Effects of Countries of Transition Economies Essay

Centrally planned economy is an economic system in which the government makes almost all the decisions of a country’s economic activities (â€Å"Definition of ‘Centrally Planned Economy’†, 2014). For instance, government takes control on what goods and services is produced and how the resources are disseminated. The purpose of centrally planned economy is to enhance the productivity and management by allowing the planners to take advantage of better information accomplished through a combination of economic resources while making decisions on the topic of investment and also the distributions of economic inputs (â€Å"Command economy†, 2014). On the other hand, a market economy is an economic system in which the consumers and businesses who take control on making the economic decisions of a country (â€Å"Definition of ‘Market Economy’†, 2014). For instance, consumers and businesses decide the price of goods and services and how m uch to supply. However, there is little government involvement. In the late 1980s, the decline of the centrally planned economies has downgraded the living standards of the people (â€Å"Economic reforms (transition to a market-based economy)†, 2014). Hence, some of the centrally planned countries such as Poland, Hungary, and Yugoslavia intended to move towards a market economy because this is the only way to conquer the gap between these socialist economies and the western-like market economies (â€Å"Economic reforms (transition to a market-based economy)† , 2014). The transformation from a centrally planned economy to a market based economy has never been easy (â€Å"Command economy†, 2014). There is only one process of transition is considered as successful which is the People’s Republic of China (â€Å"Command economy†, 2014). On the  other hand, the Soviet Union’s transition was much more challenging (â€Å"Command economy†, 2014). This is because of the creation of price ceilings which is under the soviet’s planning (â€Å"Command economy†, 2014). This has caused the serious problem which is shortages (â€Å"Command economy†, 2014). A program of shock therapy has created which is to implement the transition process in a short period of time (â€Å"Command economy†, 2014). Hence, a big-scale privatization, budget cuts and liberalization of economy and finance policies. The fundamental economic problem is linked to the concern of scarcity (â€Å"The fundamental economic problem†, 2014). Scarcity happens when societies do not have enough resources to satisfy their unlimited needs and wants which is also call demand (â€Å"The fundamental economic problem†, 2014). Due to the limited resources and the unlimited demands, producers and consumers have to make a wise decision between competing alternatives (â€Å"The fundamental economic problem†, 2014). By making a wise economic decision, the alternatives must be sacrificed which also call the opportunity cost. This is because that they believe that the economic decision they made has a greater benefits than the opportunity cost (â€Å"The fundamental economic problem†, 2014). Thus, firms and households are the components from the circular flow diagram play an important role to deal with the problem of scarcity. However, government may involve in the market and thus government must also need to know which way is the best to use taxpayer’s money in order to enhance the country’s development. According to the America’s first Nobel Prize winner for economics, Paul Samuelson said that in order to solve the problem of scarcity facing by all of the societies, three basic questions must be answered which are what to produce, how to produce and whom to produce (â€Å"Samuelson’s three questions†, n.d.). The economic system performs similar function despite the differences in each system. First and foremost, one of the functions stated by College of Agriculture & Life Sciences (n.d), the basic functions of the economic are to determine what and how much to produce. To produce goods and services, firms should analyse on what are th e demands and the needs of the society and then produce goods that are highly values by the society. Therefore, consumers are willing to pay more to satisfy their needs and wants, which also benefits firms where they are able to maximize their supply and also income. Firms also could produce a number of goods depending on the market  size. Therefore, there won’t be wastage. Secondly is how are firms going to produce goods? The production of goods and services can be from different type of aspect. For example, firm uses labour production technology to produce their goods. It is because hiring labour from other countries like Bangladesh is cheap. Besides that is by using capital production technology. With the advance of technology, machines or robots are able to help in production by maximizing the use of resources and also maximize production with the resources available. Lastly is for whom the production of goods and services are for? Goods and services are normally produced for everybody as some firms may want to maximize their profits by targeting everybody. However, som e firms may want to segment their products to certain segments only. For instance, a firm which produces baby diapers only target for the baby segment. Some other firms also may target other segments according to race, culture and also age. By this, it will help to maintain the economy and also promote economic progress. Planned economies basically give the government autocracy type dominate over the resources of the nation (â€Å"planned economy†, 2014). They mitigate the need of private firms and permits the government to decide everything from allocation to pricing (â€Å"Economy system†, n.d.). Planned economies can offer stability, but also can restrict the progress and development of the nation if the government does not distribute resources to the innovative companies (â€Å"Economy system†, n.d.). The system rely on partial or total government control of the factors of production. All sources of production are owned and operated by the government (â€Å"Economy system†, n.d.). Individuals are not allowed to possess whichever property. The government programs, arranges, and coordinates the entire production procedure in many industries. Lastly, the government, make the most economic resolution with those on top of the hierarchy (â€Å"Economy system†, n.d.). Market Based economy is a free market economy where economic decisions are made. In other words, the production of the goods and services are control by the laws of supply and demand (Amadeo, 2014). Private firms or individuals take control of the allocation resources. Firms sell their goods and services at the highest probable price to maximize profit which consumers are capable and ready to pay (Amadeo, 2014). In a market economy, most goods and services are own privately. These enable private firms and individuals to make decision and choices freely.  Owners, consumers and workman are free to trade, purchase, generate resources in the free market (Amadeo, 2014). According to the law of demand, when the demand of an item increases, the prices will eventually increase (Amadeo, 2014). Besides, the forces of supply and demand are free from the involvement of the government. The duty of the government in market based economy is to simply insure that the market is set up and processing (â€Å"market economy†, n.d.) The standard of economic development in centrally planned system is low. It has a bigger agricultural sector as proportion of total productivity, despite on low priority of agriculture in resource distribution. It also has a high standard of forced saving and development was a high priority of centralized distribution. Furthermore, the system has a smaller service sector. Socialist countries less diverse because of not specializing conform to comparative advantage. Prices are also more stable. They inclined to display greater stability after most of the post-war era (economy system, n.d.). A centrally planned economy can lower unemployment rate, centralize resources on significant objective such as speedy economic growth and prevent wasteful reproduction of economic activities (â€Å"the pros of command economy†, 2014). A planned economy is essential at mobilizing economic resources. Firms have the capability to implement big projects, achieve their target and build industrial strength (â€Å"the pros of command economy†, 2014). Besides, it can avoid monopoly force misuse (â€Å"the pros of command economy†, 2014). Planned economies have the capability to refrain the lavish of monopoly force. It also permits the government to validly conquer market failure, inequality and set up a community that will maximize the welfare of people despite maximizing earnings. The country produces a planning scope of power so as to effectively implement long term goals (â€Å"the pros of command economy†, 2014). There is also more fair distribution of income and wealth (economy system, n.d.). On the other hand, planned economies mostly suffer from strict bureaucracy, responsibility problems, deficient decision-making, communication issues, self-serving action and incapable conformity (Chavez III, n.d.). These issues lead to excessive of shortages and surpluses of goods and services. Unsatisfactory allocation mostly leads to black market economies. The people in this system have a poor level of living and are poorly motivated (Chavez III, n.d.). There are pros and cons in every economy system. Centrally planned economy is fully  controlled by the government. Therefore, mentioned by Engrade (n.d), the relative merits for centrally planned economy is whereby the welfare of all citizens is the primary goal. In are other words, the citizen are put as the main priority to any situations. For example, goods are being produced based on the demand from the citizens. Next is prices of goods are being under control by the government so that citizens will be able to afford to consume goods and services. For instance, government provides petrol subsidies to citizens. Other than that is also said by Engrade (n.d), there will be no industrial unrest such as striking or riots as the governments c ontrols it in a systematic manner. For example, the wages of employee or the rights of citizens. Lastly is whereby government possess information to direct resources. The government have the information to where needs resources and where do not need. By this everything will be under control and there won’t be wastage. Compare to centrally planned economy, market based economy has more freedom as the government do not interfere with citizens doings. With private sector, the country is becoming more powerful. The relative merits of the market based economy is where with the boost of private sector, the country of state will be more updated and have more economic power. Private sector would be also able to bring in advance technology to increase the performance and the productivity of goods produced. Besides that, the prices of goods are determined by the market mechanism which is the types of goods and services of products being produced. Lastly but not least are competition among firms may help to improve the quality of goods produces (Engraded, n.d). For example, in order to attract more customers, private sector would upgrade the quality and also control the pricing in other to compete with other private sector. By this, I would benefit a lot to consumers and they will be willing to pay for it. Throughout the complete process of economic transformation which began in 1970s and accelerate in the 1980s as the economic conditions worsened (â€Å"Economic reforms (transition to a market-based economy)†, 2014). In 1989, the political systems in some of the socialist countries started their unexpected collapses which lead to the neglect of the centrally planned system and slowly transform into a market based economy system (â€Å"Economic reforms (transition to a market-based economy)†, 2014). Thus, it has brought some significant effects on the world undeveloped markets and on  global trading patterns of countries (â€Å"Economic reforms (transition to a market-based economy)†, 2014). In the first stage of the transformation, a number of fundamental economic improvements had to be executing in all these countries (â€Å"Economic reforms (transition to a market-based economy)†, 2014). These modifications were related to liberalization of prices, trade and also foreign exchange (â€Å"Economic reforms (transition to a market-based economy)†, 2014). Moreover, the transformation of the economy system also brings macro-economic stabilization to the countries (â€Å"Economic reforms (transition to a market-based economy)†, 2014). It helps to deal with the essential external and internal disparities of the national economies which are high or hyper-inflation (â€Å"Economic reforms (transition to a market-based economy)†, 2014). Additionally, transition to market based economy also facilitate in the aspect of restoration of private assets, positioning the conditions, legal and organizational structure required for an economy based in personal enterprises and economic activities (â€Å"Economic reforms (transition to a market-based economy)† , 2014). Other than this, it also enabling the reimbursement or re-compromise of the accumulated foreign debt and, overall, it helps to take the advantages of national economy which include the development of the banking and financial segment and the attraction of foreign capitals and investments (â€Å"Economic reforms (transition to a market-based economy)†, 2014). The other effect is that it helps the countries to set up a standardized exchange rate (â€Å"Economic reforms (transition to a market-based economy)†, 2014). Lastly, the transition towards the market-based economy system had aid the countries in the elimination of state control over foreign trade and established legal regulations in order to stimulate the entrepreneurship development (â€Å"Economic reforms (transition to a market-based economy)† , 2014). In the past decades, millions of countries and people think that planned economy was the best method to operate their economies. There are still some other countries currently under planned system, like North Korea. However, planned system tends to lose out from major inefficiencies and it work out not as successful as other systems. Market and command countries incline to place distinct preference on the part of government in the economy. The essential economic problem is scarcity and choice. Because of scarcity, choices have to be made. The transformation had improved the development of the economy  and brings stabilization to the nation. With reinforced globalization, we became more acutely conscious of the mutuality of all countries in our world economy (â€Å"COMPARATIVE ECONOMIC SYSTEM†, n.d.). References Amadeo.K, (2014). Market Economy. Retrieved from http://useconomy.about.com/od/US-Economy-Theory/a/Market-Economy.htm. ASIA-PACIFIC ECONOMICS Blog, (2014). Command economy pros and cons. Retrieved from http://apecsec.org/command-economy-pros-and-cons/ Centrally planned economy. (2014). Definition of ‘Centrally Planned Economy’. Retrieved from http://www.investopedia.com/terms/c/centrally-planned-economy.asp. Command economy. (2014). Retrieved from http://www.answers.com/topic/planned-economy. Chavez III.F, (n.d). What Is a Centrally Planned Economic System?. Retrieved from http://www.ehow.com/facts_7703633_centrally-planned-economic-system.htm. College of Agriculture & Life Sciences. (n.d). The Functions of An Economic System. Retrieved from http://www.cals.ncsu.edu/course/are012/lecturepdf/lectur7.pdf. Economic Education. (n.d.). COMPARATIVE ECONOMIC SYSTEM. Retrieved from http://www.econedlink.org/lessons/EconEdLink-print-lesson.php?lid=322&type=student. Economy System, (n.d). Planned economy. Retrieved from http://www.ssag.sk/SSAG%20study/EKO/Economic%20Systems.pdf. Engraded. (n.d). Economis Systems. Retrieved from https://wikis.engrade.com/economicsystems. European Commission. (2014). Economic reforms (transition to a market-based economy). Retrieved from https://webgate.ec.europa.eu/multisite/etc/en/content/economic-reforms-transition-market-based-economy. Investor Words, (2014). Planned Economy. Retrieved from http://www.investorwords.com/8175/planned_economy.html#ixzz34n1pNDUu. Market economy, (2014). Definition of ‘Market Economy’. Retrieved from http://www.investopedia.com/terms/m/marketeconomy.asp. The economic problem, Samuelson’s three questions. (n.d.). Retrieved from http://www.economicsonline.co.uk/Competitive_markets/The_economic_problem.html. The fundamental economic problem. (2007). Retrieved from http://econ.economicshelp.org/2007/09/fundamental-economic-problem.html. .

