Advising Boeing And Airbus On Foreign Exchange Risk Finance Essay

Advising Boeing And Airbus On Foreign Exchange Risk Finance Essay BOEING: Boeing is the worlds largest aerospace company. Being a leading manufacturer of commercial jetliners, it is a top US exporter. It provides tailored services that include commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems. (Boeing, 2010). The company has it corporate offices in Chicago and also employs more than 159,000 people across the United States and in 70 countries, also has nearly 12000 commercial jetliners, in service worldwide, which is roughly 75 percent of the world fleet. (Boeing, 2010). AIRBUS: Airbus is a leading aircraft manufacturer owned by European Aeronautic Defense and Space Company (EADs), a global leader in aerospace defense and related services. Having its headquarters in Toulouse, France, it has fully owned subsidiaries in the United States, China, Japan and Middle East. It has it spare part centers in Hamburg, Frankfurt, Washington, Beijing and Singapore, training centers in Toulouse, Miami, Hamburg, and Beijing (Airbus, 2011). The company has 150 field service offices around the world and employs a total work force of 119,000 and has presence on every continent (Airbus, 2011). The major competitor of Airbus is Boeing Company. FOREIGN EXCHANGE RISK: Foreign exchange risk is defined as the risk that an investor will have to close out a long or short position, in a foreign currency at a loss due to an adverse movement in exchange rates. It is also known as currency risk or exchange-rate risk. (Investopedia, 2010). Simply put it is the effect that fluctuations in foreign currencies or exchange rates that affect the business entity. It is evident that large corporations like Boeing and Airbus that have operations in many countries are exposed to foreign exchange risks. It mainly arises due to difference in the currencies in which the company bears its operating or production costs and the currency in which the company receives payments from its clients. Boeing being a US company, it reports its financial transactions in US dollars. The input output is priced in US dollar which is a globally accepted currency. So even if it does trading in other countries, it receives payments in US dollars. Hence it is exposed to low forex risk. Airbus being a French company, it reports its transactions in Euros. Input or output is been priced in Euro in the domestic market, while in the world market is been priced in dollar which is globally acceptable currency and this exposes the company to high forex risk because Euro is not a global currency. We summarize it through following table: Company Currency of Costs Currency of Revenue Match/Mismatch Boeing US Dollar US Dollar Match between currencies. Airbus Euros US Dollar (assume 60%) Euros (assume 25%) Others (assume 15%) Mismatch of currencies. TYPES OF EXPOSURES: TRANSACTION EXPOSURE: Transaction exposure measures changes in the value of financial obligations incurred before a change in exchange rates but to be settled after the change.(Hagelin, 2003). It is the risk of changes in exchange rates between the time that a good is sold and the time that payment is received in foreign currency. For Airbus: As explained above the currency costs of Airbus are in Euros while cost of revenues is mostly in US dollars and some in Euros. This mismatch is clear from the annual report of the company according to which the operations of the group are mainly concentrated in different countries such as China, United States, India and Middle East; hence the payments are done in US dollars. This explains that Airbus has a high transaction exposure towards US dollar. Any fluctuations in the rate of US dollar against the Euro would affect the profit margin of the group. The long term contracts that must be honored at future rates are the other causes of transaction risk to the Euro. Though sometime the profits are being locked in by using long term contracts for e.g. for spare parts, there is an opportunity cost involves as the value of Euro or the price of commodities may increase. (Chester Chronicle, 2008) For Boeing: The cost of revenues as well as production, are denoted in US Dollars. Hence there is a perfect match. So even if the company has operations in many parts of the world such as Australia, Canada, China, India, Italy, Japan, Russia, and UK, the transaction exposure is less. Even if there is dissimilarity in the currency when Boeing sells its product to the different countries, the value is adjusted depending upon the countrys currency. The exposure arises due to variation in the currency rate, mainly of US dollar with other currencies. The danger here would be that the currency of the other country