Relationship Between Crude Oil And Natural Gas Prices Essay

Relationship Between Crude Oil And Natural Gas Prices - Essay Example Observing the pattern of crude oil and natural gas prices generally supports the economic theory and leads to the belief that both commodities do share a relationship. However, over the past few years, a decoupling of natural gas prices from crude oil prices has been observed (refer to graph 1.1 in appendix). This has led concerns over the strength of the relationship between crude and natural gas prices. Economic factors link crude oil and natural gas prices through supply and demand. There has been a strong conviction regarding the one-way relationship between the prices of crude oil and natural gas, whereby changes in crude figures influence natural gas prices and any changes in natural gas prices have no impact on crude. This is due to the relative size of each market. Prices of crude are determined on the world market whereas natural gas valuation takes place in regionally segmented markets. As a result, any adverse event or condition is unlikely to affect the global price of oil (Villar, Joutz) This paper attempts to signify the economic and statistical relationship between crude oil and natural gas prices. The period under review is from 1985 to 2005. ... Overview of Natural Gas Industry The structure of the natural gas industry has changed dramatically over the last 15 years. In the past, the structure of this industry was simple, with limited flexibility and few options for gas delivery. Exploration and production companies explored and drilled for natural gas, selling the product to transportation pipelines. These pipelines transported the natural gas, selling it to local distribution utilities, who in turn sold the product to its customers. Pricing at the exploration, production and transportation level was federally regulated whereas state regulation monitored the price at which local distribution companies sold natural gas to customers (naturalgas.org). Prior to deregulation, the structure of the natural gas industry was very straightforward, however, it suffered from shortages in the 1970s and surpluses in the 1980s. Since deregulation, the industry is much more open to competition and choice. Prices are no longer regulated and are determined by the demand-supply forces. One of the notable differences in the revised structure of the natural gas industry is the existence of natural gas marketers. They serve to facilitate the movement of natural gas from the producers to the end users. Marketers may either own the natural gas being transferred, or simply act as facilitators for the transportation. Source : NGSA The diagram above shows the pathway of natural gas from producer to end user in a regulated environment. The diagram below shows the pathway in a deregulated environment where marketers exist and can sell directly to end users. Source : NGSA Price of natural gas is simply a function of demand and supply. When demand for gas rises,

Unnatural Causes Movie Review Example | Topics and Well Written Essays - 250 words

Unnatural Causes - Movie Review Example Social class and racism are not natural causes for sickness and hence the title of the film ‘unnatural causes’. The film is similar with other media that I have seen, read, and heard on the issues of health disparities and how it relates to one’s social class in that people in the lower social class are prone to disempowerment. Their economic status is low due to lack of the necessary resources and opportunities and hence they tend to get sick more often and their life expectancy is low. The people in this class are subject to chronic stress and cannot have access to better medical care services. They tend to get sick more often and hence live shorter lives. Exposure to chronic stress of race in a lifetime often leads to delivery of premature babies thus affecting health and life expectancy (California Newsreel, 2008). The film confirmed biases I had in regards to being poor rich, that wealthy people lead better, longer and healthy lives as compared to the poor (Haitkin, 2008). The question that surfaced for me during the film that I would like to know more about is how the health status of the low social class can improve. With America having the highest gross national product in the world, how can the poor have access to medical care and training on health issues? The statement that best describes what I learnt from the film is that health inequalities are not natural. This is because, health disparities that are because of racial and class inequities arise from the decisions the society makes (California Newsreel, 2008). As a future nurse, I propose that the society or the government should try to ensure that everyone gains access to health care regardless of their wealth in order to live longer and healthier