Effects of Aerobic Exercise on Heart Rate Essay

Introduction: Our bodies need to be in balance in order to function properly, and there are many ways the body maintains balance, or homeostasis. Homeostasis is the maintenance of nearly constant conditions in the internal environment. Our normal heart rate is an example of our body in homeostasis and any sort of change, or stimulus, can alter it. Exercise, adrenaline in the blood, and a low blood pH are all stimuli that increase the heart rate. Exercise, for example, stimulates stretch receptors in the muscles. These receptors then send a signal to a part of the brain called the medulla oblongata that receives the sensory input. It then in turn sends nerve impulses to the sinoatrial node in the heart. This node generates an impulse and initiates contraction of the heart at a quicker pace. Thus, the heart beats faster, which equals an increased heart rate. This is an example of a homeostasis imbalance. The heart reaches homeostasis again when exercise ceases and the heart rate drops down to its basal rate, or its rate at rest. This whole process is an example of a negative feedback cycle: a stimulus (increased heart rate) sends receptors to the control center (medulla oblongata), which then sends effectors (impulses by the vagus nerve, or the efferent pathway) to the heart to slow the heart contractions, thus reducing the heart rate and bringing it back to its basal rate. In our experiment we studied heart rate before and after a brief exercise session. Our hypothesis is exercise will increase the heart rate, and a negative feedback mechanism will occur to restore the heart rate back to its normal basal rate. Materials: Stop watch, metronome, stairs Methods: †¢Eight subjects took their own resting, or basal, heart rate for 15 seconds while standing up. Some subjects chose to take their heart rate at their carotid artery, and some took their pulse using their radial artery. This number was multiplied by 4 to get beats per minute. This is how all heart rate measurements were taken throughout the experiment. †¢Subjects did exercise session. They walked down 57 stairs and then back up those same 57 stairs for a total of 104 stair steps. This was done at a pace of 85 beats per minute. The whole session took 1 minute 45 seconds. †¢Subjects immediately took their heart rate after they completed the exercise. †¢After 1 minute of completing the exercise, subjects measured their heart rate again. This was done at 1 minute intervals for a total of 5 heart rate measurements after completing the exercise. †¢All together, subjects took 6 heart rate measurements: 1 before the exercise, and then 5 after the exercise. Data/Results: See attached graph and table. Conclusion/Discussion: The data shows that heart rate increases during and after exercise and begins to drop back down close to the basal rate after rest. The heart progressively decreases after each minute of rest. Our results show a negative feedback mechanism was used to control the heart rate after exercise. The increased heart rate stimulated the medulla oblongata which sent impulses to the sinoatrial node of the heart to slow down contractions and decrease the heart rate. Different subjects had differences in the time it took for their heart rate to drop after the exercise, but heart rate decreased nonetheless. Overall, our hypothesis was shown to be correct from the experiment. We chose the heart rate as our variable because it is easy to measure and gives clear results. We predicted that the heart would increase after a brief exercise session, and our results matched that prediction. As for other experiments, we could perform different activities or tasks and measure our hear t rate after those. We could even hold a serious/heated discussion and see if heart rate is affected in an intense conversation. There are many different things you could do to test heart rate, as exercise is just one example. Data: Each subject and their heart rate at certain time interval: SubjectBefore exercise0 minutes rest1 min. rest2 min. rest3 min. rest4 min. rest 1100 BPM120 BPM104 BPM104 BPM104 BPM104 BPM 2120160156156152148 37210076807672 47212080727272 596136124120100100 66812072727680 76011664646464 86816084888084 Summary statement: Heart rate increases during and after exercise and begins to drop back down close to the basal rate after rest. Citations Heart Rate Regulation in Humans. (2010, January 23). The Student Room. Retrieved August 24, 2013, from http://www.thestudentroom.co.uk/showthread.php%3Ft%3D1059551%26page%3D45&q=&esrc=s&ei=EEIuUtiHKMKUiQL86YDQDQ&usg=AFQjCNGj9jN4mV3pDlB7dF1yuUm0gn81gA

Managing Resources Essay Example | Topics and Well Written Essays - 2500 words

Managing Resources - Essay Example However, due to the rising competition in the service industry and the demand for quality services, service industries have also embarked on and implemented resources management practices in their organisations. The fire and rescue industry has also not been left out in implementing resources management techniques in their operations. Devon and Somerset is one of the largest fire and rescue service in the UK which was established in the year 2007 through a merger of Somerset and Devon fire brigades. This company operates different fire and rescue subsidiaries in the region thus making resources management vital to ensure growth and survival of the company and also to ensure that the services given to their customers are of higher standards (Cameron, 2009). Devon and Somerset Company have different appliances which enable it to perform its core competencies of rescuing and fighting fire during fire emergencies. The company has different and diverse special appliances as well as front line gargets for putting out fire. One of its major appliances which are vital for putting out fire is the water tender ladder. The company’s water tender ladder has the capability of pumping about 3,000 litres of water per minute for two locations and it has a storage capacity of more than 1,800 litres. This pump also has various types of ladders which are up to 13.5 metres. The cab also contains four sets of air breathing apparatus which are compressed. Each of the pumps also contain outside lockers located at the outside part. Inside the pumps, there are a number of powdered rescue equipment usually hydraulic and also a thermal imaging camera, pressure fans, equipment for safety heights and water rescue equipment. Water tender ladder has call sig ns one and three (Trotman Publishing, 2001). Another appliance is the water tender which is almost similar to the above mentioned water tender ladders. The difference is that these two appliances carry different set of equipment with

Corporate Culture and Performance Assignment Example | Topics and Well Written Essays - 1750 words

Corporate Culture and Performance - Assignment Example The present paper has identified that values also control how the different stakeholders of a company interact with each other and how they think and feel about the problems of each other as well as of the entire organization. Culture is variable and can change as per the wishes of its managers or key members. The organization in which I have previously worked is â€Å"ACME† its organizational structure is based on the vertical functional approach. Hence proving that people in departments are grouped according to their skills, expertise and resource use. This is the most basic form of organizational structure which works for the company and helps them achieve greater efficiency through economies of scale. â€Å"ACME† has a tall structure and comparatively a narrow span of control which means that the overall management has been spread along the same level. It has five major departments. 1. Human capital 2. Production 3. Industrial relations 4. Sales and marketing 5. Fin ance and accounting Human capital department are basically responsible for hiring capable workers who match the kind of work profile required. It also deals with providing the employees the benefits, perks, and privileges so that they remain satisfied with the company and remain loyal to it. it also makes an effort to train employees so that they fit the criteria of the newly developing procedures in the company. The human capital department also puts forward the amount of pay and financial resources to be spent on training and so on to the finance department which is then approved by them. The production department is responsible for the overall production of the product. Because ACME is a multinational company, the production facilities are distributed amongst various countries so as to cut the costs. Bottles are usually manufactured in Singapore and delivered across the globe. There are a total of 8 plants in different parts of the country. They are located comparatively close to the major markets like and the central hubs so as to reduce the transportation costs. The industrial relations department is responsible for handling the problems related to the employees. As such problems in the country can have a major impact on the overall production of the company. This includes the problems to deal with labor unions, strikes, and wage issues. Basically, it deals with the problems related to industry so that the production process runs smoothly and more efficiently. The sales and marketing department deals with making the product available in the market and letting people know about it through advertising. It also deals with promotional deals, price cut offers and analyzing the competition from the competitors in the market and responding accordingly. The department also is responsible for making the product or ads culturally sensitive so as to fit in the environment of the country. For example, reducing the price during the festivities season so that its avail able to more people and hence increase sales. The finance and accounting department deals with actual pricing of the product and also on the working out of the cost of production.  

Write a final piece on your experience on this module (Developing work Essay

Write a final piece on your experience on this module (Developing work and study skills), - Essay Example With the module that I opted for I have been able to excel in my relevant subjects and achieve my goals respectively. I have been able to achieve the skills of auditing as now i know the relevant processes which are involved in the process. Gathering information and interpreting it in such a way that plagiarism does not take a role in it is an important feature of this module which I have learned to excel in. The module also allowed us to work as a group and thus it has developed my communication and group working skills. With different projects and assignments I have learned how to compose a report on the relevant topics. Similarly presentations have also formed an important aspect of this module through which I have learned to gain confidence and reflect on my views, goals and practices. Above all I have learned to manage time because of which I was able to complete all these tasks properly. However completing this module has not been as easy as it seems when telling about the achi evements and this is because of my weaknesses. But on the other hand my strengths have helped me to cope up with these weaknesses so that I can achieve my goal easily. First of all the main strengths that I possess are team working skills because of which I can be able to work as a leader. I can be able to lead a group of individuals to success as I possess the relative communication skills which can satisfy all my group members. Most of all the main thing that I have learned from this course will help me a lot and that is time management. Utilization of time is an important aspect of life, without which one would not be able to divide and utilize time as per his/her priorities. Time management has made me excel in life and I think it would further help me in life. Moreover I also have determination to complete my goals and aims. But as said by Christopher Moore "Nobodys perfect. Well, there was this one guy, but we killed him....". It