may strengthen or weaken to the corresponding US dollar. (Kascey, 2011). Consider the USD depreciates by 30%. The US currency would be under-valued, so this would lessen the profit margin of Boeing from payments received. But it would also reduce its cost of production. Thus this would hugely benefit for Boeing. On the other hand it would be very problematic for Airbus, as it would affect only the revenues and not the production costs. The decreased profits would cause a huge problem for Airbus. However, if USD value appreciates 30%, it would be of tremendous benefit to Airbus as the profits would be enhanced because of overvalued US dollars. Boeing would have to face the problems of increased cost of production but they would be backed off by the fact that payments would also be received in appreciated currency. TRANSLATION EXPOSURE: It is the risk that when the results of foreign subsidiaries are consolidated into the parents currency, translational gains or losses will result between reporting dates. The effects of translation risk are normally seen in the income statement and balance sheet. For Airbus: It deals mainly in aerospace, defense and commercial services. The Airbus commercial contributes 59% to the Companys revenue in 2009. (Airbus Annual report, 2009) The Company has a huge translation exposure, owing to the fact that it reports its earning in Euros. Transactions of its foreign subsidiaries, in foreign currencies other than the Euro are translated into Euro at the prevailing foreign exchange rate as at transaction date. It is mainly to the US Dollar as the trading in the industry and international markets is basically in US Dollar while the company reports its earnings in Euros. The translation risk of the company is evident in 2008 when the company had a decrease of 1% in revenue of à ¢Ã¢â‚¬Å¡Ã‚ ¬43.265 million due to an unfavorable impact of the US Dollars. Furthermore, in 2007, their chairman- Mr. Louis Gallois in his estimation said every Euro appreciation of 10 cents against the USD is a cost of à ¢Ã¢â‚¬Å¡Ã‚ ¬1B to the company based on the fact that Airbus costs are denominated in Euros while the major share of its revenues are in USD. Airbus also holds a substantial US Dollar denominated assets that are subjected to translation risk. (http://hedgecurrencyrisk.com/36/foreign-exchange-risk-can-be-huge-fortunately-it-can-be-managed/). For Boeing: It deals in commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, performance based logistics and training. Of this, commercial airplanes contribute 49.8% of the companys revenues (Boeing Annual report, 2009). Boeing does not have any translational exposure. This is only because the companys trading in international markets is mainly in US Dollars and the company reports financial data in US Dollars only. ECONOMIC EXPOSURE: It is the change in the net present value of future cash flows of the firm as a result of unanticipated changes in real exchange rates. It gives an idea of the potential volatility of the company. For Airbus: Economic exposure of the company is substantially important due to the geographical locations of companys operations. The operating costs are mainly in the Euros and in some other currencies in small portions. The earnings are in US dollars in majority. So if the Euro depreciates by 30% against the USD, its operating costs would relatively go down and it would gain cost advantage. Also its reported profits in Euros would increase due to exchange rate. And if the Euro appreciates by 30% against the USD, it will be facing a huge economic exposure as the operating costs would increase substantially and the reported earnings in Euros would also be less. For Boeing: With 82% of the employees of the company based in America and remaining 18% employees in other locations like India, New Zealand etc, majority of operating costs are in US dollars. So Boeing Company would pay employees mainly in USD while a little portion in other currencies also. The Boeing Company receives its revenue in USD only. Because of this match, any increase or decrease in USD would accordingly increase or decrease both the operating costs as well as profits. Hence the exposure is small and easily manageable, as they are already in USD denomination. COMPARISON CHART: From the above explanation, the exposures of the 2 companies can be summarized by the following table: Company Transaction Translation Economic Boeing Small Easy to manage Does not exist. Small but Manageable Airbus Big Very Difficult to manage High Difficult to manage. Huge. Very difficult to manage INTERNAL HEDGING: Internal hedging means using techniques available within the company or group to manage exchange rate risk. These techniques do not operate through the foreign