Financial Institutions and Instruments Essay Example | Topics and Well Written Essays - 3250 words

Financial Institutions and Instruments - Essay Example An investment strategy has more to do with responsibly, and often conservatively, managing an investment portfolio in order to maximize gains with a minimum of maintenance, a low number of transactions (and their attendant costs), and a minimum of risk. This paper will explore the investment strategy approach for the most part, whilst also exploring some of the more simplified and well-tested technical strategies of the trading approach. A simplified investment strategy is the one most likely to be employed by an ordinary person with a modest portfolio, a minimum amount of time to devote to managing that portfolio, and limited ability, desire, and/or resources to devote to the use of sophisticated analysis tools. In other words, the kind of person who has a day job as opposed to being a fulltime day trader, and needs a strategy that includes a fair degree of automatic execution and pre-determined portfolio protection devices. Finding a consistent strategy that meets these requirements would be useful to a great number of people who are currently disadvantaged in the area of maximizing their investment gains by lack of financial resources, time, and expertise, whilst at the same time they may be very dependent on their investment pe rformance for their future financial security needs. Much work has been done in pursuit of a system that would consistently provide excess returns, with mixed results. The very existence of technical analysis seems to belie the Efficient Market Hypothesis. Some researchers have concluded that "technical rules do not earn excess profits over a simple buy-and-hold strategy," (Beechey, Gruen, and Vickery, 2000). However, there are aspects of market performance that are not completely explained by EMH, and the available evidence suggests that "financial market returns are partly predictable, in ways that sometimes conflict with the Efficient Market Hypothesis" (Beechey, et al, 2000). Other discordant findings regarding the EMH versus actual stock performance include evidence that in the stock market, "shares with high returns continue to produce high returns in the short run (momentum effects). In the long run, shares with low price-earnings ratios, high book-to-market-value ratios, and other measures of 'value' outperform the market (value effects)." Further, "at times, asset prices appear to be significantly misaligned, for extended period," (Beechey, et al, 2000). Whenever inefficiencies such as misalignments or mispricings occur, an opportunity for excess returns also occurs - if someone with a technical analysis filter is watching for them and knows when and how to act on them. At best it would seem the EMH semi-strong or weak version best describes what is observed in the markets. Therefore it would seem that there may, after all, be something to be gained from at least a cursory investigation of the technical analysis tools that are most readily available to the average investor, and that are easy to understand and use, and that is the criteria that was used when choosing technical analysis tools for inclusion in the investment strategy that will be outlined herein. St. George's Bank has been traded on the Australian exchange since 1992, and is currently the fifth largest bank in Australia. It shares with the banking sector a 100%

Unplanned absence Essay Example | Topics and Well Written Essays - 1250 words

Unplanned absence - Essay Example Also, with this kind of absences, there should be a technology or related factors to compensate with the absence of this individual. In United States, the labor sector loses 2.3% of scheduled working hours as well as 20 percent of its payroll due to this kind of situation. The question is what are the steps that must be done should this kind of instances occur to replace the absentee as well as to minimize expenses during this particular incident wherein the company is required to pay the absentee' On the given example, there are varieties of options that are to be looked upon in order to address this kind of problem. In this case, these varieties are regarded as part of the system. The remedies that were provided are that the company would hire temporary employee in the absence of the personnel concerned, pay-per-use scheme within the customers, hold over-times and the likes. These ideas and are somewhat a management system in the company which is formulated to address several issues concerning operational management within the company. In the article written by Fred Easton (+) and John Goodale in 2005 entitled scheduled recovery for unplanned absences, it was stated there the issues revolving around organizations particularly in organizations which is service in nature. The subject areas were Labor and staff planning, mathematical programming and the likes were tackled and looked upon. In my own perspective regarding issues on unplanned absences specifically on business which is service in nature, a contingency plan must be made due to the organization exist due to the services that have been rendered by the people. Also, a system which deals with the employees and the target customer is essential to obtain the sense of order in the workplace. The aforementioned systems that was laid in the earlier premises in this paper in order to address the problems concerning in this nature. The pay-per-use scheme is a convenient way to use in order to regulate flow and arrival of customers in which the customer will have second thoughts of acquiring services from the company. In this case, the company will have a return of income as this method is expensive from the conventional one. This kind of scheme is very practical since the scheme would tend to regulate the influx of customers and since thee are a small amount of employees that are working due to the absence(s) of their colleagues, then chances of serving tremendous amount of customers would be manageable due to the fact that customers will be entertained only on the prescribed terms of use and the services that would be used will be paid each time they are availed and with this, it will also be a source of tremendous income since the services are paid not on the length but rather on the quantity of rendered services. Also, the employees will only work on the prescribed description of their tasks. In this case, the work load of the employees will become limited thus will give better chances in meeting the demands of customers regardless of numbers. Also, in this process, the operation of the organization was not halted though they operate with

Determination of Vitamin C in Tablets

