non-current liabilities Deferred tax liabili ties Total Non-current liabilities Current liabilities Provisions for employee benefits and other current provisions Trade payables Current financial payables Other payables Total Current liabilities Liabilities held for sale TOTAL STOCKHOLDERS’ EQUITY AND LIABILITIES Note At December 31, 2006 At December 31, 2005 (11) 771,530 37,252,689 14,499,594,748 20,134,319 1,573,473 – 14,559,326,759 675,599 39,658,553 5,117,531,801 5,335,175 4,501,747 – 5,167,702,875 – 154,692,452 84,173,202 626,428,489 608,105 865,902,248 – 15,425,229,007 – 215,652,499 3,075,893,885 799,919,053 95,235 4,091,960,672 – 9,259,663,547 6,377,257,130 1,540,856,410 22,590,857 446,561,763 24,138,811 6,134,851 (553,411,863) (24,138,811) 162,764,566 27,399,708 2,343,374,972 10,373,528,394 6,377,257,130 681,856,410 22,590,857 446,561,763 27,709,936 334,633 (811,736,863) (27,709,936) 134,267,390 16,102,522 1,117,325,000 7,984,558,842 18,104,487 2,810,029,000 20,000,576 3, 438,000 2,851,572,063 29,170,653 5,262,000 16,861,109 – 51,293,762 26,790,951 184,660,883 1,627,429,902 361,246,814 2,200,128,550 – 15,425,229,007 30,990,501 385,182,033 557,382,830 250,255,579 1,223,810,943 – 9,259,663,547 (12) (13) (14) (15) 10) (27) (16) (17) (18) (19) (20) (21) (22) (23) (10) (24) (25) (26) (27) (*) Pursuant to Consob resolution no. 15519 of July 27, 2006 effects of transactions with related parties on the Balance Sheet of Fiat S. p. A. are included in the specific balance sheet schedule reported in the following pages and also provided in the comments of the single items and in Note 30. 238 Fiat S. p. A. Financial Statements at December 31, 2006 Fiat S. p. A. Financial Statements at December 31, 2006 239 Statement of Changes in Stockholders’ Equity Statement of Cash Flows (in thousands of euros) 2006 2005 (in thousands of euros)A) Cash and cash equivalents at beginning of period B) Cash flows from (used in) operating activities durin g the period: Net result for the period Amortisation and depreciation Non-cash gain from extinguishment of the Mandatory Convertible Facility Non-cash stock option costs (Impairment losses) reversals of impairment losses of investments Capital losses/gains on the disposal of investments Change in provisions for employee benefits and other provisions Change in deferred taxes Change in working capital Total C) Cash flows from (used in) investment activities: Investments: – Recapitalisations of subsidiaries – AcquisitionsOther investments (tangible and intangible assets and other financial assets) Proceeds from the sale of: – Investments – Other non-current assets (tangible, intangible and other) Total D) Cash flows from (used in) financing activities: Change in current financial receivables Change in non-current financial payables Change in current financial payables Capital increase Sale of treasury stock Dividend distribution Total E) Total change in cash and cash equivalents F) Cash and cash equivalents at end of period 495 325 2,343,375 2,882 – 11,297 (2,099,350) (329) 7,990 3,438 151,872 421,175 1,117,325 2,918 (859,000) 10,041 430,789 (93) ,100 277,000 (76,028) 905,052 Capital stock Additional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock option reserve Net result for the period Total Stockholders’ equity At December 31, 2004 Capital increase for conversion of the Mandatory Convertible Facility 4,918,113 – 22,591 446,562 26,413 1,632 (813,435) (26,413) 74,397 6,062 2,141,000 Valuation of stock option plans and other changes Net result for the period At December 31, 2005 10,442 1,117,325 1,117,325 ,377,257 681,856 22,591 446,562 27,710 335 (811,737) (27,710) 134,267 16,103 1,117,325 7,984,559 Valuation of stock option plans and other changes Net result for the period At December 31, 2006 1,459,144 681,856 4,655,922 Fair value adjustments recognised directly in equity 1,297 (1,297) 1,698 (1,297) 59,870 10,041 59,870 (*) (*) Treasury stock at December 31, 2005 consists of 4,331,708 ordinary shares for a total nominal value of 21,659 thousand euros. (6,361,126) (919,412) (15,529) (165,193) – (1,808) 2,357 313 (7,293,397) (a) – 261 (166,740) 2,991,721 2,804,767 1,070,047 – 5,800 – 6,872,335 113 608 (753,091) – 14,548 – 401 – 738,142) 170 495 At December 31, 2005 Capital stock Additional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock option reserve Net result for the period Total Stockholders’ equity 6,377,257 681,856 22,591 446,562 27,710 335 (811,737) (27,710) 134,267 16,103 1,117,325 7,984,559 Allocat ion of the net result for the prior period Fair value adjustments recognised directly in equity 859,000 (3,571) 5,800 258,325 3,571 28,497 11,297 (1,117,325) – 28,497 2,343,375 2,343,375 7,097 6,377,257 1,540,856 22,591 446,562 24,139 6,135 (553,412) (24,139) (*) 162,764 27,400 2,343,375 10,373,528 (*) Treasury stock at December 31, 2006 consists of 3,773,458 ordinary shares for a total nominal value of 18,867 thousand euros. (a) In 2005, the