exchange market and therefore they avoid associated costs. However, this does not mean they are costless. INTERNAL HEDGING TECHNIQUES: MATCHING RECEIVABLES AND PAYABLES: There is no problem if the receivables and payables are in the same currency. If the receivables and payables are in different currencies (mismatch) then there is a risk involved in it. (Joseph, 2000). Airbus operations in US would insulate its risks, as the cost of operations in USD is matched by payment in USD; gained from various services and selling various products in US itself. Fluctuations in other currencies will be negligible as the company will not have to pay operating costs in USD with Euro. In order to provide insulation towards risk in various other countries Airbus can obtain revenue in domestic currencies to pay operating costs in different currencies, payables and receivables for example. As a result of this economic risk can be minimized. (Joseph, 2000) However, this matching of receivables and payables will succeed only to a certain extent. As Airbus would have to borrow Euros with the currency received from other countries in order to bear the operating costs in its own parent company- France. In case of Boeing, this is not required as the company already has a perfect match between the currencies of its trade receivables and payables. CENTRALIZED AND DECENTRALIZED TREASURY FUNCTION (MULTILATERAL NETTING): Airbus with its centralized treasury function utilizes multilateral netting, which is one of the forms of internal hedging against foreign exchange exposure, in order to reduce risk. Multilateral netting is found commonly in Enterprise Wide Risk Management (EWRM) where the parent companys subsidiaries would report the forecasted payments and receipts in the foreign currencies and estimated current exposures to them. After taking internal hedging into account the central treasury calculates the net exposure of the company towards each currency. And it makes use of external hedging to hedge residual exposures. In order to have exchange controls as well as clear understanding of taxation in their respective countries; multilateral netting requires subsidiaries of the group to have a standardized budget reporting periods. The savings gained through the implementation of EWRM information system are also important and are enough for the cost to offset. (Aucoin, 1990). The main advantage of EWRM also includes reducing the capital costs by managing the volatility of earnings. This is made possible through internal rate risk and external hedge of dangerous exposures towards foreign exchange. ERM maximizes the portfolio effect and even helps organizations to exploit natural hedges as stated in capital asset pricing model. (Aucoin, 1990). Hence multilateral netting is applicable to Boeing. As multilateral netting is most commonly found in EWRM, by managing the volatility of earnings it reduces the capital costs. Thereby the risk of Boeing is also reduced. CURRENCY OF INVOICING: The choice of currency which international trade is invoiced is of high implication for Airbus and Boeing due to the nature of their products and services. In trying to avoid foreign exchange risks, both companies adopt currency of invoicing by choosing which currency to be used in international trade. The strategy would be helpful to both companies only when properly planned. Assume Boeing just got a contract with British airways to build five 747s and one is to be delivered each year for the next 5 years. We assume the rate to be 10 million per plane. If Boeing can negotiate and adjust the terms of the invoice, it can shift, share or diversify the currency risk involved in this transaction; which would be an added advantage to the company. To transfer the risk, Boeing can invoice the transaction in USD, then it has eliminated currency risk for itself, however, it has shifted it to British Airways. Assume $ =$1.80, then British Airways has an $18 million account payables and Boeing has an $18 million account receivables. To share the currency risk between both companies, British Airways can share the risk by invoicing 50% of the transaction in USD and the other 50% in British Pound (BP), i.e. $7.5m + £5m for each planes. The risk can even also be reduced by diversification through the payment of the transaction in various currencies based on the negotiation between the two companies. By so doing, Boeing has managed the currency risk. Airbus in similar situation can do the same but this time the currency involved will be Euro and British Pounds or several other currencies in case of diversification. (http://spruce.flint.umich.edu/~mjperry/466-13.htm). ASSET AND LIABILITY MANAGEMENT: Asset and liability management (ALM) is basically a technique