Microsoft- tablet PC Essay Example for Free

Microsoft- tablet PC Essay 1)Who should Microsoft have targeted at the launch of the Tablet PC why? Before discussing who Microsoft should have targeted, we have to look at the strengths and weaknesses of the product. The success of any strategy depends on being able leverage the most of the strengths and rely less on the weaknesses. The strengths of Microsoft were its brand, distribution channel, existing enterprise user base and large resources. The risks involved those related to new product development, price and changing user behavior. The exhibit tells us that the large and medium business accounted for the most portable PCs in terms of volume and revenue. Due to the enterprise refresh cycles, a third of the PCs are replaced every year. Now let’s take a look at the options Microsoft had as target initial customers. They could target first time PC buyers, enterprise IT managers, students, early tech adopters or existing Windows customers. Looking at the strengths and weaknesses listed above it is easy to eliminate a few of the choices provided. Microsoft should have targeted the enterprise user base. Enterprise devices are much less sensitive to price as regular customers and have a higher willingness to pay. Thus the high price tag might not have been a difficult barrier if the product delivered value. They demand compatibility with existing enterprise frameworks. Given Microsoft’s dominance in enterprise software, they could easily ensure that the tablet PC has software that was compatible with Microsoft’s existing enterprise software. The iPad was very geared towards the consumer segment. Thus there was a niche in the enterprise tablet space that Microsoft should have exploited. This would have also helped in terms of narrowing down the focus on a few key applications, distributors and use cases. Taking a leaf out of Blackberry’s book they could have made enterprise security as one of their key differentiators especially given the wide adoption of outlook email in the enterprise. 2) What are the pros cons of Microsoft’s strategy vs. Apple’s (Microsoft being dependent on hardware manufacturers to market the Tablet PC, vs. Apple’s control of both the hardware and software?) This is essentially a question on the merits and demerits of a horizontal strategy vs a vertical strategy. The Microsoft strategy is a horizontal strategy. It involves creating a product that can deliver value up and down the value chain by allowing manufacturers innovate above and below it. This strategy can scale quickly and demands fewer resources from an individual firm to create an ecosystem. This also allows for wide range of innovations from a variety of players along the value chain. It is also a case of imperfect competition given that at each level of the value chain different levels of competition exist that promote greater product differentiation on multiple levels. The demerits of this strategy is lack of focus and control. Since the product is extensible and involves many players, there is always a risk of not being able to control what the end product looks like and the features it should prioritize on.The vertical strategy by Apple allows for control on the experience, and look and feel of the product. This enables Apple to focus and do a few things really well and better position the brand. By vertically integrating, Apple is also able to extract multiple premiums at different levels of the value chain. This can lead to higher profit margins. However, the downside of this strategy is that it cannot scale quickly, requires high upfront fixed costs and doesn’t offer the wide breath of product differentiation or features.