Fracking Essay Example | Topics and Well Written Essays - 2000 words - 1

Fracking - Essay Example Proponents of fracking, on the other hand, believe that fracking promotes the economy and that the regulations on trafficking are enough to meet the concerns over fracking. This research essay will analyze the positive and negative political, social, economic and environmental effects of fracking. US has unlimited exports of gas especially in Ohio, Colorado and Pennsylvania, which have a number of implications to the economy. The gas producing states have experienced benefits associated with fracking that include lease payments, cheap energy, jobs and royalty checks. The gas industry has showed a revolutionary potential through creation of energy markets globally. There is high rise in demand for the natural gas prices in the international markets following the rising demands on the use of natural gas as an alternative form of energy. Fracking has brought more benefits to the concerned states. In Ohio, the state’s economy has benefited from fracking for many areas in the form of include taxation among other associated benefits. Additionally, fracking has increased the availability of jobs; research shows that Ohio counties jobs are found in fracking major industries and such jobs include pipeline constructions and drilling, which contribute to 15.5% total employment op portunities in the country. Pennsylvania and Colorado‘s economies have benefitted from fracking. Part of their economy is attributed to gas drilling, which earns the states a lot of revenues necessary for the development of other economic sectors. Unemployment sector has also benefited from the creation of jobs opportunities. Additionally, shale gas opportunities have increased and today, the state of Ohio, Pennsylvania and Colorado has registered the millions of money resulting from the gas drilled from the lands that the citizens lease. Many Americans have leased their lands to the gas extracting industries which in turn earns them more money

Literacy narative Essay Example | Topics and Well Written Essays - 500 words

Literacy narative - Essay Example WhÐ µn I was a littlÐ µ girl, my parÐ µnts would always rÐ µad to mÐ µ, and I lovÐ µd books. I was vÐ µry involvÐ µd in thÐ µ storiÐ µs, and I would rÐ µad along with my mothÐ µr and fathÐ µr, and also link all of thÐ µ picturÐ µs with thÐ µ tÐ µxt. It was a comforting fÐ µÃ µling. As I got oldÐ µr and thÐ µrÐ µ bÐ µcamÐ µ morÐ µ rulÐ µs, I slowly driftÐ µd from rÐ µading and writing, and bÐ µcamÐ µ morÐ µ intÐ µrÐ µstÐ µd in subjÐ µcts such as sciÐ µncÐ µ, math, and history. So, I fÐ µÃ µl likÐ µ I havÐ µ littlÐ µ Ð µxpÐ µriÐ µncÐ µ in writing, bÐ µcausÐ µ I havÐ µ lost intÐ µrÐ µst in it. All through high school, I had a prÐ µtty good idÐ µa of what I wantÐ µd to do in my futurÐ µ; which consists of many math and sciÐ µncÐ µ coursÐ µs. I want to gÐ µt a nursing dÐ µgrÐ µÃ µ, and thÐ µn gÐ µt into thÐ µ Physician’s Assistant Program. So, along my acadÐ µmic path, that is what I havÐ µ focusÐ µd on and Ð µxcà  µllÐ µd at, rathÐ µr than writing. BÐ µing a frÐ µshmÐ µn studÐ µnt at thÐ µ UnivÐ µrsity of Utah, I havÐ µ rÐ µalizÐ µd that writing is going to bÐ µ an immÐ µnsÐ µ part of collÐ µgÐ µ, and that communicating through writing will hÐ µlp mÐ µ to accomplish my goals. Writing skills will bÐ µ rÐ µquirÐ µd in probably two-thirds of thÐ µ classÐ µs I Ð µnroll in. To bÐ µ honÐ µst, I don't dÐ µspisÐ µ writing, and I think that I could lÐ µarn to lovÐ µ it, if I could bÐ µcomÐ µ a good writÐ µr.

Individualism rise in Australia Essay Example | Topics and Well Written Essays - 1500 words

Individualism rise in Australia - Essay Example A traditional society is one in which the culture is largely handed on from one generation to the next. In a post-traditional society, however, culture is developed reflexively by individuals drawing on a range of resources. We have seen this change in a great variety of forms. It is evident in people’s eating habits. Eating habits had been handed down from one generation to the next. They changed a little. Cultures are always in flux, and there is a certain open-weave within them which means that individuals make some choices within a limited range. However, within the last 30 years, eating habits have changed greatly in the Western world. Individuals have begun drawing on cuisines from around the globe. They have absorbed into their regular eating habits Chinese and Indian food, Lebanese and Italian food, Greek and Thai dishes, and food from many other cuisines (Kapferer, 1996). The patterns of relationships has also changed although perhaps not so consciously drawing on different cultures. For centuries, the patterns of marriage and the general expectations that the women would prepare food and look after the children and the home while the men would conduct the business and bring home the finance has been the dominant hope, if not always the reality. In poor families, women have long had to help make financial ends meet (Kapferer, 1996). However, within the last 30 years, the patterns of relationship have been blown wide open. Marriage cannot be assumed at all. Relationships take a great variety of forms, some more and some less permanent. Some involve ceremonies of commitment, while others do not. Most still involve a couple, but not necessarily one male and one female. Some couples live in one house, while others chose to get together from time to time (Kapferer, 1996). The roles within those relationships have also been blown wide open. There can be no assumptions about who will get the meal,

CAPM Essay Example | Topics and Well Written Essays - 1500 words

CAPM - Essay Example The CAPM presents partial equilibrium model where agents consider the risk free returns and the probability distributions of the future returns on risky assets as being exogenous. In this paper, I seek to give an in-depth understanding of this model by delving into the logic behind it, exploring critiques levelled against it, and explaining why it is still the model of choice in financial analysis. Finally, I give practical examples of its practical application that show evidence of its usefulness and continued use to date. The CAPM is built on the portfolio model that Harry Markowitz (1959) developed. In the model, a portfolio is selected by an investor at time t-1 which at t produces a stochastic return. Investors are assumed to be risk averse and, in their choosing among portfolios, care is only taken on the mean and the variance of their single-period investment return. This results in investors choosing â€Å"mean-variance-efficient† portfolios, the portfolios in this case 1) given variance, maximizes returns and 2) given expected returns, minimize portfolio return variance. For this, the approach is referred to as mean-variance model. An algebraic condition is provided by the model on asset weights in portfolios that are mean-variant-efficient. This algebraic statement is turned by the CAPM into a prediction that is testable about the connection between expected returns and risk through identification of an efficient portfolio if asset prices should clear all the assets off the market. To identify a mean-variant-efficient portfolio, Sharpe and Lintner added two crucial assumptions. The first one is complete agreement: taking asset prices to clear the market at t-1, it is agreed by investors that asset joint distribution returns from t-1 to t. This distribution is taken to be the true distribution, i.e. it provides the distribution giving returns that we employ in testing the model. Secondly, there is risk-free rate

How does the academic study of problem solving and thinking relate to Essay

How does the academic study of problem solving and thinking relate to everyday life - Essay Example Along with maturation, people obtain substantial competence that enables them to solve common problems encountered daily. (Holyoak 1995, p. 267) However, Anderson (1993, p. 39) explains, not everything requiring solution, like routine activities, is indeed problems. For example, summing-up a three-month electric bill, though requires solution is not a problem because one simply has to compute it either manually or electronically, but how to pay the bill with practically nothing left in one’s pocket is surely a problem. The difference here lies on the immediate availability of achieving the task. Computing the bill could be easily achieved with the simple knowledge of addition or much easier the use of calculator, but where to find the money to pay the bill not to be cut off power presents a problem, as there is no immediate solution to it. Hence a problem is determined by the gap between the present state and the target goal wherein the means to solve the gap is not immediatel y evident (Schwarz & Skurnik 2003, p. 267). Problem solving begins with problem identification (Rudd 2005, p. 11). Generally defined as the activity by which the goal of eliminating the gap is undertaken without certainty of success (Tallman, Leik, Gray, & Stafford, 1993, cited in Nelson, Brice & Gunby 2010, p.74), problem solving which could be correct or erroneous differs for every individual, because individual experiences and task demands, which problem solving entails, vary (Martinez 1998, p. 605). Similarly, the difficulty of solving problems differs in degree depending on the nature of the problem. Some could be easy; others could be truly hard or could never be solved at all. (Joswiak 2004, p. 19) ‘The relative ease of solving a problem will depend on how successful the solver has been in representing crucial elements of the task environment in his problem space’ (Simon, 1978, p. 276). The more exposed a person to varied task of compelling nature, the greater is the chance of that person to handle problems of similar/related nature. For example, an ex-marine has the greater chance of surviving a physical assault than a language teacher who has yet to experience physical violence. Moreover, problem solving has two aspects: The answer that which solve the problem, and the solution procedure by which way the answer is known (Robertson 2001, p. 6). With a variety of problems that people come across everyday solutions also vary by which Robertson (2001, pp. 6-11) says problems can also be categorised. One, what knowledge does the problem require – would it be â€Å"knowledge-lean† or â€Å"knowledge-rich† problems (p. 7)? For example, household maintenance though complex requires simple management, whereas ensuring national security is far more complicated that it requires expertise. Steif, Lobue, Kara, & Fay (2010, p. 135) suggest that the ability to determine fitted conceptual knowledge in order to solve a problem is cons idered a metacognitive skill. This according to Greeno (1978, p. 62) is learnable. Although, Gagne (1979) clarifies that what can be learned in problem solving are its specific aspects, cited as: "rules of syntax and mathematics," "knowledge about particular objects and events," "specific cognitive strategies" (cited in Mayer 1987, p. 111). Two, what is the nature of the goal? Is it technical, routine, domestic, political,

Anselms Cosmological Argument Essay Example for Free

Anselms Cosmological Argument Essay Anselm seeks to explain the existence of a greatest being, i. e. God. He approaches this task not via our experience of the universe, but rather attempts to explain it solely based upon reason. Anselm attempts to prove the existence of God by providing us with a logical explanation, based upon our understanding, definition, and necessity of God. It is inconceivable for God not to exist. There is a certain nature through which everything that is exists, Anselm explains, is caused to exist by something. Everything that is, exists by virtue of something, and nothing is able to exist through nothing. The underlying assumption here is that things do not exist through themselves for there is no need for their being. Leading to conclude that it is implausible that anything at all is able to exist because of nothing, and that nothing should exist because of something. Building upon earlier argument, Anselm concludes that â€Å"whatever is [†¦] does not exist except through something. † Since, according to him, this premise is true and since, as pointed out earlier in his argument, everything that is exists either through itself or through something, there must be one, or many, beings though which all things that are exist. Our existence and the existence of everything there is, therefore, must be explained by a virtue of a higher being, or several of them. Anselm identifies and explores several possibilities of existence of a higher being, or beings. He points out that there may be several beings, rather than one, that are the ultimate cause of everything that exists, and presents one with his critical analysis of such idea. Anselm argues that if there is more than one of such beings then they themselves must exist either through (a) one being, (b) separately through itself, or (c) mutually through one another. If, he states, these beings exist through one supreme being, then all things that exist cannot exist through more than one being. Following this premise, Anselm concludes that all things that exist must therefore exist through this one supreme being. If, however, there are many beings, which exist separately and each through itself, then there must be a certain â€Å"power or property of existing through self†, by which they are able to exist. Building upon this premise, Anselm goes on to explain that it is because of this particular â€Å"power or property† that each of these beings is able to exist. Thereby concluding that these beings exist by virtue of one greater power, without which they cannot exist. Once again we are back to the same argument that only one being can exist, for plurality does not explain itself. Lastly, a third alternative proposed by Anselm deals with beings existing mutually through one another. He argues that such thought is contrary to reason. For, it is irrational that â€Å"anything should exist through a being on which it confers existence. † In other words, there cannot be a being that is a giver and a taker. That, which exists by its own virtue and is yet dependent on itself for existence. Taking all of the arguments and points stated above, Anselm concludes that there can only be one greatest being, i. e. God, and it is through him that everything that is exists. If everything that is, exists by virtue of something, and nothing is able to exist through nothing, then God simply cannot be conceived not to exist. God is that, â€Å"which alone exists in the greatest and highest degree of all† and nothing greater can be conceived. For, everything that exists, exists through this greatest being, but it alone exists through itself. One aspect of Anselm’s argument that stands out in particular is a premise upon which the whole argument is based. Explicitly, â€Å"Everything that is, exists either through1 something, or through nothing. But nothing exists through nothing. For it is altogether inconceivable that anything should not exist by virtue of something. † This, he holds to be the self-evident truth. Once again, the underlying assumption here is that things do not exist through themselves for there is no need for their existence. Such things therefore cannot be the cause of their own existence. Therefore, it must exist by virtue of a greater being. BIBLIOGRAPHY S. D. Deane, (Trans. ), St. Anselm, Basic Writings (Second Ed. ), La Salle, Illinois: Open Court Publishing Company, 1994.

Analysis of Martin Luther Kings I Have a Dream Essay Example for Free

Analysis of Martin Luther Kings I Have a Dream Essay The Speech I have chosen to do is â€Å"I have a dream† by Martin Luther King. â€Å"I have a dream that one day this nation will rise up and live out the true meaning of its creed: We hold these truths to be self-evident: that all men are created equal. I have a dream that one day on the red hills of Georgia the sons of former slaves and the sons of former slave owners will be able to sit down together at the table of brotherhood. I have a dream that one day even the state of Mississippi, a state sweltering with the heat of injustice, sweltering with the heat of oppression, will be transformed into an oasis of freedom and justice. I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character. I have a dream today.† This is a particularly inspirational speech because he was saying exactly what he felt and it came straight from his heart, and it was exactly what the people that were listening were thinking about the how they were being treated. The speech shows how angry he is with all the racism in the United States of America, and he tells everyone how things should be, this worked particularly well because all the black people in America were treated poorer than white people and it summed up all the hatred and anger that was inside them. Martin Luther king used very cleverly thought out sentence structure to make more impact on the listeners. He used the quick and snappy sentences to grab their attention and then he would use the longer sentences to explain his deeper feelings. Luther king also uses the word freedom a lot because it shows that is what they didn’t have, which also again makes the listeners feel that they don’t have a lot of freedom. The definition of inspiration is â€Å"the process of being mentally stimulated to do or feel something, especially to do something creative.† This is exactly what Dr King got people that listened to his speech to feel, inspired to do something to help themselves. Thank you for listening.

Highlights On The Ethical Dilemmas Of Standard Chartered Bank Business Essay

Highlights On The Ethical Dilemmas Of Standard Chartered Bank Business Essay Standard Chartered plc operates as the leading emerging markets bank in the world. The banking group, known by many in the banking industry as Stanchart, operates over 500 offices in 50 countries throughout the Asia Pacific region, South Asia, the Middle East, Africa, the United Kingdom, and North and South America. Its Consumer banking divisionresponsible for 58 percent of operating profit in 2000provides customers with credit cards, personal loans, mortgages, and investment services. Its Wholesale banking unit caters to corporate clients in the trade finance, cash management, custody, lending, foreign exchange, interest rate management, and debt capital markets. In 2000, the majority of SCBs revenue stemmed from its Hong Kong and Asia Pacific region operations, while the Middle East accounted for 18 percent, North and South America and the United Kingdom secured 14 percent, and Africa claimed 9 percent of revenues. The bank derives more than 90% of its operating income and profits from Asia, Africa, and the Middle East, generated from its Wholesale and Consumer Banking Businesses. The group has approximately 1750 branches and outlets located in more than 70 countries. The London-headquartered Group has operated for more than 150 years in some of the worlds most dynamic markets, leading the way in Asia, Africa, and the Middle East. Its income and profits have more than doubled over the last five years, primarily as a result of organic growth, supplemented by acquisitions. The group employs 75,000 people, nearly half of whom are women. Its employees are of 115 nationalities, with 60 of these represented among senior management. Highlights on the ethical dilemmas of Standard Chartered Bank Although Standard Chartered Bank is an international bank and countries tend to trust it for its international standards, but being such a widespread company they have had their ethical criticisms. Some of the unethical dilemmas that the company has faced over the years are- Credit card complaints- Recently SCB has been facing extensive disputes in Asia particularly in India and Pakistan regarding the marketing of their credit cards. Figure 1:1- Reduction of the use of credit cards The governments trade watchdog, the Monopolies and Restrictive Trade Practices Commission, has started an investigation of card-selling practices of certain banks including Standard Chartered Bank, HSBC and the local banks ICICI and HDFC. The commission has the power to fine companies and limit their business dealings. All the banks involved say they have followed all appropriate trade practices and are cooperating with the requests for information. On May 7, the Reserve Bank sent a letter to all commercial banks warning about usurious interest rates, asking them to make sure costs to the borrowers were justifiable. The ombudsmans office at the bank said it received 3,700 consumer complaints about credit card lenders within just the first 5 months of 2006. Newspapers regularly run articles telling consumers how to cancel their cards, and some frustrated credit card users simply stop paying their bills. (http://www.consumercourt.in/cred it-card/2638-standard-chartered-bank-complaint.html) Stock market scandal (International Agenda)- A report on Indias biggest financial scandal during 1991 1992 accuses foreign banks of transacting dummy deals to cover up losses or camouflage transactions by favored Indian brokers. The report from the Reserve Bank of India (RBI) exposes what it calls the nexus between Indian brokers and two foreign banks, Standard Chartered and Australia and New Zealand Banking Groups ANZ Grindlays Bank. The report accuses Standard Chartered of entering into fictitious transactions to cover up an ever-increasing number of unaccounted deals on its investment portfolio. The central bank of India has issued fines of roughly $42 million to 10 foreign banks, including Citibank, Bank of America, American Express Bank Ltd. and Standard Chartered Bank, accusing them of involvement in Indias worst securities scandal. SCB violated its guidelines by financing certain stock market operations, as well as helping out a fathered broker, Harshad Mehta, by putting thro ugh a number of dummy transactions. (Sanjoy Zakaria, 1994, New York Times) Acquisitions and outsourcing threat- In Malaysia, Bank Negara Malaysia in the financial master plan encouraged outsourcing of non-core functions by Financial Institutions. Ever since, banks have been exploring outsourcing as a way to rationalize and streamline operation. While outsourcing is a way forward to reduce cost, manage manpower dependencies and to allow financial institutions to focus on its core business of providing services and financial products, such outsourcing is done without prior consultation with workers representative namely SBEU. Reduction of staffs not only occurs to those directly affected by the outsourcing of the job functions, but also other complementary staff areas. Example, outsourcing of Sales and Marketing job in Standard Chartered Bank has transferred jobs originally done by Special Grade Clerical. Indirectly, this will reduce career promotion prospect. The bank has also use rationalization (due to outsourcing) as an excuse to close branches and scale down others. In the case of Standard Chartered Bank, the bank has gone on closing 15 branches nationwide with two in Sarawak according to Law Kiat Min, General Secretary of Sarawak Bank Employees Union. Evaluation of the Ethical Dilemmas Faced by Standard Chartered Bank Credit card complaints- The consumer court in India has been tackling problems regarding unfair credit card charges and improper means to withdraw the phony due amount, Credit Card Terms Prompt Indignation Arigit Sengupta, a hotel manager in Bangalore, swears he is never using a credit card again. Skip to next paragraphAfter charging about 30,000 rupees ($743) to his card and paying his minimum balance on time, he said he wound up owing his bank more than three times that amount. The kind of interest they charge, not even a chartered accountant could understand, he said. Local and foreign banks are aggressively peddling credit card accounts in India, where a fast-growing middle class with disposable income has created the ideal card customer base. (Refer to Appendix-2) Even though the firm is maintaining the contractual theory with a customer during selling these credit cards, which represents that firms have a responsibility to comply with the terms of the sale, inform the customers about the nature of the product, avoid misrepresentation of any kind, and not coerce the customer in any way. But on the other hand SCB is overlooking the due care theory which focuses on the relative vulnerability of the customer, who has less information and expertise than the firm, and the ethical responsibility that places on the firm. Customers must depend on the firm providing the product or service to live up to the claims about it and to exercise due care to avoid customer injury. The result is vocal and heated criticism from card holders, consumer advocates and the government. They accuse the banks of levying unfair fees and nuisance charges and of providing miserable customer service. These banks are cheating the public, said C. V. Giddappa, general secretary of the Credit Card Holders Association of India, a nationwide consumer group. Mr. Giddappas organization estimates that Indian consumers are paying 16.4 million rupees a day (more than $406,000) in unfair charges, and is agitating for a debt-free India by 2020. Stock market scandal (International Agenda) Regarding the particular scandal in 1991 1992 in India a spokesman for Standard Chartered said some of the report was misleading, particularly the conclusion that senior managers were aware of the fraud. Barry Northrop, who heads a Standard Chartered team trying to recover the banks losses in the scandal, said the fictitious deals were created without the knowledge of senior management and in defiance of both internal and RBI guidelines. Individuals involved had been dismissed and procedures tightened. In terms of theories SCB has complied according to Milton Friedmans theory (1970) regarding corporate social responsibility, which interprets that the only legitimate purpose of a company is to create wealth and pursuing their business effectively for the benefit of their customers, whilst providing a profitable reward to their investors. Being a foreign bank SCB acted upon their best interest financially, according to Friedman its the role of the state to provide the legal framework that regulated companies behaviour in relation to the rest of the community, the government or any appointed monitoring entity should have foreseen such a scandal and prevented it from occurring. But in the context of Kants theory, deontology or duty-based ethics that judges morality by examining the nature of actions and the will of agents rather than goals achieved or simply a deontological theory looks at inputs rather than outcomes. Therefore since this move of SCB was clearly unfavourable for the economy of India, it worked as a bad reputation for the bank as well as other foreign banks. (Refer to Appendix-3) Acquisitions and outsourcing threat- The practice of outsourcing is considered as a good option, since it provides guaranteed professional assistance for businesses without the expenses of maintaining fulltime employees, but it also poses as a threat for the domestic countries work force. Outsourcing for talent leads to lack of job security for the local employees. Standard Chartered bank and a few other international banks in Malaysia has been outsourcing extensively which has lead to an inconvenience for the employees of the nation. The provision in the Collective Agreement only requires the Bank to consult the Union prior to outsourcing. Outsourcing has inevitably reduced headcount of staff of financial institutions. Attempts by unions to negotiate with the bank to ensure that when staff moved over to the new entity (outsourcing company), and retain their seniority, pay and benefits has not been successful. While it is not possible to extent exact figure of employees who lost thei r job due to outsourcing, it is estimated that about 30% of employees are directly affected numbering about 1,000 staffs. This figure is expected to increase due to continued rationalization and system engineering. Outsourcing takes two forms, namely, transfer of job function to head office prior to outsourcing in the case of Bumiputra Commerce Bank or direct outsourcing which happened in Standard Chartered Bank. Based on such outcomes and considering SCBs current status as one of the best multinational financial institutions, Carrolls (1979) four step model on CSR can be used to stress the depth of the duty an organization needs to comply. The first two steps of the model remain evident, but the last two steps addresses particularly to the dilemma SCB is facing. Since Carroll believes that because a company can affect the interests and even lives of people, it should be accountable/responsible, to societal interests over those of the owners and beyond the specific limits of the law. Best Ethical Values and Practices of Standard Chartered Bank Even though Standard Chartered Bank has had a reputation of using unethical means to reach a much beneficial end in terms of the companys market expansion. Although the British Empire isnt as global as it used to be, that hasnt stopped Standard Chartered. Sustainability is integral to Standard Chartered. Worldwide and in Malaysia, the bank champions dedicated causes, one of them being environment. The organization believes that each person can make a difference, and through small steps, the collection action contributes to the overall impact as the community unites to preserve the environment for future generations. The organization is cognizant of getting it right in the home, before moving out to the neighborhood. The strategy of embedding the environment consciousness among the staff was a key focus for SCB in growing green advocates. As such, their green agenda is woven into every level of the banks operations. Environmental and Social Awareness- Over the last two years, Standard Chartered has run multiple activities and programs focusing on self-awareness, reducing wastage and lowering carbon footprint under its umbrella theme, Go Green, Lets Make a Difference. From cutting back on air travel to implementing shared-printer facility between departments, the results have been very heartening. The bank has seen as much as 50% reduction in air travel, 20% in paper consumption, 50% reduction in air travel and 10% in electricity usage, and the introduction of e-statements with customers. Higher targets are set for 2011. The bank is already using recycled paper for their business cards, and sourcing to adopt recyclable paper in all their operations Their other programs, Seeing is Believing (preventing curable blindness), Living with HIV/AIDS, Financial Literacy Programme, are being tackled on ground with face-to-face interaction given theres a higher level of social sensitivity surrounding these causes. All the following mentioned above directs to the theory of Consequentialism; consequentialist ethics bases decision-making on the best outcome for the largest group that also results in the least harm. It is a form of utilitarian ethics, which focuses on results rather than ingrained moral imperatives. The utility principle requires the decision-maker to weigh the possible consequences of his or her actions to select options that offer the best results for society. This has lead SCB in attaining the title of one of the worlds most ethical companies in four consecutive years till 2010 all in recognition of its ongoing commitment to build a sustainable business for the benefit of customers, clients and the wider communities in whi ch it operates. (Refer to Appendix-4) Workforce Diversity- With more and more organizations going global, diversity at work is increasingly becoming an integral part of every organization. Diversity refers to any perceived difference among people like age, race, religion, profession, sexual orientation, geographic origin and lifestyle. SCB has started their journey of diversity and inclusion in India from 2006 with formation of the DI Council. SCB initially started by concentrating on three aspects of diversity, gender, disability and nationality. Some of the key concerns were the infrastructure of the working women, work-life balance, and barriers to growth. A series of focused group discussions were conducted to understand and address these concerns to help position Standard Chartered as the employer of womens choice, states Rajashree Nambiar, GM distribution and country champion, diversity and inclusion, Standard Chartered Bank. From an ethical perspective the bank has been exercising virtue ethics which focuses on t he individuals moral stature rather than the morality of the act itself. A moral actor will base his or her decisions on ingrained values rather than consequences or duty. However, the individual is part of a community so the virtues valued by the community affect the individual decision-makers thought processes. A cultures values are incorporated into the individuals ethical framework. As a global bank, the variety of markets they do business in makes them diverse inherently. In terms of gender diversity; women make up to 46Â  per cent of their total workforce and the number of women in senior management roles has also increased. To increase female representation amongst senior management they focused on creating a pipeline of high-potential female employees at middle management. In 2008, they developed a mentoring programme for their middle management talent, with a specific focus on women. The Bank actively supports International Womens Day. Across their markets, and organize a variety of activities to recognize the achievements of women and highlight role models. In 2008, SCB renewed focus on attracting and supporting potential employees with disabilities. Over the last 12 months, the Group trained and hired a number of blind employees in Pakistan, employed their first visually challenged employee in Indonesia and Sri Lanka. SCB also launched initiatives to support employees with family responsibilities, and new maternity and paternity leave policies were rolled out in Bangladesh, Lebanon, US and Australia in 2008. Recommendation According to the reasonings mentioned above it is clear that SCB initially made a lot of wrong moves which was mostly in their own interest, but gradually when they started being internationally recognized they have tried substantially to improve their ethical ways as a corporation. They not only provided international job opportunities in the economies they settled in, they also came up with various social awareness activities e.g. fund-raising, and city beautification programs in the countries they are operating. Since they are a service based organization their only way of communicating to their customers should be through goodwill building and transparent publication of their intentions and actions. On the other hand the governments of the countries where MNCs like SCB operate should assign more efficient and reliable monitoring bodies for convenience. References Text Books/Articles- Fisher, C Lovell, A, Business Ethics and Values: Individual, Corporate and International Perspectives, 3rd Edition, Pearson Education, 2009 Crane, A Matten, D, Managing Corporate Citizenship and Sustainability in the Age of Globalization, 2nd Edition Oxford University Press, 2007 Laurie J. Mullins, Management and Organisation behavior, 8th Edition, FT Prentice Hall, 2007 Jacques P. Thiroux, Keith W. Krasemann, Ethics: Theory and Practice, 10th Edition, Pearson Education 2009 De Geaorge, Richard T., Business Ethics, 7th Edition, Pearson Education 2010 Lawrence, P.R. and Lorsch, J.W., Organisation and Environment, Irwin, 1969 Press statement April 2002 to Standard Chartered Bank on Closure and downsizing of branches -pages 7-9 Websites- www.consumercourt.in/credit-card/2638-standard-chartered-bank-complaint.html www.gbcimpact.org/itcs_node/0/0/member_profiles/434 www.csrdigest.com/2010/08/going-green-using-social-media/ www.newyorktimes.com www.thetimesofindia.com www.timesnewspaper.com www.standardchartered.com

The Merger Between Gillette and Procter and Gamble Essay -- GCSE Busin

"This merger is going to create the greatest consumer-products company in the world †¦ It's a dream deal." Warren Buffett "This was two companies with great products, strong management and terrific business models coming together to create arguably the best consumer product company in the world" Michael Barbaro, Washington Post[1] Introduction: The merger between Gillette and Procter and Gamble is indeed a strategic move on the part of both parties. It is a corporate marriage creating a union between male and female product lines; a contract valued at more than $55 billion dollars. [2] Commanding virtually the entire market, Gillette has been the world leader in the production of razors and other shaving products. In 2004, their global share of the razor market was 71.5%, nearly five times that of their nearest competitor. However, Gillette’s depth runs much deeper than simply shaving accessories; oral care products, cosmetics, and domestic appliances are a significant party of their sales arsenal. With the acquisition of Duracell Batteries in 1995, Gillette then became a major sales force in the battery market. In fiscal year 2004, their net sales were $10.47 million, a 13% increase from the 2003 figure. Meanwhile, Procter and Gamble is the biggest manufacturer of domestic products, with over 270 brands that are categorized in 6 different marketing sectors: laundry and cleaning (detergents), paper goods (toilet paper), beauty care (cosmetics, shampoos), food and beverages (coffee and snacks), feminine care (personal hygiene products) and healthcare (toothpaste, medicine). Like Gillette, P&G also exceeded their 2004 financial expectations exceeding their sales target by 19.6%.[3] Both companies share a culture of innovation and a history of cooperation and is a marriage that will most likely lead to prosperous financial returns in the years to come. Background: The history of the Gillette Company is incredibly interesting, dating back to 1894 when it founder, King Camp Gillette, invented the safety razor. Gillette developed the idea of a disposable razor while working as a salesman. In his travels and interaction with males of all walks of life, Gillette stumbled upon the idea of the ‘disposable safety razor’ that men shaving on their own would find much more convenient and user friendly. Before the adve... ...tivity Drove Deal,† The Washington Post, January 29, 2005. [2] Editor, â€Å"The Latest Mergers: Why some will fly and others won’t,† Knowledge Wharton, March 30, 2005 [online]: http://www.findarticles.com/p/articles/mi_m0EIN/is_2005_March_1/ai_n11835282 [3] P&G 2004 proxy report: http://www.pg.com/annualreports/2004/pdf/PG2004AnnualReport_Online.pdf [4] â€Å"William Nickerson: Inventor of the Week,† http://web.mit.edu/invent/iow/gillette.html [5] ICFAI Knowledge center [6] Ibid. [7] www.pg.com/company/who_we_are/ourhistory.jhtm [8] Ibid. [9] www.mind-advertising.com/us/pg_us.htm [10] â€Å"The Rise of the Superbrands,† The Economist, Feb5th, 205, p.63. [11] http://www.agribusinessaccountability.org/pdfs/140_Procter%20Gamble.pdf [12] http://www.fumento.com/bomis21.html â€Å"Procter & Gamble's Non- Neither Satan Nor (Sigh) Savior’.† [13] Environmental Research Foundation, http://www.ejnet.org/rachel/rhwn349.htm [14] http://www.pandgkills.com/shareholder.html [15] http://knowledge.wharton.upenn.edu/ [16] Batchelor, Charles, â€Å"Dealmakers eye repatriated funds,† The Financial Times, Tuesday, March 29th, 19. [17] Ibid.

The Defender of the Faith Essay examples -- Essays Papers

The Defender of the Faith In Philip Roth’s, â€Å"Defender of the Faith†, Sergeant Nathan Marx is the â€Å"Defender† of whom the title speaks. Reluctant at first, Marx defended his faith on two fronts, one across the sea in Europe and the second in the United States. The battle in the states was of a different type. Marx learned what it was like to defend his and the faith of his fellow Jews against prejudice and abuse by those who waged the war. Marx is not an orthodox Jew. He does not follow the doctrine as most of those in his religion would and did not realize until asked by Grossbart that he was still religious. Though Grossbart showed him he was not like others, Grossbart was not the central antagonism, The war was. It was not that Marx was religious anymore, the religion was sentimental to him. Marx a battle-tested soldier in the U.S. Army did not even recognize that he had already defeated an enemy set to wipe his heritage. PFC Grossbart and Captain Barrett were Marx’s next opponents. Grossbart first introduced himself as â€Å"Sheldon,†(p.117) to try to get on a first name basis with Marx, for a familiarity that Marx did not want. Grossbart suspected Marx was Jewish by the spelling of his last name, which he spelled out as â€Å"M-a-r-x.†(p.117) Grossbart led Marx into believing he was interested in going to church instead of cleaning the barracks. Marx knowing it was unfair that they were denied the chance to attend service told Grossbart he could â€Å"attend shul†(p.118). By call...

Melville’s Tools of Bob le flambeur Essay -- Herman Melville French Fi

Melville’s Tools of Bob le flambeur Removing the sound from Melville’s Bob le flambeur might lead one to believe that he or she is watching a Hollywood film noir, circa 1950. Melville, though not professionally trained as a director, manages to create an oddly stirring and quirky French film shrouded in the sheer curtain of Hollywood film noir. Though he retains much of the Hollywood style, he also employs tools of his own—camera movement and voice-over—to embrace the film in Melville-vigilante-style. Melville uses the trademarked tools of the noir film. For example, high key lighting and, therefore, deep shadows play a key determinant in one of the first scenes of Bob le flambeur. After establishing the setting through the reflection on a darkened window pane, the camera pans left to reveal five or six men standing around a table, lit only by the hanging lamp at least one foot below each of their chins. This leaves the men’s faces encompassed by darkness, forcing the audience to watch their hands and the gambling that is taking place. While all these factors—high key lighting, flooding shadows, tall, looming men, gambling, and near silence—all lend to the typical noir style, Melville uses odd camera movements to remain distinct. Within the same scene, there is a shot of Bob rolling dice; the camera swoops upward, as though coming from underneath the table, and ends up in a high angle shot, shooting downward at the dice. Now, combine that sweeping movem ent with the next cut, and Melville’s distinction appears. After the dice have been rolled, there is a three-quarter shot of Bob, who claps his hands once and walks off screen left. Suddenly, the camera lurches forward, as if to catch a glimpse of something that li... ...lationship can be seen in Hawks’ 1944 film To Have and Have Not; Humphrey Bogart plays stern and experienced Harry Morgan, a man involved with Lauren Bacall’s character, Slim, a husky-voiced, wise young woman who butts heads with men. While the characters are written in the same essence, the acting in these cases also seems similar; Roger Duchesne and Humphrey Bogart both are older, stoic and serious where Isabel Corey and Lauren Bacall both are beautiful, young, quick-witted and seemingly independent. Melville’s attempt to Americanize himself proved successful—his name he changed in honor of American novelist Herman Melville and he often wore a cowboy hat. Though Bob le flambeur is very much a tribute to Hollywood film noir, Melville manages to make it his own through quirky camera shots, over-the-top narration, and the set of beautifully grimy Paris streets. Melville’s Tools of Bob le flambeur Essay -- Herman Melville French Fi Melville’s Tools of Bob le flambeur Removing the sound from Melville’s Bob le flambeur might lead one to believe that he or she is watching a Hollywood film noir, circa 1950. Melville, though not professionally trained as a director, manages to create an oddly stirring and quirky French film shrouded in the sheer curtain of Hollywood film noir. Though he retains much of the Hollywood style, he also employs tools of his own—camera movement and voice-over—to embrace the film in Melville-vigilante-style. Melville uses the trademarked tools of the noir film. For example, high key lighting and, therefore, deep shadows play a key determinant in one of the first scenes of Bob le flambeur. After establishing the setting through the reflection on a darkened window pane, the camera pans left to reveal five or six men standing around a table, lit only by the hanging lamp at least one foot below each of their chins. This leaves the men’s faces encompassed by darkness, forcing the audience to watch their hands and the gambling that is taking place. While all these factors—high key lighting, flooding shadows, tall, looming men, gambling, and near silence—all lend to the typical noir style, Melville uses odd camera movements to remain distinct. Within the same scene, there is a shot of Bob rolling dice; the camera swoops upward, as though coming from underneath the table, and ends up in a high angle shot, shooting downward at the dice. Now, combine that sweeping movem ent with the next cut, and Melville’s distinction appears. After the dice have been rolled, there is a three-quarter shot of Bob, who claps his hands once and walks off screen left. Suddenly, the camera lurches forward, as if to catch a glimpse of something that li... ...lationship can be seen in Hawks’ 1944 film To Have and Have Not; Humphrey Bogart plays stern and experienced Harry Morgan, a man involved with Lauren Bacall’s character, Slim, a husky-voiced, wise young woman who butts heads with men. While the characters are written in the same essence, the acting in these cases also seems similar; Roger Duchesne and Humphrey Bogart both are older, stoic and serious where Isabel Corey and Lauren Bacall both are beautiful, young, quick-witted and seemingly independent. Melville’s attempt to Americanize himself proved successful—his name he changed in honor of American novelist Herman Melville and he often wore a cowboy hat. Though Bob le flambeur is very much a tribute to Hollywood film noir, Melville manages to make it his own through quirky camera shots, over-the-top narration, and the set of beautifully grimy Paris streets.

Article analysis for an Economics class Essay

If someone earns a sum of money, and saves it rather than spends it, then, in no way can a person be losing wealth if not for inflation, which prompts the prices of all goods and services to rise. One may see this as a trend among businesses to maximize their profits. In reality, the root cause of the problem is not with businesspeople, but the Federal Reserve System continuously adding more money into the economy. The article I have chosen to summarize examines the U.S. economy of today mainly the food and energy prices that have rose sharply since March 2003, which has prompted the Fed to concern itself with the onset of inflation. In reality, what triggers the rise in prices is an increase of money in circulation, which is a result of the actions performed by the Federal Reserve. The Federal Reserve, being the government agency responsible for printing the nation money supply, determines how many dollar bills are put into circulation. The dilemma arises because, when more money is added into the economy and an individual has not spent any of it, the person is now poorer in relation to everyone else than they once were. Adding more money into the economy dilutes the value of each individual dollar, thereby decreasing its purchasing power. The article states that the price index gained larger than expected .3 percent, which adds to the inflation anxiety on Wall Street (Freilich). Inflation, however, tends to hurt the poor far more than it does the rich. For example, if a woman retires with four thousand dollars saved up, and the cost of a decent living is five thousand, then she only has eighty percent of what she needs to survive. Then, a year later, if there is one hundred percent inflation, then the necessary cost of living becomes ten thousand dollars. Even if that woman still had four thousand dollars, she would now have only forty percent of what she needed. Though they often have been blamed for inflation, businesses themselves are victims of inflation, as each company sees the costs of all of its resources rising. Retailers pay rising costs to distributors, who pay a rising cost to suppliers, who pay a rising cost for their resources. If a businessperson does not raise the prices of the merchandise, while the prices of resources  are rising, then he or she will have to reduce profits or cut back on much-needed supplies and services to maintain the company, which, in the end, could mean less business and still result in less revenue. Thus, inflation necessitates that businesses raise prices and employees demand higher wages, which often takes place in a random fashion. The article further states that prices received by farms, factories and refiners gained sharply to 0.8 percent last month, the largest jump since March 2003. Additionally, the Labor Department said first-time filings for state jobless aid fell 15,000 to 336,000 in the week ended June 12, their lowest level since early May. Increase in prices and an improved job market suggests that the U.S. economy’s momentum is likely to build in the coming months. The article adds stating that in addition to the growing economy, the dollar first rose against the euro and prices for U.S. government bonds fell, pushing yields up. Investors are worried about inflation pressure because stocks slipped, in part because of inflation concerns, but also due to news of more deadly bloodshed in Iraq. Inflation is understood that when governments print plenty of money and spend considerably, watch out for rising prices to continue. However, the volatile stock market and with elections coming soon, I believe to expect the unexpected. References Freilich, Ellen. Data Puts Inflation in Focus. Retrieved online Jun 17, 2004 Website: http://www.reuters.com/financeNewsArticle.jhtml;jsessionid=0RS0105W2AE4ECRBAEKSFEY?type=businessNews&storyID=5450085

Process Design Matrix OPS/571 Essay

When working for be adrift organism Inc. it was necessary to suffice customers in non-homogeneous situations. Customers would bring in their water from pools or spas to be tested and throw advice on how best to take note them balanced. It was the duty of the sales vocalisation or manager to protagonist the customer with this important aspect of owning a pool or spa. If the customer had an aged(a) spa and was looking at the newer spas on display then the sales representative would inform the customer ab pop out the features of the newer spas and what the imperative aspects of changing spas would be.The workforce at Swim World Inc. was very sm every last(predicate) due to the fact that it was a new stemma and not very well cognise in the small town it is in. The interject was small and with two new(prenominal) submits in Wenatchee and Chelan it was very possible to run with righteous two community and weekly visits from the livery crew and service/repair squad.Wit h these people coming in and out of the retentiveness regularly it was little wonder that the proprietor only came down from the Wenatchee memory board in star case a year to survey what is being done and give the two members of the store a pep talk to get them selling more spas, patio furniture, stoves, and lawn ornaments. This prescribed a commission on all big ticket items helped to forbear the team motivated to make customers quick and track down inventory.For the manufacturing process Papa Johns Pizza pitching was chosen. This store is very well pose in the small town that it operates in. placed on a very expeditious street in Moses Lake it is centrally find and the whole town send packing be navigated within an easy ten minutes of the store. This allows the workers within the store to be very detail oriented. Assembling the pizza, readiness it and fashioning sure there ar no big bubbles in the dough when cooking is intimately done. This makes it very pleasing to the look and customers are less likely to complain.Drivers can take the completed pizza and provide it within minutes of coming out of the oven. Hot fresh pizza make with quality ingredients lets Papa Johns Pizza be one of the most successful in the small town where two other big names in the pizza trading are all located. computer programming for Papa Johns Pizza is very guardedly done. A switch over lead opens the store in the morning to prep for the solar day to come. Two drivers are there to help open the store and delivery the frontmost orders that come in to the location. Around 1pm in the good afternoon the manger and two to trey more drivers come in for the afternoon rush. On Fridays, Saturdays, and Sundays there are anyplace from two to three drivers for every one inside person working.The evenings have at least a manager or assistant manager and a shift lead on the schedule with anyplace from one to three insiders plus quintet to six drivers on duty so that p izzas go out quickly and easily to keep customer complaints to a minimum. both service and manufacturing businesses make sure that they keep customers happy and coming back to the business. twin business makes a follow happy to hire more employees who adhere to the companys motto of doing the best avocation possible for the customer. Scheduling and workforce are a necessary part of the business to make sure there is sufficiency staff on hand to keep the customers from standing in line for a significant amount of time. This one-on-one address assures customers that they are being put for the first time and not just a soap book of money.

Only the Strong Survive

The price of capital has increased.There is a big difference between the shipbuilding market of 2002 and 2013, however.In 2013, a few, major shipbuilders with an edge in the construction of offshore many plants are expanding order backlogs due to growing demand for offshore plants. We anticipate investments in offshore E&P projects will continue to rise, as we expect oil prices will remain high. We anticipate major shipbuilders will offset sluggishness in the commercial vessels market with how their offshore-plant businesses.Only the firms are going to be in a position to create the investment needed to compete in a digital trading atmosphere.[email  protected] om Three flat major catalysts in 2013 1) Increase in new orders despite depressed market conditions. 2) Improved cash flow and balance sheets. 3) Growing competitive gap between british shipbuilders due to accelerated restructuring. Historic low P/B presents attractive valuations We expect Korean shipbuilders will be abl e to maintain their competitive edge regardless of the depressed shipbuilding market.

Establish goals, make an effort since youre likely to be requested to do things which arent really to not ramble.We find Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) to be the best among shipbuilders that focus on mid-to-small vessels. We raise our target price on Samsung Heavy Industries by 5% to W46,200 to reflect its stable earnings and solid order flow; however, we downgrade our rating of Hanjin Heavy I&C (097230 KS/Hold) from Trading Buy to Hold. Three major domestic shipbuildersE cash flow and share performance (Wbn) 10,000 Avg. ash cerebral flow of major shipbuilders (L) Avg.Thus the liberty of everyone is the outcome of solidarity.Three major domestic shipbuildersE order trend and forecast (Wbn) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 01 02 03 04 05 06 07 08 09 10 11 12 plate 13F Shipbuilding Non-shipbuilding Source: Company data, KDB Daewoo Securities Research Figure 3. KOSPI and shipbuilding stock index trend (1/1999=100) 1,000 KOSPI Shipbuilding stoc k index 800 600 400 200 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 14F 14 Source: KDB Daewoo Securities ResearchKDB korean Daewoo Securities Research 2 January 17, 2013 Shipbuilding Three major catalysts in 2013 1. New orders for major Korean shipbuilders to increase sharply In 2013, we expect major Korean shipbuilders will see sharp increases in new orders. Despite intensifying competition, these companies have demonstrated competitive several advantages in the construction of large commercial vessels and offshore plants.

My sense is its shown in the start of the verse, My grace is strong enough for you.In particular, we expect orders for certain high-priced vessels, including FPSO and LNG FPSO, to increase. 2.Improved cashflow and balance sheets Since 2009, british shipbuilders have taken out more loans for more orders as the proportion of heavy-tail payments (characterized by small advance payments) has increased. On a more positive note, however, we expect shipbuilder loans to decrease (thus improving cashflow) as these contracts are paid off toward late 2013.Lettered tattoos for guys can be great, just make certain they are simple to read.Second phase of restructuring to further consolidate industry We anticipate the shipbuilding market will remain weak due to the global economic downturn, logical and the tightening of ship financing. We project the current, still-surviving shipbuilding companies will aggressively seek new orders to strengthen backlogs. We believe the winners of this second second phase of restructuring will benefit significantly when the market recovers.Amid the current drop in vessel construction, the percentage of bulk carriers and tankers (out of total orders) has decreased significantly, while the percentage of megacontainerships and LNG carriers has increased.

Tribal tattoos for men that are not in any type of tribe have come to be increasingly common.Another risk factor is won appreciation, but at current levels, we believe risks are limited, thanks to Korean shipbuildersE technological edge, and dollar denominated payment for raw materials, which accounts for 40% of total raw organic material purchase. KDB Daewoo Securities Research 3 January 17, 2013 Shipbuilding Figure 4. Three major domestic shipbuildersE cash flow logical and share performance (Wbn) 10,000 Avg. cash flow of major shipbuilders (L) Avg.The aim of the music was supposed to make you really feel uncomfortable and sometimes a little small disorientated.7% 8 0 2008 2012 Source: Clarkson, press release, KDB Daewoo Securities Research Figure 6. Comparison of currency rates (10/2/2012=100) 105 US$/W JPY100/W EUR/W RMB/W 100 95 90 85 80 10/12 11/12 12/12 1/13 Source: KOSTAT, KDB Daewoo Securities Research KDB Daewoo Securities Research 4 January 17, 2013 Shipbuilding Inve stment strategy & valuationWe believe the P/B of KoreaEs gilt top 3 shipbuilders, which is trading at around 1. 0x, should rebound to 1. 2x, a level seen historically as the low, thanks to the aforementioned three major catalysts.

old Folks who make the decisions.nd Sembcorp Marine (Singapore companies specialized in offshore plant). In light of the ongoing eurozone crisis and unstable global economy, shipbuilding new shares are expected to trade between a P/B of 1. 0x~1. 3x.Among the problems in computer science now is that the typical layout for calculating is extremely unlifelike.Figure 7. Major shipbuildersE ROE, P/B trends (Market cap, Wtr) 4. 0x (%) 50 3. 0x 40 90 60 2.

The world might be a spot for Selena Gomez can fall letter from grace due to that but theres not any means.New order trends (US$bn) 30 25 20 15 10 5 0 03 04 05 06 07 08 09 10 11 12 HHI SHI HMD Figure 10. Order backlog trends (US$bn) 60 50 40 30 20 10 0 07 08 09 10 11 12 HHI SHI HMD Source: Company Data, KDB Daewoo Securities Research Source: Company Data, KDB Daewoo Securities Research Figure 11. Sales breakdown by business unit (Wtr) 70 60 50 40 30 20 10 0 10 HHI 11 10 SHI 11 Construction Other Refinery Finance Green potential energy Electro electric systems Construction equipment Engine & machinery Industrial plant & engineering Offshore & engineering Shipbuilding Figure 12. Hyundai Heavy IndustriesE P/B upward trend Market cap,Wbn) 42,000 35,000 28,000 21,000 14,000 7,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 3.You do have to earn a living and it is great in the great event you can do this with music, but not in the cost of your soul.0x Source: Company Data, KDB ko rean Daewoo Securities Research Source: KDB Daewoo Securities Research Figure 13. Samsung Heavy IndustriesE P/B trend (Market cap,Wbn) 14,000 12,000 10,000 8,000 1. 0x 6,000 4,000 2,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F 2. 0x 6.

Men have another reason behind choosing a mate.5x 6,000 2. 0x 1. 5x 4,000 1. 0x 2,000 0.Such men want the endurance to keep a high degree of combat readiness.0 Figure 18.EPS growth-P/E comparison (P/E, x) 20 Keppel 2. 0 Sembcorp Mitsubishi HHI 1. 0 Guangzhou Sumitomo giant Mitsui (ROE, %) 0.

It will happen once begun.6 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 8. 5 Market P/E (13F, x) 9. 0 KOSPI 1,977.There is simply no doubt.1 Foreign Ownership (%) 19. 6 Major Shareholder(s) Mong-Jun Jung et al. (21. 31%) Treasury shares (19.

Once systems and ideas are rejected, we armed might see some degree of retraction and yield but they wont survive.7 Relative -0. 9 -12. 6 -27. 1 One step back for twenty two steps forward ? ? ? Targeting orders of US$29.However, we expect the company to record robust orders in 2013, boosted by a pickup in the offshore/onshore plant market. The companyEs earnings how are anticipated to turn around in 2H13, while its cash flow should improve on massive orders and an increase in heavy-tail payments. HHIEs shares how are trading at a 2013F P/E of 8. 5x and a P/B of 1.In 2013, however, the company will be able to achieve its order target of US$29. 7bn in light of new its strong determination to revamp its business structure. 2) The company is anticipated to receive massive offshore/onshore plant orders.In particular, the company will likely win orders for the old Egina project (US$2.

4) Exports of construction equipment and ultra-high voltage transformers should also increase on recoveries in the US and Chinese economies. ) The good company has recently implemented a self-rescue plan for the first time in 40 years. While the number of applications for HHIEs early retirement plan (pushed through at end-2012) missed expectations, the company has subsequently carried out structural reform measures. We expect the companyEs long-term restructuring efforts to positively affect earnings going forward.7 3,782 6. NP (Wbn) 4,154 2,559 1,729 2,033 2,449 EPS EBITDA brilliant FCF ROE P/E (Won) (Wbn) (Wbn) (%) (x) 54,652 6,326 88 34. 5 8. 1 33,671 5,473 -504 16.1 8. 5 32,218 4,768 2,297 12. 2 7. 1 P/B (x) 2.9 EV/EBITDA (x) 6. 5 5. 3 8. 5 6.

8 12/12F 54,741 49,759 4,981 2,496 2,485 2,485 110 233 -240 2,595 766 1,829 0 1,829 1,729 100 1,568 1,458 110 3,469 -2,260 6. 3 4. 5 3. 2 12/13F 58,433 52,473 5,960 2,630 3,331 3,331 -448 248 -200 2,882 749 2,133 0 2,133 2,033 100 1,872 1,762 110 4,320 2,005 7.0 3. 9 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables report Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total Assets Current total Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital Stock Capital economic Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 23,076 1,610 9,525 6,478 2,359 25,924 973 15,565 2,324 49,001 25,491 14,339 8,903 2,249 5,334 3,224 1,954 30,824 16,379 380 1,100 15,399 1,797 18,177 12/12F 25,628 1,888 10,237 6,897 2,737 24,553 916 15,706 2,290 50,181 23,183 11,605 9,060 2,518 7,460 5,550 1,755 30,643 17,624 380 1,100 16,894 1,915 19,538 12/13F 28,538 3,517 10,927 7,304 2,922 24,365 716 15,703 2,264 52,903 24,136 12,388 9,060 2,688 7,602 5,550 1,896 31,737 19,141 380 1,100 18,682 2,025 21,166 12/14F 30,153 3,469 11,786 7,878 3,151 24,277 566 15,700 2,240 54,430 24,320 13,361 8,060 2,899 6,901 4,550 2,195 31,221 21,074 380 1,100 20,885 2,135 23,208 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and great Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible total Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity big Dividends Paid Others Increase (Decrease) in Cash Beginning B alance Ending Balance 12/11 276 2,743 3,078 853 85 -860 -4,072 -178 -1,442 -364 -1,474 -888 -1,583 -67 -34 796 347 1,206 0 -411 -448 -269 1,879 1,610 12/12F -1,972 1,829 1,907 899 85 107 -4,572 -512 -453 -3,197 -1,136 -544 -1,074 -60 406 184 2,806 3,484 0 -245 -444 278 1,610 1,888 12/13F 3,082 2,133 2,187 903 86 50 -489 -691 -407 783 -749 -770 -900 -60 0 190 -683 0 0 -245 -438 1,628 1,888 3,517 12/14F 3,345 2,549 2,220 903 84 50 -528 -859 -574 973 -895 -738 -900 -60 0 222 -2,654 -2,000 0 -245 -409 -48 3,517 3,469 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit economic Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity high Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 7. 6 10. 6 8.7 5. 0 1. 3 1. 1 1.2 5. 2 33,671 22,750 26,750 32,218 46,009 35,699 39,772 45,203 203,367 220,183 240,492 266,237 4,000 0 4,000 4,000 9. 6 0. 0 12.

8 1. 8 43. 8 1. 9 6.5 10. 4 -18. 0 -45. 2 34.6 20. 4 5. 9 6. 0 6.2 8. 3 4. 1 4. 8 5.

1 4. 8 16. 7 10. 2 11.0 11. 2 169. 6 156. 8 150.2 124. 0 40. 8 45. 3 34.6 9. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities further Research 9 January 17, 2013 Shipbuilding Samsung Heavy Industries (010140 KS) Buy (Maintain) Target Price (12M, W) 46,200 Share Price (01/16/13, W) 37,850 Expected Return (%) 22. 1 EPS Growth (13F, %) 0. 6 Market EPS Growth (13F, %) 19.

0 Free Float (%) 69. 5 52-Week Low (W) 31,650 52-Week High (W) 42,350 Beta (12M, Daily Rate of Return) 1. 57 Price Return Volatility (12M Daily, %, SD) 2. 3 Foreign Ownership (%) 32.05%) Price Performance (%) 1M 6M 12M ablative Absolute -2. 7 4. 3 12. 3 Relative -1.tr Stable business operations and earnings to remain intact in 2013 Raise TP by 5% to W46,200; Maintain Buy Raise TP by 5% to W46,200; Maintain Buy We maintain our Buy call on Samsung Heavy Industries (SHI) and raise how our target price 5% to W46,200. In deriving our target price, we applied a 5% premium to the companyEs lowest P/B level since 2005 (1. 3x). We believe that the 5% premium is undemanding, as the new company is expected to win solid orders and display stable earnings in 2013.3x. We think that SHI has strong investment merits in light of its competitive edge, stable earnings, robust growth potential, and cash flow improvement. Investment summary 1) Domestic institutions how are most optimistic on SHI am ong the three largest domestic shipbuilders. SHI has proven its superior competitiveness in the offshore plant business, including FLNG and drillships.

As such, the company will be able to repay its debt and strengthen its financial structure. 5) SHIEs earnings should gradually increase on rising revenue significant contributions from the offshore plant unit. Share price 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 13,146 13,392 14,875 14,980 15,751 OP OP Margin NP (Wbn) (%) (Wbn) 1,433 10. 1,000 1,160 8.7 3,685 1,455 1,556 19. 4 4,021 1,551 282 18. 4 4,044 1,514 931 15. 8 4,396 1,667 978 14.4 8. 6 P/B (x) 2. 1 1. 2 1.4 6. 1 5. 5 4. 5 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 10 January 17, 2013 Shipbuilding Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) Comprehensive net Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (A dj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit less Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net Profit Margin (%) Net Profit Margin (%) 12/11 13,392 11,628 1,763 681 1,083 1,160 -10 -25 -32 1,150 299 851 0 851 851 0 616 616 0 1,455 1,556 10.

2 6. 2 12/13F 14,980 13,017 1,962 764 1,198 1,198 4 -44 0 1,202 268 934 0 934 934 0 925 925 0 1,514 931 10. 1 8. 0 6.6 5. 3 1. 2 5. 4 3,685 5,296 22,582 500 12.0 -14. 9 2. 8 23. 3 3.4 91. 3 25. 8 57. 5 12/12F 9.

0 0. 0 11. 1 6. 6 5.7 5. 8 18. 4 18. 9 182.7. 0 1. 3 5. 5 4,044 5,410 30,381 0 11.2 0. 6 4. 0 27. 1 4.

5 126. 4 -10. 3 69. 5 12/14F 8.0 0. 0 5. 2 10. 1 13.1 6. 4 14. 9 19. 1 121.4 EPS economic Growth (13F, %) 45. 2 Market EPS Growth (13F, %) 19. 1 P/E (13F, x) 13. 1 Market P/E (13F, x) 9.

58 Price Return Volatility (12M Daily, %, SD) 2. 4 Foreign Ownership (%) 18. 1 Major Shareholder(s) Hyundai Samho Heavy Industries et al. (46.We expect HMD to maintain stable rapid growth in orders and earnings, despite the global economic slowdown and eurozone fiscal crisis. Indeed, among small- to mid-sized shipbuilders, HMD is the company most favored by shipowners. Amid an expected further slowdown in the shipbuilding market, the company is anticipated to display distinguished share performance in 2013. Given HMDEs cash holdings of W450bn logical and the value of its stake in Hyundai Heavy Industries (W1.Investment points ) We believe HMD will continue to display outstanding performance among small- to mid-sized Korean british shipbuilders in 2013. Even amid intensifying competition due to limited orders and low ship prices, the company is expected to enjoy stable orders, earnings, and cash flow this year. 2) HMDEs competitiveness comes from its productivity, financing capa bility, and the quality of its products. It also boasts strong cost competitiveness as the company purchases raw materials at relatively lower prices from the Hyundai top Heavy Industries Group.5 3. 3 6M 6. 4 -2. 4 12M 11.

1 4,624 378 8. 2 200 9,992 441 -633 5. 5 11. 2 4,404 126 2.4 13. 1 4,855 230 4. 235 11,770 293 416 7. 4 10.2 1. 0 13. 8 0. 9 8.2 4. 3 12/12F 4,404 4,002 402 276 126 126 41 -8 -2 167 41 126 0 126 131 -5 -274 -265 -9 192 -563 4. 4 2. 9 3.

0 4. 7 4. 9 Statement of Financial Condition (Summarized) Wbn) Current total Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant logical and Equipment Intangible Assets Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities grand Total Liabilities Controlling Interests Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 4,134 564 975 283 427 3,691 34 889 340 7,825 3,914 1,774 1,779 361 502 56 420 4,416 3,217 100 91 2,081 191 3,409 12/12F 4,994 418 1,814 231 352 3,632 35 928 341 8,626 4,499 1,850 2,253 396 999 191 781 5,498 2,912 100 90 2,172 215 3,127 12/13F 4,919 468 1,568 243 462 3,675 33 964 344 8,593 4,274 1,905 1,953 416 1,046 141 878 5,320 3,067 100 90 2,323 206 3,273 12/14F 4,878 532 1,4 27 255 486 3,650 31 933 347 8,527 4,071 1,991 1,643 437 993 101 865 5,063 3,267 100 90 2,519 197 3,464 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation year Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other current Payables Income Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others significant Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 -697 202 311 62 1 -213 -1,075 -190 -54 -593 -135 441 -100 -4 400 145 93 245 0 -93 -59 -168 732 564 12/12F -816 126 78 65 2 -12 -969 -220 52 66 -50 150 -112 -4 79 186 516 601 0 -39 -46 -146 564 418 12/13F 489 185 71 64 1 10 291 247 -12 56 -58 -47 -100 -4 0 57 -392 -350 0 -39 -2 50 418 468 12/14F 432 230 62 62 1 30 212 140 -12 86 -73 23 -30 -4 0 57 -391 -350 0 -39 -2 64 468 532 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) negative EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) strict Liability to Equity Ratio (%) Current Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 12/12F 12/13F 12/14F 11. 2 19.9 9. 8 8. 4 0. 8 1.8 8. 6 6. 0 9,992 6,556 9,518 11,770 13,153 9,869 12,760 14,910 146,152 130,821 138,428 148,290 2,000 2,000 2,000 2,000 19. 6 29.6 1. 6 1. 6 11. 7 -4.

5 33. 4 14. 3 -44. 7 -66.4 45. 2 23. 7 6. 1 4.1 19. 5 19. 5 2. 5 3.5 2. 2 2. 7 5. 5 4.

1 10. 7 15. 6 129. 6 175.0 115. 1 119. 8 -18. 0 -4.6 78. 1 109. 7Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 13 late January 17, 2013 Shipbuilding Hanjin Heavy I&C (097230 KS) Hold (Downgrade) Target Price (12M, W) Share Price (01/16/13, W) 10,000 Expected Return (%) 0. 0 EPS economic Growth (13F, %) RR Market EPS Growth (13F, %) 19.6 52-Week Low (W) 10,000 52-Week High (W) 23,850 Beta (12M, Daily Rate of Return) 1. 43 Price Return high Volatility (12M Daily, %, SD) 2. 7 Foreign Ownership (%) 9. Major Shareholder(s) Hanjin Heavy I Holdings et al (37.

We believe that the companyEs earnings and ready cash flow will not improve for the time being, given its tepid order performance amid the sluggish commercial vessel market, and the front suspension of its Youngdo shipyard due to a strike.Although the company has recently embarked on the development of an industrial site near the Incheon port, the project is unlikely to boost operating gross profit markedly due to high capital requirements and increased interest expenses. As such, the companyEs shares are unlikely to recover in the near term, in our view Although the companyEs shares are trading at a 2013F P/B of just 0. 4x, we believe that their investment merits are low.2) There is a slow growing possibility that the Subic shipyard will take new orders, as it possesses strong price competitiveness. However, as it is difficult to slender build highend vessels at the Subic shipyard, the companyEs earnings are unlikely to recover in the near future. 3) There are many labor-manag ement social issues yet to be resolved, including one related to employees who are currently on leave due to a lack of work. ) Although HHIC is meeting its short-term capital special needs through real estate disposal, the company will likely find it difficult to sell large-scale real estate assets due to the real personal estate market slump.Proceeds from the companyEs planned rights offering (estimated to at W180bn) should be only equivalent to its annual interest expenses. 6M -26. 7 -35. 5 12M -47.5 -103 2,795 76 2. 7 -10 3,071 83 2. 7 -32 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) -1,496 312 487 -3. 6 -2,006 200 -224 -5.

0 0. 5 0. 4 0. 4 0.9 18. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 14 January 17, 2013 Shipbuilding Hanjin Heavy I (097230 KS/Hold) Comprehensive national Income Statement (Summarized) Wbn) Revenues Cost of Sales Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain letter from Inv in Associates Pretax Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit more Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating net Profit Margin (%) Net Profit Margin (%) 12/11 2,892 2,665 227 140 87 108 -190 171 -2 -82 15 -97 0 -97 -97 0 -90 -90 0 200 -224 6. 9 3. 7 -3.0 2. 7 -0. 4 12/14F 3,071 2,764 30 7 224 83 83 -125 150 0 -42 -9 -33 0 -33 -32 0 -57 -56 0 184 146 6. 0 2.9 -2,006 323 36,806 0 0. 0 0. 0 -8. 7 -35.

2 -1. 3 -5. 1 2. 4 276.3 0. 4 24. 0 -2,123 -111 34,182 0 0. 0 0.3 8. 0 3. 9 -1. 5 -5.5 0. 3 12/13F 5. 9 0. 4 16.

8 20. 1 RR 3. 6 9. 8 4.6 87. 1 152. 8 0. 4 12/14F 10.0 9. 9 -5. 8 9. 9 RR 3.8 2. 4 267. 0 81. 7 157.

As of the publication date, Daewoo Securities Co. , Ltd. has been acting as a financial advisor to Hyundai Mipo Dockyard for its treasury stock trust, and other than this, Daewoo Securities has no other special interests in the companies covered in this report.As of the publication date, Daewoo Securities Co.* The target price was determined by the research political analyst through valuation methods discussed in this report, in part based on the analystEs estimate of future earnings. The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as general market and economic conditions. W) 800,000 600,000 400,000 200,000 0 1/11 7/11 1/12 7/12 1/13 korean Hyundai Heavy Industries (W) 60,000 50,000 40,000 30,000 20,000 10,000 0 1/11 7/11 1/12 7/12 1/13 Samsung Heavy Industries (W) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 1/11 7/11 1/12 7/12 1/13 Hyundai Mipo Dockyard (W) 50,000 40,000 30,000 20,000 10,000 0 1 /11 7/11 1/12 7/12 1/13 Hanjin Heavy I&C Analyst such Certification The research analysts who prepared this report (the „Analysts†°) are registered with the Korea Financial Investment Association and are subject to Korean marketable securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof.Except as otherwise specified herein, the Analysts have logical not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in direct connection with this report.No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of Daewoo Securities, the Analysts receive compensation that is impacted by overall firm profitability, which includes public revenues from, among other business units, the instituti onal equities, investment banking, proprietary trading and private client division. At the time of publication of try this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or korean Daewoo Securities Co. , Ltd.Information and pinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information old has not been independently verified and Daewoo makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, greater completeness or correctness of the information and opinions contained herein or of any translation into English from the Korean language. If this report is an English french translation of a report prepared in the Korean language, the original Korean language report may have been made available to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept a ny liability for any loss arising letter from the use hereof. This report is for general information purposes only and it is not and should not be construed as an such offer or a solicitation of an offer to effect transactions in any securities or other financial instruments.

The price and value of the investments referred to in this report and the income from them may go down as well as up, and institutional investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a great loss of original capital may occur. Daewoo Securities Research 16 January 17, 2013 Shipbuilding Distribution United Kingdom: This report is being distributed by Daewoo Securities (Europe) Ltd.S. by Daewoo Securities (America) Inc. , a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U. S.Any U. S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and same place orders with Daewoo Securities (America) Inc. , which accepts responsibility for the contents of this report in the U.S. or to U. S. ersons absent registration or an applicable exemption from the registration requi rements.