of risk management designed so as to earn an adequate return while maintaining a comfortable surplus of assets beyond liabilities. Boeing and Airbus do use this risk management technique to address foreign exchange risk and even operational risk and it also includes hedging where they can hedge against movements in fuel prices. Boeing and Airbus can manage their asset and liability in such a way as to: Increase their overall earnings Ensure efficient use of their capital and assets Manage the associated risk in a cost effective way. (http://www.investorwords.com/285/asset_liability_management.html). LEADING AND LAGGING: Leading is an internal hedging technique that is the acceleration of payment of companys obligation (e.g., payment to suppliers) before the due date while lagging, also internal hedging techniques, is the delay of payment of a companys obligation past its due date. (http://www.angelfire.com/ca/finrisk/Leading.html) For example, when Airbus or Boeing expects the currency (Euro) or (USD) respectively to appreciate in value, they may accelerate (leading) this obliged payment and realize the payment before the currency appreciates. In the same manner, when the value of the currency is expected to decrease in value, they may delay (lagging) payments so as not to make a loss in the transaction. (Victor P and Yann S, 2003). CONCLUSION: In conclusion, we say that Foreign Exchange Risks depend upon the currency of costs and currency of revenues. Any difference within them is going to expose the company to Forex risks. The Forex risk that BOEING is exposed to is less mainly owing to the match between its input and output pricing currencies. While AIRBUS is exposed to huge risks as there is variation in the currencies of its costs and revenues. Also BOEING has Maintenance Contracts with companies and contracts with its Government to supply Military Planes due to which its risks have a backup from their Government in case of Financial Crisis. However AIRBUS doesnt have any such backing from its Government. This coupled with the high risks that it is exposed to; pose a grave threat for the company in case of financial crisis. The Internal Hedging mentioned above though useful for the companies are subjected to their effective and timely. And Airbus would be better naturally hedged against the risks by converting to repor t its financial transactions in US dollars than Euros.

E-Marketing Essay

Considering the current volume of internet marketing business, it’s hard to believe how young the internet marketplace is. While the timeline of internet marketing has been short, the cumulative events leading up to where we are now have impacted the entire globe faster than any marketing revolution in history. Today, it’s hard to believe in having an organization which doesn’t have some kind of online presence. When the internet was first introduced in the early 90s, the internet was treated as a tool for exchanging emails and digital information, but wasn’t yet considered valuable for reaching customers. Soon, companies which had been spending huge chunks of their marketing budget on offline list building, begin to realize that they could accomplish the same thing via email and for much less. Whatever the case may be, Nepal is still in the early phase of e-marketing and e-commerce. Only few people have access to internet, among those, very few use internet for business purpose. Most of the people who have web access are keeping themselves busy on social networking sites. But the positive aspect is that the number of people realizing and using internet as an e-commerce are continuously increasing. Human behavior and natures are so dynamic. We constantly want to change and our likes and preferences changes with time, trend and technology. Realizing this nature of human being and large increment in the number of internet users in Nepal, the founder of hamrobazar.com saw an opportunity and founded hamrobazar.com seven years ago. Hamrobazar.com is free online site which enables individuals as well as companies to sell wide variety of new or used product online. Hamrobazar.com is a site that has created a platform where both seller and buyers can interact with each other to buy and sell products and services. Hamrobazar.com is an e-commerce company based in Kathmandu, Nepal. Hamrobazar is one of the popular sites in Nepal for free selling and purchasing of variety of new or used products. It offers its users an easy and trendy way to purchase wide variety of new or used goods online. A buyer can choose a suitable product from the list of a large product variety and can purchase from the seller. People buy new products everyday or every week. All of us are buying new things every week. It can be a car, a