Culture of Silence: Talking About Death and Terminal Illness

Culture of Silence: Talking About Death and Terminal Illness In the past, it may have been acceptable for doctors not to tell a patient they had cancer. There was a culture of silence around talking about death and terminal illness (Heyse-Moore 2009). In On Death and Dying (Kubler-Ross 1973) Kubler-Ross said it was often the wife or husband who was told the diagnosis and then had the burden of whether to tell the painful truth. However, the development of the Hospice movement and Palliative Care in the past 30 years has made it the duty of health care professionals to inform patients of their diagnosis. Now, there are General Medical Council guidelines (2006) that make it an ethical duty for the doctor to inform the patient of the diagnosis (Heyse-Moore 2009). Parkes (Parkes Markus 1998) discusses the importance of breaking bad news effectively and sensitively. Parkes sees this as an element in preparing for loss. He is specifically discussing how to care for the terminal patient, so this may be a limitation (Parkes Markus 1998).He describes how the doctor should arrange and meet with patient. It is notable he does not provide exceptions and does not discuss involving family or speaking to a spouse first. Parkes provides practical guidance possibly gained from clinical experience. He advises finding a homely area where everyone can be comfortable. This can be a place where everyone can sit and not be disturbed. The decor should be the opposite of clinical if possible. He discusses giving as much information as the patient can cope with, and suggests bite sized chunks of information (Parkes Markus 1998, p. 8). He suggests inviting questions from the patient and using this to guide how to prevent information. The difficulty in talking about dying is where the patient becomes distressed and anxious, they may not take in what has been said, and may not fully understand the diagnosis or terminal nature (Parkes Markus 1998). If the dying person has a thinking coping style then the doctor can begin to help him/her focus on the feelings involved and expressing them; and vice versa for the person with a feelings coping style where the focus might be on the problem solving (Parkes 1996b). In Bereavement: Studies of grief in adult life (Parkes 1996a) discusses the tendency for the family to conceal the truth from the dying person. He is clear that the patient should be told of the terminal illness. According to Hinton (1967) (see Parkes 1996a), dying people tend to know and value the chance to talk about their terminal illness. There is some evidence that older people contemplate the end of their life and possibly want to talk to others about it. In a small study of 20 older residents in care homes in the UK, only 2 residents did not wish to discuss dying and death and neither objected to being asked (MacKinlay 2006). Further, Parkes sees giving bad news as a process. It is the beginning of an anxious and stressful period. The doctor should take the time and with empathy help the patient to adjust to the psychological transition of terminal illness (Parkes 1996a). In Speaking of Dying (Heyse-Moore 2009) Heyse-Moore discusses how it is possible to move the focus from the patient to the family if they are included in this initial discussion. Also it is possible for hidden or concealed barriers between family members to come to light while breaking bad news. She also writes of bad news as the beginning of a process that becomes part of the dying persons life. She advises being honest with the patient, including saying I dont know. There is an emphasis on balancing giving information and supporting the patient with his/her feelings and reaction to the news. The point is also made that an older generation of patients can react passively as they are used to doing as the doctor tells them. There has been some research in communicating with the dying that agrees with Parkes. In a study in USA involving 137 individuals in 20 focus groups of patients, family members and health care professionals, there were some common themes identified around effective communication. The best communicators were suggested as being honest and using understandable language. Qualities elicited were being willing to talk about dying; being sensitive in giving the news; listening to the patient; encouraging questioning; being sensitive to when patient will discuss dying (Wenrich et al. 2001). Information is necessary to cope and adjust in life in general. If the doctor fails to give correct information or even perhaps mislead the patient, this can cause confusion and distress as the patient may feel betrayed. The lie if told may not be consistent across teams and even silence can give information and be distressful to patients. This can undermine the trust implicit in modern health care (Parkes 1996b). Parkes is speaking of the doctor as the professional who will break the bad news. This has probably been the sole duty and responsibility of the doctor in health care traditionally. Nurses and other professionals would face sanctions if they accidently gave information about the diagnosis. However, with the development of the multi disciplinary team; and professional roles for other health care workers it is possible for other members of the team including nurses to be involved in the meeting to discuss a terminal diagnosis (Heyse-Moore 2009). Parkes however, conceives of the doctor as the agent of change for the patient. He argues that the medical profession should acquire the skills and knowledge to help the process of dealing with loss and with bereavement. He does not argue for a speciality role but instead argues that General Practitioners are ideally placed to facilitate this change process as they tend to build up a relationship with the patient over time and know the person well (Parkes Markus 1998). For Parkes the process that begins with breaking the bad news is not just about an ethical imperative to inform patients of their diagnosis. He believes that grief both for the dying person and the spouse and family involves grief work that is difficult and painful. For Parkes, breaking the bad news although this can be painful, allows the dying person and family to begin to prepare for loss (Parkes Weiss 1983). He argues that anticipatory grief is less severe than grief due to unexpected death (Parkes Weiss 1983). This preparation can allow spouses to come closer together before death; and there is possibility of working through some grief prior to death (Parkes 1998) (Schaefer Moos 2001). Kubler-Ross echoes this with her concept of unfinished business. She states that the dying person can share how she works through her grief and that this may allow the family to begin the process of grieving before death (Kubler-Ross 1973). Walter when examining the concept of unfinished business discusses the need to sort things out before death and if not attended to then this can lead to torment for the bereaved spouse and family (Walter 1999). Death means a fundamental change to the persons world. Distress and anxiety can result due to the difficulty in making sense of this seismic shock (Parkes 1997). A theoretical concept of Parkes is Psychosocial Transitions which he applies to losses in the broadest sense. He talks of a life changing event and an upheaval in the psychological internal world or assumptive world. Parkes view is that the dying and death of a loved one involves changes in meanings and relationships, status and roles and values which is why it can be so traumatic (Parkes 1993). Parkes had done some research in one of his interview studies in Boston where he compared how two groups of bereaved spouses reacted depending on how much warning