Determination of Vitamin C in Tablets INTRODUCTION Nowadays, health has become the most important property of humans life. Commonly, diets with high contents of fruits are protective against several human diseases such as cardiovascular diseases and even cancer. Therefore, people are putting more and more attention on antioxidant substances such as vitamin C which is also known as ascorbic acid or more specifically L-ascorbic acid. Vitamin C is probably one of the most highly well known. Furthermore, people have become more aware to the importance of vitamin C. Hence, this causes the global market flooded with vitamin C fortified foods (Arya, Mahajan and Jain, 2000). The term of vitamin C is used as generic term for all compounds exhibiting qualitatively the biological activity of ascorbic acid. The molecular structure of vitamin C is C6H8O6 and the molecular weight is 176.1 (Ball, 2006). Vitamin C is highly polar and readily soluble in aqueous solution and insoluble in less nonpolar solvents (Fennema, 1996). It is an acidic compound due to the facile ionization of hydroxyl group on carbon 3 (pK1 = 4.17) while the hydroxyl group on carbon 2 is much more resistant to ionization (pK2 = 11.79). The structure of L-ascorbic acid is shown in Figure 1 (Ball, 2006). Ball (2006) also stated that ascorbic acid is easily and reversibly oxidized to dehydroascorbic acid, forming the ascorbyl radical anion which is also known as semidehydoascorbate as an intermediate as shown in Figure 2. Dehydoascorbic acid possesses full vitamin C activity because it is readily reduced to ascorbic acid in the animal body. However, dehydoascorbic acid is not an acid in the chemical sense, as it does not have the dissociable protons that ascorbic acid has at carbon 2 and carbon 3 positions. One of the most important properties of vitamin C is that it is an antioxidant. Nevertheless, it has a wide range of antioxidant properties outside the body and can quench most biologically active radicals. It scavenges superoxide, nitroxide, hydroxide, hydrogen peroxide and will reduce vitamin E (Hickey and Roberts, 2004). It is also found to be a strong antioxidant as it helps to neutralize harmful free radicals (Izuagie and Izuagie, 2007). Vitamin C is an almost odorless white or pale yellow crystalline powder with a pleasant sharp taste and melting point of about 190Â °C. It is not a carboxylic acid but a lactone and ease of oxidation to the presence of an enediol grouping (Izuagie and Izuagie, 2007). Vitamin C is highly susceptible to oxidation, especially when catalyzed by metal ions such as copper(II) ion and iron(III) ion. The functions and activities of vitamin C are based on its properties as a reversible biological reductant (Hickey and Roberts, 2004). Vitamin C participates for the growth and repair of tissues in all parts of the body (Kleszczewski and Kleszczewska, 2002). Vitamin C is a natural antioxidant that mostly found in fruits and vegetables. The main sources of vitamin C are citrus fruits, strawberries, peppers, tomatoes, cabbage, and spinach. Vitamin C plays crucial roles in electron transport, hydroxylation reactions and oxidative catabolism of aromatic compounds in animal metabolism (Gazdik et al, 2008). Vitamin C can help to prevent and treat common cold, mental illness, infertility, scurvy, cancer and acquired immune deficiency syndrome (AIDS) (Yusuf and Gurel, 2005). It is reported to lower cancer risk and also said to have important interactions with other vitamins. For example, excessive intake of vitamin A is less toxic to the body when vitamin C is readily available (Izuagie and Izuagie, 2007). Due to the great importance of vitamin C in human beings, the quantitative analysis of vitamin C has gained increased significance in several areas of analytical chemistry such as pharmaceutical and food applications (Yusuf and Gurel, 2005). Vitamin C is also used as an index of the nutrient quality for fruit and vegetable products. This is because it is much more sensitive to various modes of degradation in food processing and subsequent storage (Ozkan, Kirca and Cemero, 2004). It is well known that vitamin C is easily oxidized to dehydroascorbic acid in alkaline solutions, while it is relatively stable in acidic solution. Vitamin C of fruit juices is readily oxidized and lost during staying of the juices (Kabasakalis, Siopidou and Moshatou, 2000). In the food industry, vitamin C is used as food additive (Mai and Mohammed, 2004). It preserves and protects food from any colour changes and act as an important component of our nutrition as well. Vitamin C helps to prevent the degradation of soft drinks and juice which helps to retain their flavors. Hence, it increases the quality of food and nutritional value as well (Burdurlu, Koca and Karadeniz, 2005). Degradation of vitamin C undergoes both anaerobic and aerobic pathways. Qxidation of vitamin C in aerobic pathway occurs mainly during the processing of food whereas anaerobic degradation of vitamin C mainly during storage. Hydroxymethylfurfural (HMF) is one of the decomposition products of vitamin C and acts as precursor of brown pigments (Burdurlu, Koca and Karadeniz, 2005). Vitamin C degradation in packaged fruit juices depends mainly on storage temperature, pH, dissolved oxygen level, residual hydrogen peroxide,H2O2 left after the sterilization of packaging material and trace metal ions (Ozkan, Kirca and Cameroglu, 2004). Consequently, studies on vitamin C content in foods are important in relation to the control of nutritional labels, the update of food databases and the establishment of dietary reference intakes. Orange juice is probably the most globally accepted fruit juice and it is recognized worldwide as a good source of ascorbic acid (Sharma, Singh and Saxena, 2006). In addition, there are many analytical methods used to determine the concentration of vitamin C in the pharmaceutical samples which are colorimetric method, titration, enzymatic method, flow injection analysis (FIA) and high- performance liquid chromatography (HPLC) (Arya and Mahajan, 1997). Reflectometer is an instrument that can used to analyze many different types of test which include ascorbic acid test that is concerned in this project. It provides a simple and rapid determination of vitamin C content in many pharmaceuticals product. LITERATURE REVIEW Various methods used in determination of Vitamin C In recent years, the determination of vitamin C has become an important subject in the field of biochemistry and commercial foods. This is because vitamin C plays an important role in maintaining human health (Chen and Sato, 1995). Due to the importance of vitamin C in human beings, the quantitative analysis of vitamin C has gained a significant increase in several areas of analytical chemistry such as pharmaceutical and food applications (Yusuf and Gurel, 2005). There are numerous methods for the determination of vitamin C in a variety of natural samples, biological fluids and pharmaceutical formulations. The methods for the determination of vitamin C are spectrophotometric methods and non-spectrophotometric methods (Arya and Mahajan, 1997). For non-spectrophotometric methods are such as high-performance liquid chromatography (HPLC), titration, enzymatic method and fluorometry (Arya, Mahajan and Jain, 2000). Direct spectrophotometry also has been applied to determine the vitamin C content in soft drinks, fruit juices, and cordials after correction for background absorption in the UV region. Flow-injection analysis (FIA) In FIA, there is no air segmentation and it is not necessary for a state of chemical equilibrium to be reached. The sample is introduced into a carrier stream as a discrete plug. The presence of a sample-carrier interface allows diffusion-controlled dispersion of the sample as it is swept through narrow-bore tubing to create a concentration gradient. The flow-through detector