book, a music CD, a DVD, mobile set, mobile accessories, services, toy and many more. But as time and technology changes, the products we purchase may get outdated or we may wish to buy a different product. The reason to buy a new product or buy a different products could be several, change in technology, age of the product, malfunctioning of the product, wish to get updated with new product in the market, bought a product earlier that is not suitable and the list for reasons can continue. For all those who wish to sell their product and for all those who wish to purchase a new or a used product hamrobazar.com is the perfect answer. The best thing above all, it is for free. Hamrobazar member can login and sell their products for free. Hamrobazar.com is free online classified which enables individuals as well as companies to sell wide variety of new or used product online. Hamrobazar is visited by around 50,000 unique visitors who use the site for buying and selling purpose. Compared to newspaper classifieds, hamrobazar.com will provide more comprehensive detail and pictures thus enabling consumer to choose better. Hamrobazar.com has created such platform where both seller and buyers can interact with each other Mission Statement and stated goals of hamrobazar.com Hamrobazar.com does not appear to have a predetermined mission statement, nevertheless, the basic mission and goals of the Company is to provide a perfect solution for selling the products for free. It also believes that internet is a great promotional vehicle as well as communication channel for connecting buyers and sellers. In general, hamrobazar.com has communicated that its mission is to influence technology and potential to provide the best buying experience on the Internet for free. Business Philosophy of hamrobazar.com Despite its increasing popularity, hamrobazar.com remains unremittingly focused on the costumers. Since, the main philosophy of hamrobazar.com is to help the web users to sell their products for free. It is constantly focusing on the customer friendly interface so that customers can enjoy their purchase on a trendy and an easy way.

Ray Charles - 683 Words

Ray Charles Is it justifiable or not for him to take gospel music and turn the song into secular songs? Explain whether it was right or wrong. What motivated Ray Charles to experiment with so many genres of music? Was Ray Charles responsible for Margie Hendrix’s early death? Why/Why not? Use one word to describe Ray Charles and explain why. It was justifiable for Ray Charles to take gospel music and turn the song into secular because a new generation was arising. In a community where different genres of music are seen as competition in the music industry, Ray wanted to stand out. The best way to achieve this he had to cause controversy. 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Simple Dépêcher (to Hurry) Conjugations in French

How would you say hurry up in French? One way is to use a conjugate of the verb  dà ©pà ªcher. For example, you can use dà ©pà ªche toi for a single person and dà ©pà ªchons vous for multiple people. That is just one very simple conjugation of the French verb. There are many others that you will want to know in order to use  dà ©pà ªcher  beyond a quick command. A short lesson will run you through the most common forms. Conjugating the French Verb  Dà ©pà ªcher Dà ©pà ªcher  is a  regular -ER  verb  and that makes the conjugations a little easier to remember. This is particularly true if you have already studied similar words like  demander  (to ask) or  dà ©cider  (to decide). Thats because they share the same infinitive verb endings. Before you can add an ending to  dà ©pà ªcher, we must identify the verb stem:  dà ©pà ªch-. To this, the endings are added to  match the subject pronoun with the appropriate tense. For example, I am hurrying is je dà ©pà ªche while we will hurry is nous dà ©pà ªcherons. Subject Present Future Imperfect je dpche dpcherai dpchais tu dpches dpcheras dpchais il dpche dpchera dpchait nous dpchons dpcherons dpchions vous dpchez dpcherez dpchiez ils dpchent dpcheront dpchaient The Present Participle of  Dà ©pà ªcher Adding -ant  to the verb stem of  dà ©pà ªcher  gives you the  present participle  dà ©pà ªchant. Its helpful beyond the verb usage and can also be an adjective, gerund, or noun. The Past Participle and Passà © Composà © Another way to express the past tense hurried is with the  passà © composà ©. To construct this, attach  the  past participle  dà ©pà ªchà ©Ã‚  to the appropriate conjugate of  avoir, the  auxiliary verb. As an example, I hurried is jai dà ©pà ªchà © and we hurried is nous avons dà ©pà ªchà ©. Notice how  ai  and  avons  are conjugates of  avoir  and that the past participle