they had of impending death. In one group there was less than 2 weeks of notice and in the other there was over 2 weeks and even up to over a years knowledge of terminal illness. Parkes found that the long forewarning group fared better and more effectively in dealing with grief and this was consistent over significant period of bereavement (Parkes Weiss 1983). Stroebe and Stroebe (Stroebe Stroebe 1987) agree with this idea that forewarning can help deal with anticipatory grief and help spouses to share and resolve difficulties. Parkes does not advise any exceptions to breaking the bad news. His approach is based on the universality of bereavement and the experience of loss. This may be a limitation for his work, if research suggests that grief and the process of bereavement is not universal to the human condition. Parkes, although he acknowledges concepts of pathological grief and mental illness, sees the process of loss as part of the human condition (Parkes Markus 1998). However, Heyse-Moore (Heyse-Moore 2009) provides a list of those who should not be given the bad news of a terminal diagnosis. Any patient who clearly states he doesnt want to know his diagnosis or treatment options. The only caution here might be that often the dying person could change his or her mind and be ready to talk and discuss at some future point. Implicit in this example is the idea that the patient is autonomous and capable of making an effective decision regarding their healthcare and indeed their life. Secondly, there is demented person whose loss of memory means she has forgotten what you told her half an hour later (Heyse-Moore 2009, p. 78). Thirdly, is the confused patient who cannot understand and fourthly, the psychotic patient who are liable to incorporate the information you give them into their paranoid delusions (Heyse-Moore 2009, p. 78). The second example is the crux of the dilemma when dealing with Mr Brown in the incident in this essay. Together with the third and fourth examples about confusion and psychosis, the issue here is whether the patient has the capacity to make an informed decision about their treatment and ultimately, their life. Heyse-Moore argues that there should be a full discussion with the family and the multi disciplinary team with the aim of arriving at a consensus on how to proceed (Heyse-Moore 2009). This should also be done within the relevant health legislation framework, for example, in Scotland the Adults with Incapacity (Scotland) Act 2000 (Griffith 2006). One example to illustrate this is sharing information with children. A study of a series of interviews with 20 social workers about their work with a total of 53 children of dying parents, revealed some guidelines in avoiding euphemisms with children and updating children regularly and giving information in bite sized chunks (Fearnley 2010, p. 453). However, one finding was that often the younger children were not given as much information and were not perceived by parents as understanding as much (Fearnley 2010). A second example is with people with learning disability where withholding information about a dying relative can still be common. Read discusses several barriers to breaking bad news: such as lack of understanding about learning disability; some of sensory, behavioural and cognitive impairments of specific learning disabilities; and also, a continuing paternalistic attitude towards people with learning disability. This means treating people with learning disability as less than adult (Read 1998). With dementia patients there is evidence that patients with Alzheimers are not told their diagnosis. Family members can be ambivalent towards disclosing diagnosis to their loved ones. However, in a study 69% of people experiencing memory problems stated they would like to know if further diagnosed with Alzheimers (Elson 2006). A systematic review suggested that disclosure of diagnosis with dementia is under researched. Euphemistic terms such as memory problems and confusion can be used. Clinicians reported difficulties in disclosing diagnosis to both patients and carers (Bamford et al. 2004). On one level it is understandable that patients who perhaps lack capacity are not given full information about their own health or of those in their family or even details about death of loved ones. However, what is left if information is withheld but deception? In a study of 112 staff working (in North East England) with dementia sufferers in care settings, 106 admitted to some form of lying to residents; 90% to ease distress; 75% to ease care givers distress and 60% to promote treatment compliance. Staff recognised both benefits and problems in using lies to help manage care (James et al. 2006). In a further article, Wood-Mitchell et al (Wood-Mitchell et al. 2006) state that the most common reason given for a lie is when the dementing resident wants to see a deceased relative. Wood- Mitchell et al argue for a realistic stage response to such situations starting with sensitively imparting the truth; then trying meet the need by an alternative means; then trying distraction to some other activity; and finally using some form of a therapeutic lie. One of the problems care giving staff recognises in lying is inconsistency amongst the staff team and Wood-Mitchell et al argue that care planning should be considered to ensure consistency and also when lie should not be told. A debate on the ethics of lying to dementing patients ensued in the Journal of Dementia Care in 2007, involving 6 separate articles for a variety of responses. Walker (Walker 2007) argues that although lying to patients will happen but cannot be justified. She suggests finding alternate ways of interacting with patients using a Validation approach. She advocates being silence if the truth is judged too painful to give, though she emphasises staying with the person. The aim is to try and connect with the patient and workout the symbolic or hidden meaning. Wood-Mitchell et al (Wood-Mitchell et al. 2007) then discuss the range of lies from outright lies down to not telling someone or not correcting them and so being deceptive. They argue against Walkers Validation or symbolic meaning approach: describing dealing with dementia as problem solving where the sufferer has to sort cues out and find the correct behaviour. They argue that communication should be conceived of directly; else in the search for hidden meanings the nurse may ignore a basic need like going to the toilet. Pool (Pool 2007) says the focus should be on emotions and feelings rather than factual information. She advocates using Rogerian principle of Congruence with person centred care for dementia sufferers and therefore cannot agree with Wood-Mitchell et al as this is fundamentally dishonest. While Muller-Hergl (Muller-Hergl 2007) describes care giving as being about integrity; and that suffering cannot justify lying or treating someone unethically. Fowler and Sherratt (Fowler Sherratt 2007) does little but raise some further questions and acknowledge this in their article. Bender (Bender 2007) makes a good case that the context is most important here. She argues that ethical absolutes are not useful for poorly paid and trained care staff. Bender advocates a realistic approach that accepts that in everyday life lies are tolerated and accepted and can even be valued to protect and care for someone. She suggests there is value in understanding a persons life story and biography to aid communication and understanding. She also raises the question of new approaches to loss and bereavement around ideas of continuing bonds instead of accepting loss and moving on. Finally, she states the value of strong caring and therapeutic relationship that can withstand, if necessary the lie.