monitors the change in concentration of the reaction product, which is displayed as a well-defined peak (Ball, 2006). Flow-injection analysis permits a simple, rapid and sensitive method for the determination of vitamin C where its systems allow faster sampling rates and consumed fewer reagents compared with segmented-flow analysis (Kleszczewki and Kleszczewska, 2002). Memon, Dahot and Ansari had proposed a method by using mono 1, 10-phenanthroline-iron(III) complex as oxidant. This experiment was based on its reducing reaction on mono(1-10-Phenanthroline)-iron(III) to tris(1,10-Phenanthroline)-iron(II) (ferroin) and the absorbance of ferroin was monitored at 510nm through spectrophotometer equipped with a flow through cell (Memon et al, 2000). In this analysis single channel manifold is used as shown in Figure 3. The reagent stream is pumped at the flow rate 1.1mL/min via a peristaltic pump equipped with PVC pump tubing. The vitamin C sample is introduced into the reagent stream via a rotary teflon valve. A calibration curve for vitamin C in the range 0-50ppm was plotted from the results obtained by Memon, Memon, Dahot and Ansari which are shown in Figure 4. They also studied about the effect of reaction coil and reagent concentration. From the graph (Figure 5), the maximum intensity was observed at 50cm reaction coil. While the results of the effect of reagent concentration obtained is shown in Figure 6 indicating that the maximum signal could be obtained at 35% reagent (Memon, Memon, Dahot and Ansari, 2000). This method can be improved within certain limits by increasing the volume of the injected sample in flow injection analysis. The sensitivity is increased two fold with the increase of sample volume. As conclusion, since the time required for sample preparation is short and reagent consumption is low, hence the method is highly economical and is suitable to use on routine basis for determination of ascorbic acid in pharmaceutical preparations (Memon et al, 2000). Ultraviolet (UV) spectrophotometry Direct ultraviolet spectrophotometry is a fast, simple and reliable method for the determination of vitamin C. This method can be done through alkaline treatment and the maximum absorption of vitamin C falls at 243nm at pH2 (Yanshan, 1997). The absorption of UV light by the sample matrix was the major problem in this method. Therefore, alkaline treatment method was found to be used as background correction in blank. This is because more than 95% of vitamin C will be destroyed in 10 minutes after alkaline treatment which is in the range of pH 12 to 13 (Salkic and Kubicek, 2008). UV spectrophotometry method was found to be applicable for most fruits, fruit juices and soft drinks except those that are unstable to alkaline treatment, and were deeply colored, or contained high concentration of caffeine, saccharin, caramel and tannic acid (Yanshan, 1997). To determine the total content of vitamin C in food samples, a well-established method was investigated by Khan, Rahman, Islam and Begum, 2006 by using the 2,4-dinitrophenyl hydrazine methods (DNPH). This is a simplified method for the simultaneous determination of total vitamin C employed coupling reaction of 2,4-dinitrophenyl hydrazine dye with vitamin C and followed by spectrophotometric determination. The spectrophotometric method involves the oxidation of ascorbic acid to dehydroascorbic acid by the action of bromine solution in the presence of acetic acid. Reaction between dehydoascorbic acid and 2,4-dinitrophenyl hydrazine at 37 Â °C temperature for three hours will form an osazone. The solution is treated with 85% H2SO4 to produce a red color complex. The absorbance of all standards was measured at 521 nm by using a UV-spectrophotometer. The results obtained were taken to contruct a calibration curve (Khan et al, 2006). The calibration curve was constructed by plotting the concentration versus the corresponding absorbance as shown by Figure 7. The molar absorptivity, ? can be obtained using Beer-Lambert plots. The reliabilty of this method was justified by the calculations of the % of standard deviation and it was found to be varied within the range from 0.20 to 2.45%. The reliability of this method was also confirmed from the consideration of the following expected interferences (Khan et al, 2006). There are a few interferences that might affect the results. First, the interference was due to the diketogulonic acid. At higher pH, destructive oxidation hydrolysis might occur. This results in the opening of the lactone ring of the ascorbic acid and loose the vitamin activity. These processes are naturally occurred in fruits and some amounts of diketogulonic acid are presence in the fruits. Besides that, diketogulonic acid has keto group that might form osazone when react with DNPH. Hence, there is a chance of error in this method which may give false results (Khan et al, 2006). Another interference was due to the extracted glucose which contains similar structure like vitamin C. Therefore, some of the glucose may be extracted in the meta-phosphoric acid during the extraction of ascorbic acid from sample. Glucose may also cause the formation of colored complex with DNPH and gives the false result in the determination of vitamin C. This was proven in Figure 8 where there is no absorption peak around the interested peak at 521nm (Khan et al, 2006). As conclusion, the method is simple and excellent for the determination of total vitamin C in fruits and vegetables (Khan, Rahman, Islam and Begum, 2006). Fluorometric Method Fluorometric analysis has been used for ascorbic acid assay in pharmaceutical preparations, beverages, special dietary foods and even for human serum (Arya, Mahajan and Jain, 2000). This method had been reported to have successful application to a wide range of foodstuffs, including liver, milk, fresh and canned fruit, raw and cooked vegetables, and potato powder (Ball, 2006). Previously, fluorometric determinations of vitamin C have been developed based on condensation reactions of vitamin C with o-phenylenediamine and on the oxidation with mercury (II) of vitamin C to form quinoxaline derivative. The reaction products of these methods exhibit fluorescensce (Yusuf and Gurel, 2005). Figure 9 shows the reaction of the dehydroascorbic acid with 1,2-phenylenediamine dihydrochloride to form the fluorescent quinoxaline derivative 3(1,2dihydroxyethyl) furol[3,4-b]quinoxaline-1-one. The blank can be prepared by complexing the oxidized vitamin with boric acid to prevent the formation of the quinoxaline derivative. It is used to reveal any fluorescence due to interfering substances (Ball, 2006). Yusuf and Gurel have described a method by using Methylene Blue (MB) for the determination of vitamin C. This experiment was run by using a spectrofluorimeter to record the spectra and carry out fluorescence measurements. This method was used to determine the amount of vitamin C in the purified materials, specifically vitamin C tablets. MB is a member of thiazine dye group. It is widely used in many different areas. For example, a photo sensitizer is used to produce singlet oxygen in photodynamic therapy for the treatment of cancer. The highly colored oxidized form of MB can be reduced to be colorless leuco form, Leuco-Methylene Blue (LMB) which is shown in Figure 10. LMB is the reduced and colorless form of methylene blue (Yusuf and Gurel, 2005). According to Yusuf and Gurel, the fluorescence bands of MB were obtained at 664nm for excitation state and 682nm for emission peaks. This was proven by the other researchers who also examined the emission bands at 682nm for MB and 452nm for LMB. In Figure 11, the emission peak of MB at 682nm increased due to the increase of its concentration. A linear relationship between MB concentration and intensity was obtained over the concentration range of mol L-1 MB (y= 49.082x + 94.46,r2=0.9969). The excitation peak of MB at 664 nm also linearly increased depending on the increase of its concentration (Yusuf and Gurel, 2005). The studies of the effect of vitamin C on the fluorescence of MB is made to avoid any errors that might affect the accuracy of the results. In order to examine the effect of vitamin C on the fluorescence of MB at 664 nm, mol L-1 MB solutions, each solution was added with different concentration of vitamin C and were prepared under nitrogen (N2) atmosphere. This was shown in Figure 12 where the spectra were recorded at 664nm (Yusuf and Gurel, 2005). Figure 12 above shows the excitation intensity of mol L-1 without adding vitamin C was about 1000.0 and above. The intensity was decreased by the increase of vitamin C concentration in MB solutions (Yusuf and Gurel, 2005). Figure 13 shows the emission spectrum of mol L-1 MB as a function of time. Each spectrum was recorded at 1 minute intervals. The results showed that the fluorescence was not changed with time, reflecting that the fluorescence spectrum of MB was highly stable with time (Yusuf and Gurel, 2005). In the redox reaction between ascorbic acid and MB, the ascorbic acid is oxidized to dehydroascorbic acid, while MB was reduced to colorless LMB as shown in the following: The calibration curve was made based on the concentration of MB (mol L-1). The results indicate that the fluorescence intensity of the system is a linear function of vitamin C concentration in the range of mol L-1 and the regression coefficient is 0.9941 as shown in Figure 15 (Yusuf and Gurel, 2005). Table 1 below shows the tolerance towards different compounds that might cause interferences in this method. These compounds are usually present in most vitamin C tablets. The experimental results showed that the presence of hundred-fold excess of the all contaminant compounds and twenty-fold excess of citric acid did not significantly influence the determination of vitamin C using this method. Therefore, it can be concluded that there is no major interference caused by these compounds (Yusuf and Gurel, 2005). So it is possible to use this method for direct determination of vitamin C in pharmaceuticals without separating the interfering materials. Table 2 lists the results obtained by the proposed method with triiodide method. It can be clearly seen that the results are in good agreement with the triiodide method (Yusuf and Gurel, 2005). Thus, the proposed method provides a simple and sensitive fluorimetric procedure by using MB for the determination of vitamin C. This experiment also shows that MB could be used for fluorimetric determination of vitamin C in vitamin C tablets although it has only slightly fluorescence property compared to LMB. Therefore, as conclusion, it can be explained that the fluorescence intensity of MB was more sensitive to determine vitamin C concentration (Yusuf and Gurel, 2005). Stability of Vitamin C in Orange Juice Vitamin C is very susceptible to chemical and enzymatic oxidation during the processing, storage, and cooking of food. The catalyzed oxidation pathway of vitamin C degradation is the most important reaction pathway for the loss of vitamin C in foods. Therefore, vitamin C of orange juice is readily oxidized and lost during staying of the juice (Ball, 2006). On the other hand, there are several factors that will also affect the stability of vitamin C in orange juice. The factors are such as the effect of vitamin E, pH, and parameters which include air, heat, water as well as prolonged storage and overcooking (Kabasakalis, Siopidou, and Moshatou, 2000). According to Ball, a meta-oxygen-ascorbate complex is formed in the presence of molecular oxygen and trace amounts of transition metal which particularly are copper (II) and iron (III). This complex contains a resonance form of a diradical that rapidly decompose to give the ascorbate radical anion, the original metal ion, and hydrogen peroxide. This radical anion will in turn reacts with the oxygen to give dehydroascorbic acid (DHAA). For anaerobic pathway of vitamin C which occurs in the absence of free oxygen, the degradation is caused by the formation of diketogulconic acid. As the rate of degradation is maximum at pH 3 to pH 4, therefore this pathway is mostly responsible for anaerobic loss of vitamin C in canned grapefruit and orange juices (Ball, 2006). Effect of vitamin E on the stability of vitamin C in orange juice Vitamin E is a fat soluble antioxidant that has four tocopherols and four tocotrienols. In nature, these four tocopherols and four corresponding tocotrienols are designated as alpha-(?), beta-(?), gamma-(?) and delta-(?) according to the number and position of methyl substituent in chromonal ring (Ball, 2006). The vitamin E functions as a biological antioxidant by protecting the vital phospholipids in cellular and subcellular membranes from peroxidative degeneration. Vitamin E mostly accumulates in body which are liver and pancreas. But unlike vitamins A and D, vitamin E is essentially nontoxic (Ball, 2006). Nagymate and Fodor (2008) have designed a method to study the effect of vitamin E on the stability of vitamin C. In this experiment, vitamin E stock solution was prepared by dissolving ?-tocopherol in absolute ethanol. The orange juice which contained vitamin E and vitamin C was used as sample. The storage temperature of the vials was 4Â °C and they were covered with aluminium foil to prevent the effect of sunlight. Besides, two different temperatures were used to examine the effect of vitamin E at that temperature which half of the samples were stored at 20Â °C. On the other hand, the additive effect of these vitamins was also examined but only cool samples (4Â °C) were used for this experiment. Two samples were prepared which one contained vitamin E stock solution and vitamin C stock solution while another contained only vitamin C stock solution. The samples were analysed once a week for five weeks (Nagymate and Fodor, 2008). The results of the stability of vitamin C show that the presence of vitamin E influenced the decay of vitamin C. Figure 17 shows that there were differences between samples with or without vitamin E. From figure 17, it can be clearly seen that the concentration of vitamin C without vitamin E fell down to 1.2mg/L on the second day. However, in the presence of both vitamins, the decay was also observed, but it was lesser. The concentration of vitamin C in the orange juice with vitamin E was 13mg/L in the fifth week. As a result, it seems that vitamin E stabilized vitamin C in orange juice at a determined concentration. This is because vitamin E delay the oxidation of vitamin C thus, enhances the stability of vitamin C in orange juice. The combination of vitamin C with vitamin E makes the orange juice