remains unchanged. More Simple  Dà ©pà ªcher  Conjugations to Know When the action of hurrying is in question or uncertain, you might use the subjunctive verb mood. In a similar fashion, the conditional form implies that the hurrying will only happen  if  something else occurs. The passà © simple is a common literary form of  dà ©pà ªcher  and its likely you wont use it yourself. The same can be said for the imperfect subjunctive, however being able to recognize these is a good idea. Subject Subjunctive Conditional Pass Simple Imperfect Subjunctive je dpche dpcherais dpchai dpchasse tu dpches dpcherais dpchas dpchasses il dpche dpcherait dpcha dpcht nous dpchions dpcherions dpchmes dpchassions vous dpchiez dpcheriez dpchtes dpchassiez ils dpchent dpcheraient dpchrent dpchassent The imperative forms of  dà ©pà ªcher  are those short commands like, Hurry up! When using these, formality is dropped, so you can skip the subject pronoun: use dà ©pà ªchons rather than nous dà ©pà ªchons. Imperative (tu) dpche (nous) dpchons (vous) dpchons

Details of Johannesburg, South Africa - 848 Words

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By Ian Armitage 20 www.southafricamag.com Nando’s FEATURE hat the world’s appetite for spicy chicken is growing is evident from the fact that South African casual dining chain Nando’s continues to expand. Nando’s is one of South Africa’s most enduring and risque brandsRead More The Poetry Lesson by Don Maclennan Essay1605 Words   |  7 Pageshis views and feelings on his lessons, how he might have impacted on the lives, altered the views and the challenges he has given his students. He states what he expects from his students. It is interesting to note that Don Maclennan is in fact a South African English poetry lecturer. I thus assume that this poem is a reflection on how he views himself and his students. I intend to give a detailed analysis of the poem, by defining the type of irony that occurs in the poem and commenting on the use

The Day Then It End Free Essays

The year that women decided to stand up for their right’s was the year that the case Roe vs. Wade came about. The author of the article that I chose was a writer for a newspaper, and is reliable for this aspect. We will write a custom essay sample on The Day Then It End or any similar topic only for you Order Now The author could have chosen to write this article because he or she felt strongly about the women’s rights that were at jeopardy at the time. The article takes place in a town in Texas where a woman was denied the choice of having an abortion. The article then continues to give you facts about the court case, the different opinions of the jury, and the final ruling. The article that I chose was over the case and covered many aspects about the rights of women and their right to choose. The biggest part of this article is the author’s choice to use pathos as an explanation as to why the case happened. This is evident throughout the entire article, as it is written over a very touchy subject. Some words that we see repeated throughout the article are â€Å"privacy† and â€Å"choice†. These relate to pathos because they make you see just what was at jeopardy for not only Roe, but women all across the United States. When the word privacy is continually used, it evokes the emotion that women were being violated in the means of privacy. This is also used to evoke an emotion that in no way is abortion a right to privacy, which is seen in the portion of the article titled â€Å"Dissenting Opinion†. The word choice is seen multiple times throughout the article and can evoke two different kinds of emotions as well. On one hand, the word choice is used to really hit home to you in the way that a person’s right to choose what they do with their body was at stake, and on the other hand, you feel the emotion that the fetus’ right to choose to live was at stake. These are both very sensitive subjects and can evoke emotion no matter the opinion on the issue. Evoking emotion through stating both emotional views and opinions has the largest effect on people throughout this article. The next appeal that this article has is that of ethos. The entire article from start to finish is filled with ethos appeals, since it is a newspaper article about a court ruling. Throughout the article, we can see the ethos appeals within the different court and medical terms. Some of these words and phrases that are repeated throughout the article are â€Å"the court has ruled (and small variations)† and â€Å"Amendment†. These words increase the trustworthiness of the author of the article by making her seem like she was involved with the law and understands it to a point. Even though we can tell that the author is just a writer for a