English Gcse Media Essay :: essays research papers

English GCSE Media Coursework 1. How does advertising reinforce gender stereotypes? Today in the late 1990’s we can not escape advertising it bombards us from all types of media and every aspect of our lives. It is a multibillion-pound industry that stereotypes genders and tells us what we could become if we use certain products. Men being portrayed as cool, tough, athletic and stylish reinforce the gender stereotypes. One advert I have studied which reinforces the male stereotype is an advertisement for ‘Old Spice, White Water’. The advertisement shows a businessman in a kyak kyacking down a white water rapid. This is stereotyping the male businessman by showing him as an adventurous and carefree person who wears ‘Old Spice, White Water’. So this campaign is obviously aimed at businessmen who see them selves as adventurous and care free. Another advertisement I have chosen to study that reinforces the male stereotype is an advertisement for an eau de toilette by ‘Givenchy’. This advertisement reinforces the male stereotype by showing a man in a space suit in outer space looking up beyond infinity. So as space men are looked upon as top class people who have achieved many peoples ambition to look down on the world this what he is portrayed as in the advertisement. The two advertisements reinforce gender stereotypes by showing the men as successful, and fearless. One is a business man kyaking and the other is an astronaut. For males this is how advertisements reinforce gender stereotypes. ‘Givenchy’ stereotypes Women as elegant, perfect and classy as in an advertisement for a perfume called ’Organza’. The same stereotypical role is also taken up in most other advertisements aimed at women. The woman in the advertisement for ‘Organza’ is pictured next to an enlarged picture of the bottle for the perfume. Both look similar with the curves of the body being translated into the shape of the bottle. Also the pleats in the dress are mimicked too. The background in the design is smooth and gentle showing and increasing the elegance of the woman. So this still and gentle setting is how advertisers stereotype females in advertisements. As advertising advances though advertisers are using reverse stereotyping to attract attention to their advertisement out of many. One advertisement I have studied that imposes this reverse stereotyping is an advertisement for a larger with a young woman in a snooker club leaning against a snooker table.

The Economic, Medical and Industrial Benefits of Legalizing Marijuana E

The Economic, Medical and Industrial Benefits of Legalizing Marijuana Marijuana is the dried flower clusters and leaves of the hemp plant when taken to induce euphoria. Marijuana has been in existence for centuries even Magellan spoke of it during his trip to India. In his log he spoke of a plant that you smoked that made a man drunk without drinking. Marijuana would be beneficial if legalized because it would bring in extra money, it has medical uses, hemp is one of the best materials in the world and on average it is healthier for you then beer or liquor. The old cash crop of the Americas was tobacco in today's world it is marijuana. More marijuana is transported into and out of this country at a higher rate then tobacco. As of last year there were 1,147,591 of seized marijuana by the United States Coast Guard. If the average price of a pound of marijuana were only fifteen hundred dollars that would put the price at 1,721,386,500 when the GNP (Gross National Product) for year two thousand is projected at 17 billion. If marijuana were actually a taxed good at the normal rate of five percent that would put the price up to 1,807,455,825 it would take the price up a total of one hundred million dollars. Not only would the legalization bring in more then nine percent of the GNP. It would take the amount of drug dealing and money laundering due to dealing down. With this decrease in crime the money spent on police could be put to better use. The police could spend more time in trying to solve crimes such as murders or theft. Though in another area there would have to be a specific police unit to deal with these new stores. The insurance rate would also be astronomically high due to break-ins and the cost of the merchandise ... ...ad is just the sale of smoked marijuana. The sale of hemp wasn't calculated into it that it would just bring up the tax money and possibly take its percentage of GDP up to fifteen or at the most eighteen percent. Medicinal uses of it outweigh by far the supposed cancers it produces. If given the chance marijuana could be the next penicillin a miracle drug curing sicknesses never thought to be curable. Marijuana the so-called gateway drug the highly addictive drug, this was all a lie. Its been shown that marijuana is not even as addictive as caffeine or chocolate. Cigarettes cause twice as many cancers as marijuana and marijuana's non-smoked form causes no cancers while chew cigarettes non-smoking form causes several oral cancers. If these reasons are enough for you to reconsider your view on marijuana laws please visit http://www.norml.com and see what the truth is.

Starbucks Solvency Case

STARBUCK’S ASSIGNMENT Question 2 Short-term liquidity: Starbuck’s current ratio has increased from 1. 29 to 1. 83 between 2009 and 2011. At the same time its quick ratio has also increased to a healthy 1. 36 percent in 2011. It is clear that current liabilities are decreasing at a faster rate than current assets. Thus the company’s ability to meet its obligations in the short-term should not be a problem. Starbucks’ liquidity looks healthy going forward as it has a healthy receivables turnover at 33. 95 in 2011, whilst the average collection period is at 10. 75.Long-term Solvency: The debt to equity ratio dropped from 2010 levels where it was at 0. 74 to 0. 68 in 2011 which means that there has been a reduction in financial risk and an improvement in solvency. This may largely be explained by the increase in retained earnings. The interest coverage is between 4 and 5 times meaning that Starbucks is not at any high risk of default on its debt obligations. T hus the risk of insolvency is highly mitigated. Profitability: The return on equity (ROE) for Starbuck’s has improved greatly from 14. 12% in 2009 to 30. 91% in 2011.The return on assets (ROA) has followed a similar trend growing from 9. 99% in 2009 to 25. 15% in 2011. This suggests that for any potential investors Starbuck’s is a lucrative proposition at least to the extent that past performance is a reliable predictor of future performance. P-E Ratios: Given its size Starbuck’s is not likely to see any extraordinary growth and as such a P-E ratio of 23. 65 in 2011 is reasonable even though it shows a drop from 2009 levels. Of an interest is the fact that over the same period Starbucks EPS have actually grown by up to 200% from 0. 53 to 1. 66.It is clear that investors do not expect any rapid growth in the company’s net income but rather more stable growth. Question 3 With regard to short-term liquidity it is clear that Starbuck’s is doing better than the industry where the current ratio averages out at about 0. 7 and the quick ratio at about 0. 3. Insofar as solvency is concerned Starbuck’s also does better than the industry where debt-equity ratios have reached peaks of 128. 075, whilst industry interest coverage averages out at about 1 or 2 times. Thus Starbuck’s is more solvent than a lot of its peers in the industry.Starbuck’s is also more profitable than the industry where both ROE and ROA average below 20%. Starbucks’ P-E ratio of 23. 65 in 2011 shows that the market expects Starbucks to grow its net income faster than the industry average growth rate which is given by an industry P-E ratio that averages out at about 16. Question 4 Up until 2008 Starbucks registered stable growth, growing its ROE from 14. 10% in 2003 to 29. 81% in 2007. During this same period the return on sales number remained steady around 7%. However it’s ROE plummeted in 2008 to 13. 21%, only recovering in 2010 and peaking at 30. 1% in 2011. At the same time its return on sales dropped to a record 3% in 2008. The drop in 2008-2009 is partly explained by the economic downturn of 2008. Starbucks situation was certainly not helped by the fact that it had a liquidity problem that had persisted since 2005 with quick and current ratios below 1. 0. Starbucks has since seen its short-term liquidity improve with its quick and current ratios recovering in 2010 and 2011 to levels above 1. 0. Improved liquidity has also come with improved profitability with the return on sales number peaking at 10. 65% in 2011.