more stable and slower the degradation of orange juice. This concluded that orange juice with vitamin E addition is a good way to preserve the vitamin C content during storage (Nagymate and Fodor, 2008). Effect of temperature on the stability of vitamin C in orange juice Vitamin C of fruit juice is readily oxidized and lost depends on the conditions of storage. There are studies about the determination of the amounts of vitamin C content in fruit juices under different storage conditions. Kabasakalis, Sipadou and Moshatou had done an experiment to determine the rate loss of vitamin C with respect to time and temperature of storage. A long-life and short-life commercial orange juice 100% without preservatives and fresh orange juice were used for analysis. In this experiment, the days before the expiration date were recorded in Table 3 and Table 4 to observe the loss of vitamin C in short-life and long-life orange juice 100% as the expiration date was approached (Kabasakalis, Siopidou and Moshatou, 2000). Table 5 shows the loss of vitamin C from fresh and long-life commercial orange juice 100% during a 31 days period, with measurements made every 1 to 3 days. The samples were refrigerated into containers which after the initial measurement remained either open or with closed cap until the next measurement. Based on the results shown in table 5, the magnitude of vitamin C did not differ significantly between open and closed cap for both juices. The commercial orange juice lost higher amounts of vitamin C compared with fresh orange juice. As reported, decreases of vitamin C upon storage did not correspond to increases of dehydroascorbic acid levels. In fact, there was an increase of dehydoascorbic acid levels in aseptically packaged orange juices. This means that the overall nutritional quality of orange juices is affected upon storage (Kabasakalis, Siopidou and Moshatou, 2000). The loss of the vitamin C in a commercial long-life orange juice 100% stored in refrigerator and non-refrigerated for a period of 10 days in open containers were shown in Figure 18 (Kabasakalis, Siopidou and Moshatou, 2000). According to Figure 18, non-refrigerated samples show higher percentage loss of vitamin C as compared to refrigerated samples. This is because the dehydoascorbic acid, the oxidized form of ascorbic acid was more stable at lower temperatures. Thus, the vitamin C, in the form of dehydroascorbic acid for refrigerated orange juice was well retained than non-refrigerated orange juice (Kabasakalis, Siopidou and Moshatou, 2000). Effect of hydrogen peroxide on the stability of orange juice Hydrogen peroxide, H2O2 is the primary chemical for sterilization of plastic packaging material used in aseptic system. Aseptic packaging technology is widely used by fruit juice industry for the production of shelf-life stable fruit juices. A Food and Drug Administration (FDA) regulation currently limits the residual of H2O2 to 0.5ppm, leached into distilled water, in finished food packages which stated in Code of Federal Regulations, 2000. However, during the sterilization of aseptic chambers or packaging material with H2O2, some residues will still be left on the packaging material or vapors generated during drying may get trapped inside the package upon sealing. These residues will then cause the degradation of vitamin C (Ozkan, Kirca and Cemeroglu, 2004). An experiment was proposed by Ozkan, Kirca and Cemeroglu to determine the rates of vitamin C degradation in orange juice with or without addition of H2O2 at various storage temperatures. In this experiment, the orange juice sample was thawed at room temperature and sodium benzoate was added to prevent spoilage. The degradation studies were done at H2O2 with 0.5ppm concentration at 20Â °C, 30Â °C and 40Â °C respectively. At regular time intervals, samples were removed from the water bath or incubator (Ozkan, Kirca and Cemeroglu, 2004). Then, the predetermined amounts of diluted sodium hydroxide solution were added rapidly to the samples to halt the reaction between H2O2 and vitamin C. The samples were then rapidly cooled by plugging into an ice water bath and held at -30Â °C until analyzed for vitamin C content. Vitamin C concentration was measured by using HPLC method. Qzkan, Kirca and Cemeroglu had modified the method by blending the orange juice sample with metaphosphoric acid. The sample was filtered through a membrane filter and was analyzed using HPLC (Shimadzu brand) (Ozkan, Kirca and Cemeroglu, 2004).Vitamin C contents of orange juice were plotted for various temperatures at 0.5ppm H2O2 concentration which is shown in Figure 19 below. From Figure 19, the results show that at higher temperature, the rate of vitamin C degradation also increased. The addition of 0.5ppm H2O2 did not greatly increase the degradation of vitamin C. However, raising H2O2 concentration from 0.5ppm to 5ppm resulted in a tremendous increase in degradation rates which was recorded in Table 6. At 0.5ppm H2O2, the antioxidant substances in orange juice which was flavonols reacted with H2O2, thereby preventing the autoxidation of vitamin C. The protective mechanism of flavanols was mainly due to chelation of metal ions and action of antioxidant. Flavanols function as antioxidants by donating the hydrogen ions to reactive free radicals which may otherwise cause the autoxidation of vitamin C (Ozkan, Kirca and Cemeroglu, 2004). Ozkan, Kirca and Cemeroglu also studied the degradation of vitamin C in the absence of H2O2. In this case, the activation energy, Ea was taken into account to determine the stability of vitamin C in orange juice. The temperature dependence of the degradation of vitamin C in orange juice was compared by calculating Ea and temperature quotients (Q10) at 20Â ° to 40Â °C from the following equation: These results clearly indicate that the rate of vitamin C degradation in the presence of H2O2 was slower at 30Â °C to 40Â °C than 20Â °C to 30Â °C. This indicates that at 30Â °C to 40Â °C, the least effect of temperature rise on vitamin C degradation. The results obtained for Ea shows that higher Ea in the presence of H2O2. This means that higher energy needed for the degradation of vitamin C. Therefore, the reaction time is slower and the degradation of vitamin C also slower. As conclusion, the effect of temperature on the degradation rates of vitamin C in orange juice was more pronounced at higher H2O2 concentrations. Therefore, greater vitamin C losses should be expected as residual H2O2 concentration and storage temperature increase in aseptically packaged fruit juices (Ozkan, Kirca and Cemeroglu, 2004). Effect of pH on the stability of vitamin C pH is a measure of acidity or basicity of a solution. pH is one of the primary factor that would affects the stability of vitamin C in orange juice. Hence, the pH value of the matrix has an influence on the stability of vitamin C. According to FAO/WHO Expert Consultation on Human Vitamin and Mineral Requirements, Bangkok, Thailand, 1998, the vitamin C will decay if the pH higher than 4 (Nagymate and Fodor, 2008). Vitamin C is unstable in neutral and alkaline environments, therefore the higher the pH value and the longer the exposure, the greater the loss of vitamin C. This is because the higher the pH value, the faster the oxidation reaction of vitamin C and causes the degradation of vitamin C. Besides that, the increase in pH also related to deterioration of fruit characteristic which in this literature review, orange juice is more concerned. Table 8 below shows the pH value of the fruit juice with storage time (Ajibola, Babatunde and Suleiman, 2009). In this Table 8, the pH values of the orange juice were higher at room temperature and keep increasing from week to week. This study concluded that, though pH was significant for the stability of vitamin C, it was not the sole factor in controlling the deterioration of vitamin C in orange juice with storage life (Ajibola, Babatunde and Suleiman, 2009). On the other hand, the loss of vitamin C activity during oxidative degradation of vitamin C occurs with the hydrolysis of the dehydroascorbic acid lactone to yield 2,3-diketogulonic acid. This hydrolysis is favored by alkaline solution. Dehydroascorbic acid is most stable at pH 5.5 but decrease in stability as pH increases which is more than pH 5.5 (Fennmena, 1996). For example, half-time values of dehydroasorbic acid hydrolysis at 23Â °C were 100 and 230 minutes at pH 7.2 and pH 6.6 respectively as shown in Figure 20. At pH 5.0 or below, dehydroascorbic acid was quite stable which decayed by less than 3% over 4 hours. This experiment evaluated the effect of hydrogen ion concentration on delactonization of dehyroascorbic acid over the range of pH 3.0 to pH 8.0. The possible influence of the presence of oxygen was done by equilibrating the reaction mixture before and during the incubation with 100% oxygen or with 100% nitrogen. The results indicated no change in the decay rate of dehydoascorbic acid was obvious with these alterations of atmospheric conditions. The rate of dehydroascorbic acid hydrolysis markedly increases with increasing temperature but was unaffected by the presence of oxygen (Bode, Cunningham and Rose, 1990). Other researchers had proposed a method to determine the effect of pH on the degradation of vitamin C in orange j

Dominance of the Ohio Valley Region Essay -- Pontiac History Essays

Dominance of the Ohio Valley Region The Ohio Valley Region was known as the American frontier during the time period from 1760 to 1813. The white expansion into the Ohio Valley Region brought about the decline and the eventual dissolution of the Native American way of life. The struggles of the French and English in the north and the westward push of American settlers in the south were met with unified pro-nativist resistance. The individual struggles of three men characterize the turmoil between whites and Native Americans. Pontiac’s war against the English, Tecumseh’s organization of a unified Indian Confederation, and Daniel Boone’s leadership in the western migration into Kentucky demonstrate the fight for control in the Ohio Valley Region. Pontiac, a heroic warrior who united previously feuding tribes in an unprecedented resistance to the men who would change their way of life and the face of their land forever, left a legacy of courage and honor. A member of the Ottawa Indian tribe, Pontiac refused to accept English control and settlement of the Great Lakes region without a fight, even after his French allies made peace with England (Rogers, 1). The French first met the Great Lakes Ottawa in 1615, finding them armed with bows, arrows, and war clubs. The fiercely painted and tattooed Native Americans wore furs and had pierced noses and ears. Members of the Algonquin language family, the Ottawa, along with the Chippewa and Potowatomi, formed the Council of Three Tribes (Eckert, 29). The Ottawa were known to other Algonquin tribes as intertribal traders. The name Ottawa in the Algonquin language means, "to trade." In 1740, there were approximately 2,000 Ottawa, 200 Huron, and 100 Potowatomi in the areas around D... .... 159 – 287, I – xx http://www.canadiana.org/cgi-bin/ECO/mtq?id802901efb5&doc-64039. *Jillson, Willard Rouse. Filson’s Kentucke. Louisville: John P. Morton & Company, 1930. Lofaro, Michael A. The Life and Adventures of Daniel Boone. Lexington: The University Press of Kentucky, 1978. Oskison, John M. Tecumseh and His Times. GP Putnam's Sons: New York, 1938. Peckman, Howard. Pontiac and the Indian Uprising. (Princeton, 1947). Parkman, Francis. The Conspiracy of Pontiac and the Indian War After the Conquest of Canada. Vol I-II. (London, 1912). Rogers, Robert. Diary of the Siege of Detroit in the War with Pontiac. Albany, New York, 1860) pp. 1 – 120. http://www.Canadiana.org/cgi-bin/ECO/mtq?id-802901efb5&doc=64039. Rugely, Terry. "Savage and Statesman: Changing Historical Interpretations of Tecumseh." Indiana Magazine of History 1989 85(4): 289-311. Dominance of the Ohio Valley Region Essay -- Pontiac History Essays Dominance of the Ohio Valley Region The Ohio Valley Region was known as the American frontier during the time period from 1760 to 1813. The white expansion into the Ohio Valley Region brought about the decline and the eventual dissolution of the Native American way of life. The struggles of the French and English in the north and the westward push of American settlers in the south were met with unified pro-nativist resistance. The individual struggles of three men characterize the turmoil between whites and Native Americans. Pontiac’s war against the English, Tecumseh’s organization of a unified Indian Confederation, and Daniel Boone’s leadership in the western migration into Kentucky demonstrate the fight for control in the Ohio Valley Region. Pontiac, a heroic warrior who united previously feuding tribes in an unprecedented resistance to the men who would change their way of life and the face of their land forever, left a legacy of courage and honor. A member of the Ottawa Indian tribe, Pontiac refused to accept English control and settlement of the Great Lakes region without a fight, even after his French allies made peace with England (Rogers, 1). The French first met the Great Lakes Ottawa in 1615, finding them armed with bows, arrows, and war clubs. The fiercely painted and tattooed Native Americans wore furs and had pierced noses and ears. Members of the Algonquin language family, the Ottawa, along with the Chippewa and Potowatomi, formed the Council of Three Tribes (Eckert, 29). The Ottawa were known to other Algonquin tribes as intertribal traders. The name Ottawa in the Algonquin language means, "to trade." In 1740, there were approximately 2,000 Ottawa, 200 Huron, and 100 Potowatomi in the areas around D... .... 159 – 287, I – xx http://www.canadiana.org/cgi-bin/ECO/mtq?id802901efb5&doc-64039. *Jillson, Willard Rouse. Filson’s Kentucke. Louisville: John P. Morton & Company, 1930. Lofaro, Michael A. The Life and Adventures of Daniel Boone. Lexington: The University Press of Kentucky, 1978. Oskison, John M. Tecumseh and His Times. GP Putnam's Sons: New York, 1938. Peckman, Howard. Pontiac and the Indian Uprising. (Princeton, 1947). Parkman, Francis. The Conspiracy of Pontiac and the Indian War After the Conquest of Canada. Vol I-II. (London, 1912). Rogers, Robert. Diary of the Siege of Detroit in the War with Pontiac. Albany, New York, 1860) pp. 1 – 120. http://www.Canadiana.org/cgi-bin/ECO/mtq?id-802901efb5&doc=64039. Rugely, Terry. "Savage and Statesman: Changing Historical Interpretations of Tecumseh." Indiana Magazine of History 1989 85(4): 289-311.

Mercury Footwear Questions Essay

1. Is Mercury an appropriate target for AGI? Why or why not? Yes, we do think so. In the case, we could find some characteristics of footwear industry: (1) It is a mature, highly competitive industry marked by low growth, but stable profit margin. (2) Performance of individual firms could be quite volatile for they need to anticipate and exploit fashion trend. (3) Except some global footwear brands, athletic and casual shoes market is still fragmented, which means each company could has its own market because of its characteristic. (4) In this market, it is important for the brand image, specialized engineering for performance and price. (5) Life cycle is short. (6) Inventory management and production lead times are critical for the success. (7) Main sale channels are department stores, independent specialty retailers, sporting goods stores, boutiques and wholesalers. (8) Most of the firms outsource the manufactures in China. Below are some characteristics for Mercury and AGI we need to focus on during the analysis: AGI Mercury Target Customer Target customers are urban and suburban family members aged 25 to 45. Youth market, mainly 15 to 25. History Among the first companies to offer fashionable walking, hiking and boating footwear. Its mother company decided to extend the brand by creating complementary line of apparel. Because of the poor performance, it was decided to sold. Style Logo is marked with prosperous, active and fashion-conscious lifestyle. Its main customers are not interest in its apparel. Financial performance Among the most profitable firms. Had poor performance after acquisition by WCF. Revenue contribution 42% of revenue from athletic shoes and balance from casual footwear. Revenue and operating income were 470.3 million and 60.4 million in 2006. Revenue and EBITDA were 431.1 million and 51.8 million.. Products Athletic shoes developed from high-performance footwear to athletic fashion wear. Four main segments: men’s and women’s athletic and casual footwear. Casual shoes focus on mainstream market. In order to emphasizing individual products, it began to monitor styles and images from global culture Focus on smaller portfolio of classic products with longer lifecycles and could maintain simple production and supply chains. Sales channels Mainly sold in department stores, specialty retailers, wholesalers and independent distributors. Small percentage is sold through website. Department stores, specialty stores, catalogs, discount retailers and internet. Inventory management Good at inventory management in the industry. Inventory management performance is worse than the average level. Outsource Outsource manufacture in China. Outsource main materials in foreign suppliers. Advantages &Disadvantages It takes small size as its competitive disadvantages. And it faced with some problems in the consolidation of manufacturers. Price cuts and promotion in apparel line hurts operating margins but helped to the growth in sales. Sales growth is lower than the average because of there is little discount in  price. We could learn that managers of AGI want to enlarge the scale of its company and gain larger market share because of the stable profit margin. And since the revenue is almost the same, it is a good choice to merge with Mercury, which means that revenue would be doubled after acquisition. And these two companies have some similar factors, such as : (1) They could use the same sale channels after acquisition, and internet channel could be enlarged. (2) They could combine manufacturers to get a powerful bargain in suppliers. (3) The product segments are almost the same, which means that there should be little work to do after acquisition in product adjustment. (4) Thanks to the profitable ability of AGI, it is much easier to make a better financial performance of Mercury. (5) It is good for them to increase the performance of inventory management if they merge together. (6) Although their target customers are different, especially in ages, which means that style and brand are different in the very beginning, this factor could turn into an advantage for the new company could have a fully segment of customers with a wider age ranges. Therefore, take into above factors into account; we think that Mercury should be an appropriate target for AGI. 2. Review the projections formulated by Liedtke. Are they appropriate? How would you recommend modifying them? In the case, we could find that Liedtke used historical averages to assume the overhead-to-revenue ratio. However, historical data is usually useless for future. Some studies found there is little evidence that firms grew fast continued to grow fast in the next period. And sometimes there are even negative correlations between growth rates in the two periods. Besides, smaller firms tend to be more volatile than others, which we could find the same characteristics in these two firms we are talking about. And just as we mentioned in the question 1, revenue may be doubled after  acquisition, it just fits the theory that it is difficult to maintain historical growth rates as firms double or triple in size. Therefore, based on the above analysis, we think that it is not reasonable to use historical data for future projections. And sometimes, analyst should be better than the historical growth. Considering that there are five main channels for analyst forecasts: firm-specific information, macroeconomic information, information revealed by competitors on future prospects, private information about the firm and public information other than earnings, we think Liedtke could find more information from above channles to get more accurate assumption. And since performance of Mercury is poorer than the average of the industry, it is better to use industry average level for the benchmarking of Mercury when predicting, instead of a discount rate of AGI for example. And from the comparison of 2007 to 2006, we can find Liedtke’s forecast need great input from AGI to support the development of Mercury, whether he has taken this into consideration? And he estimate debt/equity ratio remains the same as AGI, that is also unreasonable, for it is not possible to change that in short period. 3. Estimate the value of Mercury using a discounted cash flow approach and Liedtke’s base case projections. ï ¼Ë†1ï ¼â€°first of all, to calculate the cash flows from 2007 to 2011, Net Income – (Capital Expenditures – Depreciation) – Changes in non-cash Working Capital = Free Cash flow to Firm We can get the result. Free Cash flow -17,192 26,867 21,740 25,158 29,319 (2) then we need to calculate the terminal value. a. Cost of Capital For cost of capital, we know the debt ratio is 20%, and cost of debt is 6%, we need to find the cost of equity. We assume the cost of equity equal return on equity, we can calculate the historical return on equity from 2007- 2011 is as below, Return on equity 12.8% 14.1% 14.5% 14.8% 14.9% We take 14% as reference. Based on the formula: Cost of Capital =debt ratio *cost of debt +equity ratio * cost of equity, We can get the cost of Capital in 2012, 12.7% b. growth rate in future We can find during the period from 2007- 2011, the growth rate of net income is not stable, so we assume from 2012, Mercury enter into stable and slow development stage. And it is necessary to calculate the cash flow in 2012. From 2007- 2011, the growth rate ranged from 4.74%- 16.3%, we assume the growth in future will be not that high. We can find during the period from 2008- 2011, the reinvestment rate 15.57%- 37.1%, we just take a middle one 24.37%, by multi reinvestment rate and cost of capital (assume cost of capital =return on capital), to reach growth rate afterwards= 3.09%. c. based on the growth rate is 3.09%, we can get EBIT in 2012 is 39,930.. We have assumed ROC=WACC Terminal Value=EBIT n+1*(1-t)/cost of Capital, we can get Terminal Value in 2011 is 315,237. (3)Present value of cash flows: We have get the cash flows of 2007-2011 and terminal value in 2011, and the cost of capital is 12.7%, we can get the respective present value of them and reach the total present value 226,514, which is the estimate Firm value of Mercury. (4) Alternative method to calculate cost of capital, then value of Mercury: a. beta We have learnt from Exhibit 3 of peer companies information in this business, we can calculate cost of capital in alternative ways. Unlevered beta for business= Beta comparable firms/[1+(1-t)(D/E ratio comparable firms)] From information provided in Exhibit, we can get average Beta and D/E ratio, is 1.56, 24.9% respectively. Therefore Unlevered beta for business= 1.35 We know the D/E ratio and tax rate of Mercury, then get levered beta for Mercury =1.52 b. risk free rate and risk premium we assume risk free rate is 5%, and risk premium as the historically one 4.3%. The cost of equity will be 11.5%. Then the cost of capital will be 10.6%. c. expect g and terminal value in 2011 expect g and terminal value in 2011 will be 2.6% and 374,576 respectively. d. total present value of Mercury Total value of Mercury will be 247,479, which is the estimate Firm value of Mercury under the alternative method. In my opinion, the value calculated via alternative method will be more reliable. 4. Do you regard the value you obtained as conservative or aggressive? Why? I think my valuation is conservative, the reason is as follows: (1) Under the  basic method, the expected g is much lower than the average g from 2007-2011, even lower the lowest one within this period and the reinvested rate is lower than the average one from 2007-2011 and also not a high one in general business, and we can also found the EBIT Margin is lower than the average one in that business. (2) (3) Under alternative method, the expected g is much lower as 2.6%, the risk free rate is also a medium one, and the risk premium is a historical one, which is much higher than recent risk premium in USA. 5. How would you analyze possible synergies or other sources of value not reflected in Liedtke’s base case assumptions? We have conduct some simulation in the spreadsheet, we can find the present value of Mercury is very sensitive to cost of capital, under basic model if the cost of capital reduce to 10%, the value will rise up to 304,882. As for debt ratio and expect g, it is not so sensitive, but has some influence. To my surprise, the reinvestment rate is not sensitive to the outcome, I have not figure out the reason. Under the alternative model, beta, risk free rate and risk premium are all sensitive to the outcome, but not significant as capital in basic model. As for synergy, the management of inventory has not shown great synergic effect to the outcome, for from 2007 to 2011, inventory level has not reduced. I think if AGI can reduce the cost of capital, which will show the great synergic effect to the acquisition.

‘Management At Work Essay

1. According to a major economics consulting firm, Fiat’s â€Å"South American operations are the jewel in the Italian company’s global operations.†* Fiat has plants in Brazil and Argentina, and Brazil is its biggest market, well ahead of its home-country market. In 2011, with the Chrysler venture taking up more and more of the firm’s attention—and as European sales suffered a steep decline rumors began to circulate that Marchionne might move Fiat headquarters from Italy to the United States. Discuss Fiat’s takeover of Chrysler as part of a strategy to transform itself from an international business into a multinational or global business. 2. What benefts does Fiat hope to gain from its arrange- ment with Chrysler? What potential drawbacks does it face? Judging from your analysis of benefts and draw- backs, explain why the Fiat–Chrysler arrangement might best characterized as a strategic alliance? In what sense is it best characterized as a direct investment? 3. What challenges in the U.S. cultural environment do you expect Fiat to face as it uses its Chrysler connec- tion to compete in the American car market? What management challenges will Marchionne face in the areas of planning and decision making, organizing, and leading? 1. Fiat has established it self as quality product. Bringing their reputation and business skill will attract American consumers. Having their attention and possibly blending the product they can conquer the America market for cars as well as Italy, Europe and other country markets. Being based in the US they can now claim Fiat as a US product and use all the tax cuts. Making it more affordable, now it has exotic looks without the exotic prices! If manufacturing is domestic with the Fiat cars as well as Chrysler I think it will be good for the US economy, providing more jobs on a middle class level. 2. The tax breaks as a US company for Fiat will be very beneficial as far as marketing/advertisement but a major draw back will be the high cost in labor as opposed to the labor cost in countries such as Mexico. Fiat will also have a situation of dealing with new labor laws. American labor laws are more stringent than other companies. This is also power tolerance country. Employees are not as submissive as those of other countries. Americans are considered lazy. Fiat bringing their CEO (Marchionne) to America to directly handle the merger will make the transition a lot soother for the company. When first appointed to Fiat CEO he laid off 10% of white collard employees and 20,000 labor employees, restructuring with fresh new talent, he will follow do the same plan with Chrysler. But bringing in his own people proven to be valuable. 3.This merger can be characterized as a direct investment because Fiat is take a chance a moving there location to the US. Fiat is dealing with this merger on a first hand basis. They are not operating business threw a third party. Americans are use to large cars. The idea of driving a smaller car, to a lot of Americans will socially awkward. They may need to find a social common ground with the American people make their car appear attractive as well as economical. As I said previously management American are considered lazy. Management may have difficulties with the competency of the American employees. They may have to find new way of encouragement to employees. Research: Fiat and Chrysler Fiat is now waiting for court verdict from the Delaware court before purchasing the remaining 41.5%. Fiat has a difference in value with VEBA ( U.S. healthcare trust) of the $2 billion. VEBA values the remaining 41.5% at $4 billion. Fiat wants to purchase the remaining 41.5%, merger the 2 companies then list them on the New York Stock Exchange by 2014. That will make them the 7th largest car manufactures in the world. Verdict is expected to continue until the end of July, 90 days from the last hearing on April 25. Until then Chrysler is at a stand still while Fiat must continue to sell car to buy the remainder of Chrysler. Source: Fiat awaits court verdict ahead of Chrysler merger http://www.reuters.com/article/2013/05/30/us-fiat-chrysler-elkann-idUSBRE94T0GA20130530