item â€Å"Capital increase† is shown net of the repayment of the Mandatory Convertible Facility (3 billion euros), as it did not give rise to cash flows. Statement of total recognised income and expenses for 2006 and 2005 (in thousands of euros) Gains (losses) recognised directly in the fair value reserve (investments in other companies) Gains (losses) recognised directly in equityTransfer from cash flow hedge reserve Net result for the period Total of recognised income (expense) for the period 240 Fiat S. p. A. Financial Stateme nts at December 31, 2006 2006 2005 28,497 28,497 – 2,343,375 2,371,872 58,958 58,958 912 1,117,325 1,177,195 Fiat S. p. A. Financial Statements at December 31, 2006 241 Income Statement Balance Sheet pursuant to Consob Resolution No. 15519 of July 27, 2006 pursuant to Consob Resolution No. 15519 of July 27, 2006 (in thousands of euros) Dividends and other income from investments (Impairment losses) reversal of impairment losses of investments Gains (losses) on the disposal of investmentsOther operating income Personnel costs Other operating costs Income (expenses) from significant non-recurring transactions Financial income (expenses) Financial income from significant non-recurring transactions Result before taxes Income taxes Result from continuing operations Result from discontinued operations Net result 242 Fiat S. p. A. Financial Statements at December 31, 2006 Note 2006 (1) 362,419 2,099,350 425 79,238 (57,900) (141,006) – (24,847) – 2,317,679 (25,696) 2,34 3,375 – 2,343,375 (2) (3) (4) (5) (6) (7) (8) (9) (10) of which Related parties (Note 30) 33,200 (51,901) (17,765) 2005 7,714 430,789) (1,300) 72,854 (60,027) (121,360) 1,133,110 (61,685) 857,636 1,396,153 278,828 1,117,325 – 1,117,325 of which Related parties 24,256 (54,477) 106,259 (in thousands of euros) ASSETS Non-current assets Intangible assets Property, plant and equipment Investments Other financial assets Other non-current assets Deferred tax assets Total Non-current assets Current assets Inventories Trade receivables Current financial receivables Other current receivables Cash and cash equivalents Total Current assets Assets held for sale TOTAL ASSETS STOCKHOLDERS’ EQUITY AND LIABILITIES Stockholders’ equity Capital stockAdditional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock o ption reserve Net result Total Stockholders’ equity Non-current liabilities Provisions for employee benefits and other non-current provisions Non-current financial payables Other non-current liabilities Deferred tax liabilities Total Non-current liabilities Current liabilities Provisions for employee benefits and other current provisions Trade payables Current financial payables Other payablesTotal Current liabilities Liabilities held for sale TOTAL STOCKHOLDERS’ EQUITY AND LIABILITIES Note (11) (12) (13) (14) (15) (10) (27) (16) (17) (18) (19) At December 31, 2006 772 37,253 14,499,595 20,134 1,573 – 14,559,327 – 154,692 84,173 626,429 608 865,902 – 15,425,229 of which Related parties (Note 30) 10,029 2,408 84,173 146,908 At December 31, 2005 of which Related parties 676 39,658 5,117,532 5,335 4,502 – 5,167,703 5,262 – 215,652 3,075,894 799,920 495 4,091,961 – 9,259,664 7,687 3,075,894 106,007 (20) 6,377,257 1,540,856 22,591 4 46,562 24,139 6,135 (553,412) (24,139) 162,765 27,400 2,343,375 10,373,529 21) (22) (23) (10) (24) (25) (26) (27) 18,104 2,810,029 20,001 3,438 2,851,572 26,791 184,661 1,627,430 361,246 2,200,128 – 15,425,229 6,377,257 681,856 22,591 446,562 27,710 335 (811,737) (27,710) 134,267 16,103 1,117,325 7,984,559 2,810,029 – 17,801 1,405,554 319,078 29,171 5,262 16,861 – 51,294 30,991 385,182 557,383 250,255 1,223,811 – 9,259,664 5,262 2,622 4,975 434 215,379 Fiat S. p. A. Financial Statements at December 31, 2006 243 Notes to the Financial Statements Principal activities Fiat S. p. A. (the â€Å"Company†) is a corporation organised under the laws of the Republic of Italy and is the Parent Company f the Fiat Group, holding investments, either directly or indirectly through subholdings, in the capital of the parent companies of business Sectors in which the Fiat Group operates. The head office of the company is in Turin, Italy. The financial statements of Fiat S. p. A. are prepared in euros which is the currency of the economic environment in which the company operates. The Balance Sheet and Income Statement are presented in euros, while the Statement of Cash Flows, the Statement of Changes in Stockholders’ Equity, the Statement of Total Recognised Income and Expenses and the amounts stated n the Notes are presented in thousands of euros, unless otherwise stated. As the Parent Company, Fiat S. p. A. has additionally prepared the consolidated financial statements of the Fiat Group at December 31, 2006. Significant accounting policies Basis of preparation The 2006 financial statements are the separate financial statements of the Parent Company, Fiat S. p. A. , and have been prepared in accordance with the International Financial Reporting Standards (â€Å"IFRS†) issued by the International Accounting Standards Board (â€Å"IASB†) and adopted by the European Union.The designation â€Å"IFRS† also includes all the revised International Accounting Standards (â€Å"IAS†) and all the interpretations of the International Financial Reporting Interpretations Committee (â€Å"IFRIC†), previously known as the Standing Interpretations Committee (â€Å"SIC†). In compliance with European Regulation no. 1606 of July 19, 2002, starting from 2005 the Fiat Group has adopted the International Financial Reporting Standards (â€Å"IFRS†) issued by the International Accounting Standards Board (â€Å"IASB†) for the preparation of its consolidated financial statements. On the basis of national legislation implementing that Regulation, he annual statutory accounts of the Parent Company Fiat S. p. A. as of December 31, 2006 have been prepared for the first time also using those accounting standards. As a consequence the Parent Company Fiat S. p. A. is presenting its financial statements for 2006 and its comparative figures for the prior year in accordance with IFRS. The accou nting principles applied are the same as those used in the preparation of the Company’s Balance Sheets at January 1, 2005 and December 31, 2005 and its 2005 Income Statement in accordance with IFRS; these statements are provided in theAppendix attached to these Notes, to which reference should be made. The Appendix provides reconciliations of the Company’s equity and Income Statement reported under its previous accounting principles (Italian accounting principles) and IFRS, together with Notes, as required by IFRS 1 – Firsttime adoption of IFRS. Certain reclassifications have been made with respect to the figures published in the Appendix to the 2006 First-half Report. The comparative figures for the previous period were consequently reclassified. These reclassifications have no effect on the net result or stockholders’ equity.The financial statements have been prepared on a historical cost basis, modified as required for measuring certain financial instr uments. Format of the financial statements Fiat S. p. A. presents an Income Statement using a classification based on the nature of its revenues and expenses given the type of business it performs. The Fiat Group presents a Consolidated Income Statement using a classification based on function, as this is believed to be more representative of the format selected for managing the business sectors and for internal reporting purposes and is coherent with international practice in the automotive sector.Fiat S. p. A. has elected to present current and non-current assets and liabilities as separate classifications on the face of the Balance Sheet. A mixed format has been selected by the Fiat Group for the Consolidated Balance Sheet, as permitted by IAS 1, presenting only current and non-current assets separately. This decision has been taken in view of the fact that both companies carrying out industrial activities and those carrying out financial activities are consolidated in the 244 Fi at S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements Group’s financial statements.The investment portfolios of financial services companies are included in current assets in the Consolidated Balance Sheet, as the investments will be realised in their normal operating cycle. Financial services companies, though, obtain funds only partially from the market: the remaining are obtained through the Group’s treasury companies (included in industrial companies), which lend funds both to industrial Group companies and to financial services companies as the need arises. This financial service structure within the Group means that any attempt to separate current and non-current debt in the Consolidated BalanceSheet cannot be meaningful. This has no effect on the presentation of the liabilities of Fiat S. p. A. Assets are depreciated using the policies and rates described below. Lease arrangements in which the lessor maintains substanti ally all the risks and rewards incidental to the ownership of an asset are classified as operating leases. Lease payments under an operating lease are recognised as an expense on a straightline basis over the lease term. Depreciation Depreciation is charged on a straight-line basis over the estimated useful lives of assets as follows:The statement of cash flows has been prepared using the indirect method. In connection with the requirements of the Consob Resolution No. 15519 of July 27, 2006 as to the format of the financial statements, specific supplementary Income Statement and Balance Sheet formats have been added for related party transactions, so as not to compromise the overall reading of the statements. Annual depreciation rate Buildings Plant Furniture Fixtures Vehicles 3% 10% 12% 20% 25% Land is not depreciated. Intangible assets Impairment of assets Purchased and internally-generated intangible assets are ecognised as assets in accordance with IAS 38 – Intangible As sets, where it is probable that the use of the asset will generate future economic benefits and where the cost of the asset can be determined reliably. The company reviews at least annually the recoverability of the carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries and associates, in order to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the carrying amount of an asset is written down to its recoverable amount.The recoverable amount of an asset is the higher of fair value less costs to sell and its value in use. Intangible assets with finite useful lives are measured at purchase or manufacturing cost, net of amortisation charged on a straight-line basis over their estimated useful lives and net of any impairment losses. Property, plant and equipment Cost Property, plant and equipment is measured at purchase or manufacturing cost, net of accumulated depreci ation and any impairment losses, and is not revalued. Subsequent expenditures are capitalised only if they increase the future economic benefits embodied in the asset to which hey relate. All other expenditures are expensed as incurred. In particular, in assessing whether investments in subsidiaries and associated companies have been impaired, their recoverable amount has been taken as their value in use, as the investments are not listed and a market value (fair value less costs to sell) cannot be reliably measured. The value in use of an investment is determined by estimating the present value of the estimated cash flows expected to arise from the results of the investment and from the estimated value of its ultimate disposal, in line with the requirements of paragraph 33 of IAS 28.Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements 245 When an impairment loss on assets subsequently reverses or decreases, the carrying amount of the as set or cash-generating unit is increased up to the revised estimate of its recoverable amount, but not in excess of the carrying amount that would have been recognised had no impairment loss been recorded. The reversal of an impairment loss is recognised immediately in income. Measurement Financial instruments Investments in subsidiaries and associates are tested for mpairment annually and if necessary more often. If there is any evidence that these investments have been impaired, the impairment loss is recognised directly in the Income Statement. If the company’s share of losses of the investee exceeds the carrying amount of the investment and if the company has an obligation to respond for these losses, the company’s interest is reduced to zero and a liability is recognised for its share of the additional losses. If the impairment loss subsequently no longer exists it is reversed and the reversal is recognised in the income statement up o the limit of the cost of the investment. Presentation Financial instruments held by the company are presented in the Balance Sheet as described in the following: I Non-current assets: Investments, Other financial assets, Other non-current assets. I Current assets: Trade receivables, Current financial receivables, Other current receivables, Cash and cash equivalents. I Non-current liabilities: Non-current financial payables, Other non-current liabilities. Current liabilities: Trade payables, Current financial payables (including payables for advances on the sale of receivables), Other payables. IThe item â€Å"Cash and cash equivalents† consists of cash and deposits with banks, units with liquidity funds and other highly traded securities that are readily convertible to cash and which are subject to an insignificant risk of changes in value. The liability relating to financial guarantee contracts is included in Non-current financial payables. The term financial guarantee contracts refers to contracts und er which the company guarantees to make specific payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument.The present value of the related receivable for any outstanding commissions is classified in Non-current financial assets. Investments in subsidiaries and associates are stated at cost adjusted for any impairment losses. The excess on acquisition of the purchase cost and the share acquired by the company of the investee company’s net assets measured at fair value is, accordingly, included in the carrying value of the investment. Investments in other companies, comprising non-current financial assets that are not held for trading (available-forsale financial assets), are initially measured at fair value.Any subsequent profits and losses resulting from changes in fair value, arising from quoted prices, are recognised directly in equity until the investment is sold or is impaired; the total profits and losses recognised in equity up to that date are recognised in the Income Statement for the period. Minor investments in other companies for which a market quotation is not available are measured at cost, adjusted for any impairment losses. Other financial assets for which the company has the intent o hold to maturity are recognised on the trade date and are measured at purchase price (being representative of fair value) on initial recognition in the Balance Sheet, inclusive of transaction costs other than in respect of assets held for trading. These assets are subsequently measured at amortised cost using the effective interest method. 246 Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements Other non-current assets, Trade receivables, Current financial receivables and Other current receivables, excluding assets eriving from derivative financial instruments and all financial assets for which quotations on an active market are not available and whose fair value cannot be reliably determined are measured at amortised cost using the effective interest method if they have a pre-determined maturity. If financial assets do not have a predetermined maturity they are measured at cost. Receivables with a due date beyond one year that are non-interest bearing or on which interest accrues at below market rate are discounted to present value using market rates.Valuations are performed on a regular basis with the purpose of verifying if there is objective evidence that a financial asset, taken on its own or within a group of assets, may have been impaired. If objective evidence exists, the impairment loss is recognised as a cost in the Income Statement for the period. Non-current financial payables, Other non-current liabilities, Trade payables, Current financial payables and Other payables are measured on initial recognition at fair value (normally represented by the cost of the transaction), in cluding any transaction costs.Financial liabilities are subsequently measured at amortised cost using the effective interest method, except for derivative financial instruments and liabilities for financial guarantee contracts. Financial liabilities hedged by derivative instruments are measured according to the hedge accounting criteria applicable to fair value hedges; gains and losses resulting from subsequent measurement at fair value, caused by fluctuations in interest rates, are recognised in the Income Statement and are set off by the effective portion of the gain or loss resulting from the respective valuation of the hedging instrument at fair value.Liabilities for financial guarantee contracts are measured at the higher of the estimate of the contingent liability (determined in accordance with IAS 37 – Provisions, Contingent Liabilities and Contingent Assets) and the amount initially recognised less any amount released to income over time. Derivative financial instrume nts Derivative financial instruments are used solely for hedging purposes, for the purpose of reducing foreign exchange rate risk, interest rate risk and the risk of fluctuations in market prices. In accordance with the conditions of IAS 39, derivative inancial instruments qualify for hedge accounting only when, at the inception of the hedge, there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly effective, the effectiveness can be reliably measured and the hedge is actually highly effective throughout the financial reporting periods for which it was designated. All derivative financial instruments are measured at fair value, in accordance with IAS 39. When financial instruments have the characteristics to qualify for hedge accounting the following accounting treatment is dopted: I Fair value hedge – If a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a recognised asse t or liability that is attributable to a particular risk that could affect the Income Statement, the gain or loss resulting from remeasuring the hedging instrument at fair value is recognised in the Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the hedged item and is recognised in the Income Statement. Cash flow hedge – If a derivative financial instrument is esignated as a hedge of the exposure to variability in the future cash flows of a recognised asset or liability or a highly probable forecast transaction that could affect the Income Statement, the effective portion of the gain or loss on the derivative financial instrument is recognised directly in equity. The cumulative gain or loss is reversed from equity and reclassified into the Income I Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements 247 Statement in the period in which the hedged transaction is recognised.Gains or losses associated with a hedge (or part of a hedge) which is no longer effective are immediately recognised in the Income Statement. If a hedging instrument or a hedging relationship is terminated, but the transaction being hedged has not yet occurred, the cumulative gains and losses recognised in equity until that time are recognised in the Income Statement at the time the transaction occurs. If a hedged transaction is no longer considered probable, the unrealised gains and losses that remain in equity are immediately recognised in the Income Statement. ividing the costs incurred by the total costs forecast for the whole construction). Any losses expected to be incurred on contracts are fully recognised in the Income Statement and as a reduction in contract work in progress when they become known. If hedge accounting cannot be used, the gains and losses resulting from changes in the measurement of the derivative financial instrument at fair value are immediatel y recognised in the Income Statement. Sales of receivables Inventory Inventory consists of work in progress on specific contracts and in particular relates to long-term construction contracts signed by Fiat S. . A. with Treno Alta Velocita – T. A. V. S. p. A. under which Fiat S. p. A. as general contractor performs the coordination, organisation and management of the work. Work in progress refers to activities carried out directly and is measured by applying the percentage of completion to the contract fee, thereby recognising the margins deriving from the work performed to date. The cost to cost method is used to determine the percentage of completion of a contract (by Any advances received from customers for services performed are presented as a reduction in inventory.If the amount of advances exceeds inventory, the excess is recognised as Advances in the item Other payables. Receivables sold in factoring operations are derecognised from assets if and only if the risks and rewards relating to their ownership have been substantially transferred to the buyer. Receivables sold with recourse and without recourse that do not satisfy this condition remain in the company’s Balance Sheet even if they have been sold from a legal point of view; in this case, an obligation of the same amount is recognised as a liability for the advances received.Assets held for sale Any amounts in this item will consist of non-current assets (or assets and liabilities included in disposal groups) whose carrying amount will be recovered principally through a sale transaction rather than through continuing use. Assets held for sale (or disposal groups) are measured at the lower of their carrying amount and fair value less disposal costs. Employee benefits The expense related to the reversal of discounting pension obligations for defined benefit plans are reported separately as part of the Group’s financial expense. Post-employment plansThe company provides pension pl ans and other postemployment plans to its employees. The pension plans for which the company has an obligation under Italian law are defined contribution plans, while the other post-employment plans, for which the company generally has an obligation under national collective bargaining agreements, are defined benefit plans. The payments made by the company for defined contribution plans are recognised in the Income Statement as a cost when incurred. Defined benefit plans are based on the employees’ working lives and on the salary or wage received by the employee over a predetermined period of service.The employees’ severance indemnity (trattamento di fine rapporto or TFR) is considered to be a defined benefit plan and is accounted for in the same way as other defined benefit plans. The company’s obligation to fund defined benefit plans and the annual cost recognised in the Income Statement are determined by independent actuaries using the projected unit credit m ethod. The portion of net actuarial gains and losses at the end of the previous reporting period that exceeds the greater of 10% of the present value of the defined benefit bligation and 10% of the fair value of the plan assets at that date is deferred and recognised over the remaining working lives of the employees (the â€Å"corridor method†); the portion of actuarial gains and losses that does not exceed this threshold is deferred. In the context of IFRS first-time adoption, the company elected to recognise all cumulative actuarial gains and losses at January 1, 2004 (date of first-time adoption of IFRS by the Fiat Group), although it has adopted the corridor method for those arising subsequently. 248 Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial StatementsThe liability for obligations arising under defined benefit plans and due on termination of the employment contract represents the present value of the obligation adjusted by act uarial gains and loses deferred as the result of applying the corridor approach and by past service costs for employee service in prior periods that will be recognised in future years. Other long-term benefits The accounting treatment of other long-term benefits is the same as that for post-employment benefit plans except for the fact that actuarial gains and losses and past service costs are fully ecognised in the Income Statement in the year in which they arise and the corridor method is not applied. Equity compensation plans The company provides additional benefits to certain members of top management and to certain employees through equity compensation plans. Under IFRS 2 – Share-based Payment, these plans are a component of employee remuneration whose cost is measured by the fair value of the stock options at the grant date recognised in the Income Statement on a straight-line basis from the grant date to the vesting date, with a counter entry to equity.Changes in fair v alue after the grant date do not have any effect on the initial measurement. The company has applied the transitional provisions of IFRS 2 and as a result the Standard is applicable to all stock option plans granted after November 7, 2002 but which had not yet vested by January 1, 2005, the effective date of the Standard. Detailed disclosures are also provided for plans granted before that date. Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements 249 Taxes Use of estimatesThe company recognises provisions when it has a legal or constructive obligation to third parties, when it is probable that the settlement of the obligation will require the outflow of resources and when a reliable estimate can be made for the amount of the obligation. The tax charge for the period is determined on the basis of prevailing laws and regulations. Income taxes are recognised in the Income Statement other than those relating to items credited or charged dir ectly to equity, in which case income taxes are also recognised directly in equity.Changes in estimates are recognised in the Income Statement for the period in which the change occurs. Deferred tax assets and liabilities are determined on the basis of all the temporary differences between the carrying amount of an asset or liability in the Balance Sheet and its corresponding tax basis. Deferred tax assets resulting from unused tax losses and temporary differences are recognised to the extent that it is probable that future taxable profit will be available against which they can be utilised.Current and deferred income taxes and liabilities are offset when there is a legally enforceable right to offset. Deferred tax assets and liabilities are measured by using the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. The preparation of financial statements and related disclosures that conform to IFRS requires management to make est imates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and iabilities at the date of the financial statements. Actual results could differ from those estimates. Estimates are used in accounting for depreciation and amortisation, impairment losses and reversals of impairment losses on investments, the margins earned on construction contracts, employee benefits, taxes and provisions. Estimates and assumptions are reviewed periodically and the effects of any changes are recognised in the period in which the estimate is revised if the revision ffects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Provisions Treasury stock The cost of purchase of treasury stock is accounted for as a reduction of equity. The effects of any subsequent transactions with those shares are similarly recognised directly in equity. Dividends received and receivable Di vidends received and receivable from investments are recognised in the Income Statement when the right to receive the payment of this income is established and only if declared from post-acquisition net income.If dividends are declared from pre-acquisition net income, those dividends are deducted from the cost of the investment. Revenue recognition Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and when the amount of revenue can be measured reliably. Revenue is presented net of any adjusting items. Revenue from services and revenue from construction contracts is recognised by reference to the stage of completion (the percentage of completion method).Revenues arising from royalties are recognised on an accrual basis in accordance with the terms of the relevant agreement. Financial income and expenses Financial income and expenses are recognised and measured in the Income Statement on an accrual basis. Fiat S. p. A. and almost a ll its Italian subsidiaries have elected to take part in the national tax consolidation programme pursuant to articles 117/129 of the Consolidated Income Tax Act (T. U. I. R. ); the election has been made for a three year period beginning in 2004.Fiat S. p. A. acts as the consolidating company in this programme and calculates a single taxable base for the group of companies taking part, thereby enabling benefits to be realised from offsetting taxable income and tax losses in a single tax return. Each company participating in the consolidation transfers its taxable income or tax loss to the consolidating company and Fiat S. p. A. recognises a receivable from that company for the amount of IRES corporate income tax paid over on its behalf. In the case of a company