newspaper, but we can tell by the use of these words that she is understanding of the court terms in general. These terms also come from actual quotes and speeches from within the Roe vs. Wade case, which is apparent in the sections of the article titled â€Å"Majority Opinion† and â€Å"Dissenting Opinion†. The effect that these appeals have on people is that it gives them a better feeling of the author’s credentials, knowing that what they are reading was written by an author that knows what they are talking about. The final appeal that is apparent throughout the article is that of logos. Although not as frequently used, the appeal of logos is still there. One specific example of a logos appeal is when the article states,†Ã¢â‚¬ ¦ -judge federal court ruled that Texas abortion law unconstitutional, and the case was the appealed directly to the U. S. Supreme Court†. This is a logos appeal because it applied to the logical side of the article in the way that it made the law maker go back and be more specific about what they were talking about. Finally, we take a look at how the author wrote this article. While the author uses the logos, ethos, and pathos appeals, the author uses a certain word choice, tone, and syntax throughout the article to also get their point across. Throughout the article, we see the author using very sophisticated and professional word choice, such as â€Å"Amendments† and â€Å"Constitutional†. These words also influence her tone, making the piece sound very serious; this is how it should be. The article is over abortion which is a very serious topic for women everywhere. We also get a trustworthy feeling out of the article because of these factors. Included in word choice is the repetition of certain words and phrases. These phrases open your eyes to what happens to women almost every day, still, even after the Roe vs. Wade case was over. Also, the author used no figurative language at all, which made it seem even more professional than a speech or anything other than something based strictly on facts and stuck to an objective tone throughout. In conclusion, this article is very professional and appeals to many groups of people through the logos, pathos, and ethos appeals about abortion and the Roe vs. Wade case. Although it had a lot of emotional appeal, it also had a huge professional feel, making it seem like a trustworthy article. How to cite The Day Then It End, Essay examples

Voltaire Essay Example For Students

Voltaire Essay Cant find it here? Try MegaEssays.com Voltaire By: Desk Jockey Voltaire Francois Marie Arouet (pen name Voltaire) was born on November21, 1694 in Paris. Voltaires style, wit, intelligence and keen sense of justicemade him one of Frances greatest writers and philosophers. Young FrancoisMarie received an excellent education at a Jesuit school. He left school at 16and soon formed friendships with a group of sophisticated Parisian aristocrats. Paris society sought his company for his cleverness, humor and remarkableability to write verse. In 1717 he was arrested for writing a series of satiricalverses ridiculing the French government, and was imprisoned in the Bastille. During his eleven months in prison he wrote his first major play, Oedipe,which achieved great success in 1718. He adopted his pen name Voltaire thesame year. In 1726 Voltaire insulted a powerful young nobleman and wasgiven two options: imprisonment or exile. He chose exile and from 1726 to 1729lived in England. While in England Voltaire was attracted to the philosophy ofJohn Locke and ideas of the great scientist Sir Isaac Newton. After his returnto Paris he wrote a book praising English customs and institutions. The bookwas thought to criticize the French government and Voltaire was forced to fleeParis again. In 1759 Voltaire purchased an estate called Ferney near theFrench-Swiss border where he lived until just before of his death. Ferney soonbecame the intellectual capitol of Europe. Throughout his years in exile Voltaireproduced a constant flow of books, plays, pamphlets, and letters. He was avoice of reason, and an outspoken critic of religious intolerance andpersecution. Voltai re returned to a heros welcome in Paris at age 83. Theexcitement of the trip was too much for him and he died in Paris. Because ofhis criticism of the church Voltaire was denied burial in church ground. He wasfinally buried at an abbey in Champagne. In 1791 his remains were moved to aresting place at the Pantheon in Paris. Voltaire was famous during theenlightenment for his satirical writings about major issues. He was loved bysupporters of the enlightenment, but he was hated by some who didnt see thegenius in his satires. He had a unique point of view on things that few could seeat that time. Bibliography: