Historical Inquiries Group Essay

By the 1870’s, Europe was forever changed by the formation of Italy and Germany as new nation-states. Through this formation, Europe was shaken by the alteration in the balance of power. In Germany’s case, its unification was created through the leadership of Prussia, attempting to make a strong ethnic nation that could defeat Austria. Italy’s unification was made possible by the initial intentions of Sardinia. Europe witnessed how drastically the balance of power was shifted during World War I, when Germany and Italy proved they had both grown into powerful nation-states. The creation of the nation-states of Italy and Germany was a key point in the history of Europe that changed that balance of power in Europe. There are several factors that lead to the unification of Germany. For example, the introduction of new nationalistic ideas during the Enlightenment, caused for such events like the Carlsbad Decrees, which were German youth movements that spread national and liberalistic ideologies. These movements, however, were not too successful and eventually suppressed underground. The greatest factor that leads to the unification of Germany was most likely through Prussia under the control of Otto von Bismarck, who led Prussia to become the unifying power. The Danish-Prussian war in 1864 was the first step for Prussia, in which Prussia gained Schleswig, and Austria, which had an alliance with Prussia at the time, gained Holstein. Due to Holstein geographical isolation from Austria, it created tensions between Prussia and Austria, and lead to the Austro-Prussian war. The results of the war ended up with Austria being defeated, and Prussia gaining Holstein. The Franco-Prussian war in 1870 lead to the Treaty of Frankfurt, allowing Prussia to gain Alsace and Lorraine from France; the loss of Alsace and Lorraine later becomes a reasons for tensions between France and Germany.

A sales promotion campaign for PG Tips

U. K. is one of the world’s largest tea consumers. In spite of the fact that this beverage has become almost a national emblem, the English tea market is undergoing major changes.Consequently, in order to survive, specialized companies are compelled to adapt to new trends. One of the most famous firms operating within this domain is PG Tips, a company which will organize a promotional campaign mainly aimed at encouraging black-tea consumption.Before starting to delve into campaign details, a snapshot of the U.K. tea market could prove extremely useful.According to BBC (http://news.bbc.co.uk/1/hi/uk/4556103.stm), the traditional tea market underwent a severe decline between 2002 and 2004 when the sales for tea bags and loose tea decreased by 16% and, respectively, 9%. However, the sales volume of other varieties received a major boost over the same period. The items subscribing to this optimistic tendency were the herbal and fruit tea which increased by 30% and the â€Å"speci alty† varieties (green tea, black tea, white tea, oolong tea) which boosted sales by 50%.The upward trend for the latter category is explained by the young generation’s preferences and concerns. Researches have emphasized that youngsters consider tea to be a fashionable drink which succeeds in ensuring a long-term health, at the same time.Thus, the new trend is the natural result of healthier life-styles and higher social needs. A survey that was carried out between 2002 and 2004 on a sample of 25,000 individuals showed that 80% of Britons drank tea, 70% of the persons aged over 65 drank tea at least twice a day while the percentage of youngsters (aged between 15 and 24) having the same behaviour was 38. Standard tea continues to have the highest share in terms of retail sales (63%) compared with herbal and fruit teas which account for only 27%. Moreover, the English breakfast tea is the first choice when it comes to the Britons’ preferences.In conclusion, tea co mpanies have lost market share because they have failed to meet the new generation’s requirements and needs. This is not as preoccupied with maintaining tradition as it is with being healthy and in fashion, at the same time.Consequently, if PG Tips wants to boost its sales, it should focus on this market segment which seems to gain more and more adherents every day. Additionally, one could say that the new trend works in favor of PG’s main objective (promoting black tea) as â€Å"specialty† varieties are those who have had the most significant increase over the last few years.Therefore, the company will reposition tea brands by focusing on health benefits and special moments shared with friends or family when chatting over a cup of tea creates a warm, relaxing atmosphere. Thus, tea will be promoted as both natural medicine and social anthem, acting as a liaison among individuals belonging to the same group.The target audience will encompass persons aged between 15 and 45, situated within the medium and superior social strata and having an average or superior level of education (or belonging to families which have an average/superior level of education, in the case of the youngest). The audience will include consumers and non-consumers, at the same time.The sales promotion will be an event capable of revealing tea benefits, and implicitly, achieving the campaign’s objectives. In time, tea has become a habit within the framework of the quotidian landscape. Buying and drinking such beverage has turned into a routine which has lost its attractiveness to marketers.These have preferred to focus on new brands of automobiles, perfumes, sweets and so forth which are considered to be more enticing in terms of advertising. Consequently, tea has been neglected and has begun to lose market share as any fire ceases to burn when not appropriately fuelled. Thus, PG Tips will try to remind the advantages of drinking tea (and especially, black tea) t o Britons.By highlighting the impact on health, the campaign will make non-consumers switch from other hot beverages to the PG’s black tea. Moreover, those who already are consumers of this product will feel as some sort of veterans who have made the right choice before their less expert counterparts who have discovered the nature’s miracle later. This conclusion will feed their ego and strengthen their loyalty to the PG’s products.To sum up, I’d say that the sales promotion will strongly impact on both consumers and non-consumers, thus managing to increase the total share that PG Tips holds in the home tea market.The sales promotion will consist of a three-tool mix: free samples, point-of-sale displays and a contest.  Free samples of black-tea bags will be given to customers in supermarkets and hypermarkets. These will be accompanied by attractive leaflets that will emphasize the major health benefits comprising reduced risk of stroke and heart attacks , stronger immune response and faster recovery after a stressful event.In order to achieve higher credibility, fliers should name the research institutes which have carried out the respective studies – e.g. The Netherlands National Institute of Public Health and the Environment, the Brigham and Women’s Hospital etc. (http://en.wikipedia.org/wiki/Health_benefits_of_tea).Secondly, in-store merchandising will play a major role through posters situated at the store entrance or at the tea shelves. These displays will attract viewers by statements like:† PG Tips cares about your health and takes you on a Tea Tour† which will surely determine customers to read more.

Why did the Continental Congress select George Washington of Virginia Research Paper

Why did the Continental Congress select George Washington of Virginia to command its army Assess Washingtons service as commander of the Continental forces - Research Paper Example He was designated as the General and Commander in Chief of the United Colonies (Schwartz 20). It is apparent that several factors must have influenced the Continental congress decision in selecting George Washington to be the Commander of the continental forces. He was a Southerner and delegates believed he was the best man who could unite all the colonies (Martin 25). George Washington was also wealthy; hence the delegates of the Continental congress believed that Washington could not be influenced by corruption in his duties. George Washington was also courageous and fearless and a determined competent leader. He was going to head a military which was under civilian rule of the new congress. Washington understood fully all his functions as a military leaders since he choose strategies, operations and tactics which led to victory (Martin 32). In March 1776, he carried out his first tactical attack by occupying the Dorchester Heights after planting artillery which brought down Fort Ticonderoga. This move forced British to evacuate from Boston. Washington courage made him cross to Delaware on a cold and stormy night where he attacked Hessian garrison of Trenton, New Jersey and captured more than 900 prisoners. Tactically he avoided British forces traps from a large force which was deployed in Trenton. His success and withdrawal to Princeton compelled the British forces to eastern New Jersey. He continued attaining victories by mastering his battlefield strategies. He held the army together and avoided any discontentment amongst his Continental forces (Schwartz 28). He confronted General Howe’s forces in Philadelphia but was defeated but did not give up hence he decided to relocate to York. His tactical capabilities made him decide to send his well trained forces to the North in order to counter any threat of invasion from Canada by British force which was under General Burgoyne. He prevented the attempts of General Howe to rescue General

Antitrust Practices and Market Power Essay Example | Topics and Well Written Essays - 500 words - 1

Antitrust Practices and Market Power - Essay Example The antitrust investigation against Google by Federal Trade Commission (FTC) followed complaints from competing search engines. They claimed that Google had monopolized the search business and online advertising, making it difficult for them to compete. Other search engine claimed that Google had made it hard for new entrants to find their way into the markets and industries that Google had already established operations. The Federal Trade Commission, which prohibits unfair methods of competition and deceptive practices (Areeda & Hovenkamp, 2011), came in to investigate Google’s antitrust behavior. Although FTC finally closed the investigation against Google without filling any lawsuits, antitrust behavior comes at a cost to the company. Google had to prove its case that it was not engaging in antitrust practices. This drew company resources into the investigation, resources that could have been directed to other company developments. Most importantly, unfair and illegal business activities often taint company image and consumer loyalty. This could eventually mark a devastating turning point for the company. Investigation into Google’s antitrust behavior was undertaken within the relevant legal framework. The applicable legal provisions included the Sherman Act (1890), Clayton Act (1914), and Federal Trade Commission Act (1914) (Posner, 2001). Under the Sherman Act, Google was investigated for the monopolization claims by other search engines. In the light of Clayton Act, the company’s exclusive dealings were put on the spot. Finally, the FTC Act encompasses unfair and anticompetitive practices for which Google was being investigated. Perfect competition, monopoly, and oligopoly market structures influence competition differently (Federico, 2009). These market structures determine whether or not there are barriers to entry into any given market

Care and management of chronic obstructive airways disease Essay

Care and management of chronic obstructive airways disease - Essay Example He was advised to quit smoking by the general practitioner, but the patient was unable to do so. In view of persistent cough and worsening health condition, the patient was referred to our center for further management and counseling. Other health problems in John include hypertension and hemorrhoids. He has been taking amlodipine 5 mg for hypertension. Overview of the disease Chronic obstructive pulmonary disease (COPD) is one of the devastating medical conditions that causes a great degree of suffering to humans (Mosenifar, 2011). It is a source of both economic and social burden (Sullivan et al, 2000 and Fromer and Cooper, 2008). It is defined as "a disease state characterized by the presence of airflow obstruction due to chronic bronchitis or emphysema" (Mosenifar, 2011). There are 2 sides of coin to the disease and they are emphysema and chronic bronchitis. Chronic bronchitis refers to presence of chronic cough with no other etiology and which is productive for at least 3 months during each of the two consecutive years. Emphysema is a condition in which damage of the air spaces that are present distal to the terminal bronchioles occurs. The damage is irreversible, abnormal and associated with destruction of the air space walls with no obvious fibrosis (Fromer and Cooper, 2008). ... The most distressing symptom of COPD is breathlessness which is a progressive problem and the crux of treatment of COPD is management of breathlessness. Pathophysiology Understanding of the pathophysiology of the disease helps elaborate a good management plan. The most common cause of COPD is cigarette smoking. It develops in about 15 percent of chronic smokers (NICE, 2004). Thus, John developed COPD because of chronic smoking. Other risk factors for the development of COPD are air pollution especially due to solid cooking fuels, presence of airway hyperresponsiveness (Mosenifar, 2011). The characteristic pathophysiological changes in COPD are seen in the central airways, the peripheral airways and also the lung parenchyma. Diverse mechanisms are implicated in the pathophysiology of COPD (Thurlbeck, 1990). Primary offenders like oxidative stress due to free radicals from cigarette smoke and oxidants from phagocytes and polymorphonuclear leukocytes trigger the release of certain enzym es like leukocyte elastase in such proportions that they cannot be counteracted effectively by anti-proteases, resulting in destruction of the lung tissues (Thurlbeck, 1990) leading to necrosis or apoptosis of the lung tissue. Due to these mechanisms, certain pathological changes occur in the airways and the lung tissue like inflammation and globlet cell hyperplasia in chronic bronchitis and loss of elastic recoil in emphysema. Other changes include ciliary abnormalities, airway smooth muscle hyperplasia, bronchial wall thickening and sometimes atrophy (Mosenifar, 2011). These pathophysiological changes contribute to airway flow obstruction, airway hyperresponsiveness and mucus accumulation leading to poor ventilation and oxygenation, breathlessness, cough and infection. A

Bard, M. G. The complete idiot's guide to Middle East conflict Annotated Bibliography

Bard, M. G. The complete idiot's guide to Middle East conflict - Annotated Bibliography Example Bennett, A. G. (2009). The Big Book of Marketing: Lessons and Practices from the World's Greatest Companies. New York City: The McGraw Hill Companies. This book was taken into account because it gave an in-depth detail about the strategies of both Pepsi and Coca-Cola in Cyber war, and how both companies attracted internet users through its marketing approach. Although much is not written about the competition in internet, but at least Pepsi and Coke are competing for marketing slots on the internet. This book is about the internet marketing strategies and rivalry between different well established brands such as Google and Yahoo, HP and Apple etc. The book gives an early history of the initiation of cyber war between Coca Cola and Pepsi; where Coca Cola introduced â€Å"Coke Rewards† as result of Pepsi introduction of â€Å"Pepsi Stuff†. This book is extremely credible because of its neutral approach to cyber marketing with respect to different rival countries. Solis, B., & Kutcher, A. (2010). Engage!: The Complete Guide for Brands and Businesses to Build, Cultivate, and Measure Success in the Web. New Jersey: John Wiley & Sons Inc. This Book was written by well known author of internet marketing Brian Solis and well known actor Ashton Kutcher. It gave an in-depth detail about internet marketing ventures of Coca-Cola and analyzes its success in that aspect.

The decline of women's rights in the Muslim world Essay

The decline of women's rights in the Muslim world - Essay Example Certainly, the world has seen the latter of the two in the news more than the predominantly peaceful observers of the religion. One of the most questionable practices of Islam is the requiring of women to cover their bodies head to toe as to not attract a man’s attention, thus causing him to break one of Allah’s laws. This practice is most usually not just done to behave in a religiously moral manner, but has actually become mandatory by law in many Islamic countries. Women who do not practice this tradition are often punished harshly. Similarly, the Islamic forms of government enforce the death penalty on women who have, in their eyes, committed adultery. The punishment for this can include the horrific and agonizing practice of being stoned to death. With this, the extremists of Islam who have managed to reform governments into Islamic practices and enforcement with a desire to make an example of anyone who contradicts the Islamic way and its government. The government-supported Islamic regimes do not allow for any sort of deviation or differing opinion in regards to faith. Today, marriage within the Islamic faith is solidified by a contract. Though the marriage contract stipulates the need for an exchange of good treatment between a husband and wife, the governments which make Islamic principle law allow for few rights of woman and total right to men. It is also not unheard of for a woman who has committed adultery to be sent away to what are known as ‘rape camps’. Within the past few years, groups like Amnesty International and Human Rights Watch, have declared rape a war crime and certainly the hosting of rape camps. One of the perks to being male and Islamic is the acceptance of polygamy. Men in Islam can have multiple wives, but the inverse is not true. Additionally, the Islamic faith encourages along the extremely

Was the Marshall Plan an unqualified success Essay

Was the Marshall Plan an unqualified success - Essay Example It also peeps into the state of economic growth in European countries before the commencement of this plan, so as to examine whether or not the Marshall plan was an unqualified success. The economic, social and political state of European countries of had been greatly exhausted as the repercussion of the World War II. Even the most powerful countries, such as Germany, could not escape the devastations of war. The economic growth all over the Europe had stalled and various political factors were hindering the process of economic growth acceleration. Watt illustrates the condition of European countries as, "in the economic field matters were still worse. The economies of France and Germany were in ruins Industrial production was recovering but the volume of exports was nothing like adequate to finance the necessary imports to maintain the rate of recovery. In France and Germany the position was worse still. British recover was far ahead of that in Europe" 1. The desolating economic state did not only hampered the trade and industrial growth of war-striken European countries, but was also threatening for the American capitalism. The United States, rising as the world super power after the World War II, perceived the state of halted trade and investment activities as grievous to its industrial growth. This led the US to devise and implement an aid plan directed towards all the European countries, known as the Marshall plan or the European Recovery Plan. The program was aimed towards driving European cooperation towards enhanced trade, investment and industrial growth, as well as curtailing the political aspects hindering economic stability in the region. Hence, shaping the European economic growth on American foundations. Watt points out that the Marshall plan "was to be a projection of many American ideas and ideals onto a Europe that was in a state of economic and political difficulties"2. The Western Europe, desperately in need of funds and collaboration, quickly accepted the offer and proceeded towards its implementation. Vickers remarks that the "Marshall's speech was welcomed with open arms by all the Western European states, already moving into varying degrees of co-operation"3. Unqualified Success Of Marshall Plan- A Myth Or Reality The Marshall plan is said to have greatly stimulated the economic growth of West European countries after the Second World War. Researchers (such as Mee4 and Wexler5 etc) argue in the favour of Marshall plan to have successfully transformed the course of economic recovery in Europe and led those countries on the track of growth. Wexler goes on to the extent of saying that the Marshall plan was "one of the great economic success stories of modern times"6. Although it is true to the extent that the flow of dollars and US conditions through the Marshall aid accelerated the process of economic and industrial growth in the region, however the plan, exclusively, cannot be termed as an unqualified success in driving this progress. Vickers illuminate this point as, "it is because of the way that the Marshall Plan entered the psyche of post-war politics that there is still a danger of falling prey to the myth of Marshall Aid." 7 The amount of aid provided to the Western Europe during the Marshall plan was not sufficient to the extent that

The corporate social responsibility of Formosa Plastic Corporation Essay

The corporate social responsibility of Formosa Plastic Corporation - Essay Example This research will begin with the statement that in pursuit of environmental protection, Formosa Plastics Corporation adheres to initiatives that are targeted towards improving the environment. For example, the corporation in the areas of energy and water conservation invested about the US $ 0.57 billion from 1999 to 2012, which saw the completion of more than 6,356 improvement projects. This enabled the corporation to save 287,000 tons in terms of daily water usage and decreased carbon-dioxide emissions by about 8.064 million tons yearly. The corporation intends to implement another 772 improvement projects in the future. This will save about another 13,000 tons of projected daily water usage and lower carbon-dioxide emissions yearly emissions by another 1.371 tons. The corporation prevents and proactively controls pollution in all stages of its manufacturing processes. It has established comprehensive garbage classifications and kitchen waste recycling initiative. The corporation h as established Formosa Environmental Technology initiative that recycles kitchen waste into organic fertilizers for growing organic vegetables and fruits. The corporation’s management understands the fact that there is need to give back to the society. The corporation understands that in the region they operate there is lack of medical and industrial talent, which has resulted in substandard healthcare resources.

Nelson Mandela Essay Example | Topics and Well Written Essays - 1500 words

Nelson Mandela - Essay Example These conditions kept on prevailing until in 1911 the Mines and Works Act stated that the Black workers could not be engaged as cheap semi-skilled laborers and this prohibited Black workers from seeking skilled work. In 1914 the National Party (NP) under General Hertzog made the law that the right to vote belonged to White and was not extended to Blacks. In coming years Blacks were deprived of the right to own their lands. The years went by and Blacks were subjected to discrimination by the Whites. Encyclopedia of Britannica describes apartheid as, policy that governed relations between South Africas white minority and nonwhite majority and sanctioned racial segregation and political and economic discrimination against nonwhites. It was in 1948 when the apartheid law was introduced which prohibited marriage of White and Non-White marriages and sanctioned White only jobs. The population was classified into White, Black and Colored. The Blacks had to carry pass books all the time containing their fingerprints, photos and information to access Non Black areas. There was discrimination in education, medical care and public services, and Blacks were always considered inferior to Whites. In 1951 the Bantu Authorities act established homelands for Blacks, their own lands were divided into separate homelands in which they had to live and in order to travel to another homeland they needed a passport, thus in other words they became alien to their own country. Whosoever did not abide by the law were subjected to injustices. Severe penalties were enforced on people and they were put in prison where brutal torture killed them. The statistics below show the result of apartheid law policies; It was through these hard times when a man rose up from between to combat these terrible practices of apartheid. Nelson Mandela was born on 28th July 1918, and dedicated his life to

History Museum Visit Essay Example for Free

History Museum Visit Essay Located on the coast of southern California is the city of La Jolla. Now home to almost 40,000 people, this city shares its own historical story from the past one hundred and fifty years through a series of presentations located within three historical structures. These three structures include, The Westeria Cottage, Carriage House and the Current Headquarters. Each structure contributes its portion in putting together the La Jolla’s Historical Society. Currently, the structures are featuring, Home front La Jolla : An American Community during World War 11. The series includes multiple rooms dedicated to different parts in history, along with the different aspects going on during the war. Each room featured many photographs, artifacts and personal stories to exploit the hardship of these times in our history. Many of these items were either donated or loaned by the Veterans Museum in Balboa Park and the Japanese American Historical Society of San Diego. While researching for museums, early in February I came across the main website for these historical sites. It caught my eye because I knew that this exhibit would cast a different kind of perspective than other grand museums. There are a ton of histories on World War II, but there are very few on the home front experience. The La Jolla Historical Society presents a perspective from its society, and shares multiple personal oral stories from its own residents who lived through the war or their surviving relatives, which I found fascinating. It is catered specifically to the effects of World War II on La Jollians. The oral stories provided by this exhibit are not only about what these residents remember about World War II, but also an intake of what life was like beyond that. I viewed this as a much different approach, but was very excited to begin my experience because I knew it would be something new. On April 7th, 2012, I took the opportunity to travel down to La Jolla and visit the museum. The museum is open Thursday-Sunday, Noon to four PM and does not have a fee at all. I was also fortunate to be able to attend on a day where there was a given lecture at five PM, giving me enough time to grab an early dinner before returning again. The lecture, Science Technology on the Home front, was covered by an oceanographer and U.S Army veteran Walter Munk. He discussed the scientific innovations sparked by the needs of the war effort precipitating a boom in the fields of marine sciences and aeronautics. Entering the museum, I was introduced into a grand room that was divided up by glass cylinders, and it also offered entrances to many other rooms. Initially where you begin the journey, the right wall played an introduction role. It began with the year of 1894, displaying numerous photographs creating an idea of how life was like in La Jolla at the time. â€Å"Everyone knew everyone† quoted by Maurice Bonny was stated at the top of the wall. Photographs included vacation sports such as the La Jolla Caves, as well as the role of the newly invented Trains and Trolleys played and daily lifestyle activities such as golfing and beachside activities. Continuing along, stood in front of me a large wall with a devastating photograph of the explosives on December 7th, 1941. Underneath was the original copy of the U.S Navy Communication Service from that given day, along with an article written the following day by John MaxConnel. This portion of the exhibit also feautured my first chosen artifact, a scrapbook. The oral history of a World War II veteran, Don Shutte, was done by a La Jolla High School student named Ana Ofresky, especially for this exhibit. Don Schutte donated a scrapbook of artifacts of things throughout his experience. It contained images, personal sketches and official documents, including the telegram the Department of War sent to his parents notifying them of his status as missing in action and a POW identification card he was given by the German Army upon his capture and imprisonment during the Battle of Bulge, on December 16, 1944. The final page of the scrapbook contains a letter he wrote to himself on Dec. 2, 1945, stating: â€Å"Hello there, great to be a civilian, isn’t it?† I found this a significant artifact because it told a story of just one man involved in the war in a very unique way. The documents inside this scrapbook were all original and of items I had never se en before. On the opposite side of the room was a large wall which featured certain camps that La Jolla was hosting at the time. These camps included Camp Callan, Camp Mathews and a military base in Bird Rock. Camp Calvin B. Mathews, also known as Marine Corps. Rifle Range was a military base from 1917 to 1964. It was used as a marksmanship training facility for Marine recruits being trained at Marine Corps Recruit. It was issued a rifle base but not until 1923. The base was then constructed to what is now UCSD. Camp Callen was a United States Army anti-aircraft artillery replacement training center that was operational during the time of war but was shut down right after World War II had ended. Lastly, there was another Naval Anti- Aircraft Training Center at Bird Rock, or Pacific Beach. This was a site where sailors would take a six-day course on anti-aircraft artillery. It was opened from 1942 to 1945 and trained about 300,000 sailors to shoot down aircrafts. In a separate and very small room, was a Japanese American side and point of view during the war. It was set up to look like what s room at the internment camps looked like. â€Å"Most Japanese were interned in 10 camps in remote areas of seven western states. No claim of humane intent could change the reality-these were concentration camps. (pg. 736). The room only included a bed and a suitcase which included bedding, a book and one outfit. On the largest wall was a map that displayed the location of all of the internment camps in the U.S and a copy of a poster of instructions for the Japanese living in these rooms. â€Å"Local newspapers there expressed confidence in the loyalty of Japanese Americans, who in any case were crucial to Hawaii’s economy(pg.736)† The room also displayed many newspaper articles, including one from the Los Angeles Examiner on March 23, 1942 announcing relocation of Japanese Americans from Los Angeles to internment camps. It was good to see an example of what kind of media was out during the time. Also in the room was the story of Hiomi Nakamura, a La Jollian born Japanese American who was first transported to a permanent relocation internment camp site, and later drafted to play a role in the was at a laboratory. Also, in this room I found my second artifact, small carvings. In all of the internment camps, people began making what they needed with whatever materials they could find. Scrap lumber became furniture, found metal became knives and for fun, scrap wood was carved into small, painted birds. These carvings were scrap wood paint metal which women also used as jewelry. To the right of this room continues on to an even smaller room. This part of the exhibit was the â€Å"blackout† room, covered with thick black sheets much like those were used by residents at the time to keep light inside their houses. People were so afraid the Japanese would attack that they had to turn out all of their lights at night. Blackouts were enacted to prevent enemy aircraft from reaching their targets by sight. They also helped prevent ships from being viewed in silhouette against the shore, and vulnerable to attack by enemy submarines. Traffic lights and car lights were covered in a way that would deflect their beams to the ground. This is where another one of my artifacts was inspired, a black sheet. These sheets were a source of protection and I feel it exploits a sense of nationalism as well. The community as a whole worked together in order to make sure all the light in their society was turned off. Nationalism is brought up many times in our textbook startin g with the growth of corporate businesses, to the acts of citizens during all three wars. Finally, came the last and second largest room. In this room I found my two remaining artifacts. This part of the exhibit displayed both men and women’s role during the war. It included stories from women who were living at home, while their men were at war. It provided the perspective of what it was like to be a women or even young mother in La Jolla in the 1940’s. Alongside of the roles played living on the home front, it also displayed the new roles women took inside the war itself. â€Å"World War II brought an end to the military as an exclusive male enclave that women entered only as nurses (pg.730).† At first the government discouraged women who wanted to perform some kind of military service. It soon became clear that the war was going to demand more than the government had expected. Women began to do technical jobs normally performed by men. One of the artifacts that I chose from this room was a nurse’s robe from the Red Cross. This robe was not just your typical plain robe but was covered in patches of each army man they had helped. I was barely able to even see any white apart of the original robe. I chose this artifact because it truly portrayed the crucial role women also played in the war. Our textbook gives us a brief overview from the changes of roles women played during the time of war, but the number of patches on this robe opened my eyes to how much more of an important factor these nurses played taking on a great amount of soldiers. The number of men these women helped were astounding, definitely portraying how import a women’s role was. On the other side of the room was a glassed display of a US Army Air force uniform from 1943-1945. It was considered to be the â€Å"Eisenhower jacket,† based on General Eisenhower. In the display were also a M1903 Springfield Rifle and a M1 Grand Rifle alongside what seemed to be a map. The other artifact that I chose from this room was a silk scar f. Now this long silk scarf had nothing to do with fashion, but proved to be a crucial navigation tool during the war. Allied pilots were issued with these scarves that had detailed maps of enemy territory printed on them. The silk scarves also denoted railroads, canals, roads, frontier, churches and lighthouses. Air Power Shrinks the Globe on page 743 of our textbook discusses the growth of airplanes over the period of time of war. â€Å"The Wellington flew 255 miles an hour and cruised as high as 12,000 feet, with a range of 2,200 miles, whereas the new B-29s could travel more than 350 miles an hour, at altitudes up to 30,000 feet, with a range of up to 5,000 miles. (Pg. 743)† At the time, this was a massive step in the evolution of aircrafts and aircrafts at war, but if we compare this to the type of technology we have in our airplanes it cannot compare. Many of us cannot find our ways around our own city without using our mobile devices to navigate us. These pilots were u sing maps printed on scarves to help direct them around! It is incredible. I believe that the site gave an exceptional insight of how life was like prior, during and after World War 11. Each room explained its story well by the display of artifacts, photographs and touching oral stories it presented. The facility was well outlined timeline which exposed a sequence of events. The exhibit related perfectly to the content of this class with all the information and artifacts it presented. Many of the things presented corresponded with what the book had to say about World War II, along with a lot of new material as well. Overall, I was very pleased to have been able to take a day off and visit the La Jolla Historical Society. I was able to learn a great deal of new material which contributed to a better understanding of what times were like during the war, not only as a nation but to the residents of La Jolla.

Factors Affecting Academic Interest Essay Example for Free

Factors Affecting Academic Interest Essay A NOAA (AOML) in situ pCO2 sensor (SAMI-CO2), attached to a Coral Reef Early Warning System station in Discovery Bay, Jamaica, utilized in conducting ocean acidification studies near coral reef areas Australia Main article: Environmental threats to the Great Barrier Reef The Great Barrier Reef is the worlds largest coral reef system.[46][47][48][49] The reef is located in the Coral Sea. A large part of the reef is protected by the Great Barrier Reef Marine Park. Particular environmental pressures include runoff, salinity fluctuations, climate change, cyclic crown-of-thorns outbreaks, overfishing, and spills or improper ballast discharge. Southeast Asia See also: Southeast Asia coral reefs Southeast Asian coral reefs are at risk from damaging fishing practices (such as cyanide and blast fishing), overfishing, sedimentation, pollution and bleaching. Activities including education, regulation and the establishment of marine protected areas help protect these reefs. Indonesia Indonesia is home to one third of the worlds corals covering nearly 85,000 square kilometres (33,000 sq mi) and one quarter of its fish species. Indonesias coral reefs are located in the heart of the Coral Triangle and have fallen victim to destructive fishing, tourism and bleaching. Data from 414 reef monitoring stations in 2000 found that only 6% are in excellent condition, while 24% are in good condition, and approximately 70% are in poor to fair condition.[50] Philippines In 2007, Reef Check, the worlds largest reef conservation organization, stated that only 5% of Philippines 27,000 square kilometres (10,000 sq mi) of coral reef are in excellent condition: Tubbataha Reef, Marine Park in Palawan, Apo Island in Negros Oriental, Apo Reef in Puerto Galera, Mindoro, andVerde Island Passage off Batangas. Philippine coral reefs is Asias second largest.[51] Taiwan Coral reefs in Taiwan are being threatened by human population growth. Many corals are affected by untreated sewage and souvenir-hunting tourists, not knowing that this practice destroys habitat and causes disease. Many corals have turned black from disease off Taiwans southeast coast.[52]- Indonesia Indonesia has 2,915,000 square kilometers of marine area. The reef area is 51,020 square kilometers. Of that amount, 82% of it is at risk. Indonesia holds 17% of the worlds total coral reef areas. Blast fishing, which has been illegal since 1985 still goes on today, along with cyanide fishing (1995). Another factor that is hurting the coral reefs in Indonesia is the amount of coral that they export. They are the worlds largest exporter of corals, exporting about 500 tons of coral per year.[16] COREMAP is helping Indonesia with their destruction of corals by working in 9 of the 32 provinces. They want to: 1. Heighten law enforcement to protect coral reefs; 2. Establish coral reef monitoring and information systems, in order to conduct research on the status of coral reefs and more effectively disseminate that information to stakeholder groups; 3. Develop community-based management systems and increase public participation in coral reef resource management; 4. Increase institutional capacity and strengthen inter-institutional coordination in planning and implementing policy that affects coral reef management, and; 5. Enhance public knowledge of the importance of coral reef and motivate people to actively participate in the management and sustainable use of coral reefs. Philippines The Philippines, with more than 7,000 islands and warm ocean waters, surround about 26,000 square kilometers of coral reef. [3] These coral reefs have recently brought the attention of beneficial economic uses to the Philippines government.[4] Benefits of Coral Reefs in Philippines 1. Coral reefs break the waves from the chance of eroding the coastline of the islands; [5] 2. Protection of Communities: â€Å"the reefs act as buffer zones† meaning they decrease the power of typhoons and hurricanes as they approach the Philippine Islands; [6] 3. Economic Benefits: Fishing off the coral reefs, profits from tourism, for example, Diving tours and snorkeling areas on the shallow reefs. These economic benefits create many new jobs and profitable opportunities to the country. State For the past 50 years, the proportion of degraded reefs in Indonesia increased from 10 to 50%. From 1989 to 2000 reefs with over 50% live coral cover declined from 36 to 29%. Western Indonesia, which is more developed and holds the majority of the nations population, faces the greatest threats to its coral reefs. Surveys concluded that reef condition improves from west to east. The percentage of reefs in good or excellent condition (live coral cover of 50% or more) is 23% in western Indonesia versus 45% in eastern Indonesia. 65% of surveys taken from the Maluku islands had evidence of bomb damage. In addition, reefs affected by land-based pollution (i.e. sediment discharge into reefs by deforestation, industry, sewage, and fertilizer) show 30-50% less diversity at depths of three meters and 40-60% less diversity at 10 meters in comparison to pristine reefs. The 1997-1998 el Nino event triggered widespread bleaching in Indonesia, with western and west-central Indonesia most affected. Bleaching was recorded in East Sumatra, Java, Bali, and Lombok. In the Seribu Islands northwest of Jakarta, 90-95% of coral reef from the reef flat down to 25 meters died. Two years later, the Seribu Islands significantly recovered, with live coral cover of 20-30% (2000). Coral reefs in Indonesia are located near Java (Batavia), Nusa Dua, Jakarta and Saribu. [8] 30% of the Philippines coral reefs are dead while 39% are dying. The news isnt all bad: Establishment of the Sumilon Island marine reserve has resulted in a marked comeback of fish in adjacent areas. Along with the establishment of the Sumilon Island marine reserve, there is hope for the Philippines via boosts in ecotourism. In recent years, local Filipino governments have discovered that fishing is not the only economic benefit the reefs can provide. They are confident that with a spread of ecotourism, even local fishermen will reap the financial benefits of this economic sector. A surge in coral reef conservation education is helping the tourism sector provide information to tourists on how to preserve the coral reefs while they enjoy the beauty and serenity of the reefs.[17]The Philippines ecotourism sector is unfortunately stifled at this time due to a limited budget and there are approximately 7,000 islands to patrol for destructive fishing techniques.[8] [9]. Destructive fishing techniques are thought to be the largest contributor to reef degradation in the Philippines. The first ever mass-bleaching event in the Philippines was reported in 1998-99. It began at Batangas, off Luzon, in June 1998 and then proceeded nearly clockwise around the Philippines, correlating with anomalous sea-surface temperatures. Most reefs of northern Luzon, west Palawan, the Visayas, and parts of Mindanao were affected. Subsequent mortalities were highly variable, with decreases in live coral cover ranging from 0.7 to 46 percent and up to 80 percent in Bolinao. Recent surveys in 1997 found a low percentage of reefs to be in excellent condition. They found only 4 percent of Philippine reefs in excellent condition (i.e., over 75 percent hard or soft coral cover), 28 percent in good condition (50-75 percent coral cover), 42 percent in fair condition (25-50 percent coral cover), and 27 percent in poor condition (less than 25 percent coral cover). The Visayas have experienced the most significant decline in coral cover, exhibiting an average of only 11 percent hard coral cover. [10] A study in the early 90s revealed that coral reefs are damaged by a variety of human activities such as household sewage, industrial waste, and agricultural chemicals from land that are washed to the sea. [11] This was a new finding for the time period in which it was widely believed that the main damage to coral reefs was causes by oil spills or from pollution dumped by ships. This survey was concentrated on SE Asia mainly because it was believed that coral reefs in this region were at great threat of extinction if continued to be unmanaged. In the last thirty years climate change has had the most harmful effect on corals. (Hughes) Currently one of the major issues the Indonesian government is dealing with is climate change. (CIA Worldfactbook) When the ocean warms such as in El Nino, coral bleaching occurs, which kills the coral. (Hughes) The reefs are incredibly important to the economy and people of Southeast Asia. The reefs bring in $1.6 billion a year through fishing, employment, and the tourist industry. (Reefs at Risk in Southeast Asia Key Findings 2002) Today, the coral reefs located in the Philippines and Indonesia are in great danger. Fishermen are constantly practising dangerous methods such as blast fishing and dynamite fishing. These practices prove to be detrimental to the coral reefs as well as the marine life in the surrounding areas. Because of the dangerous methods, fish that are usually near the coral reefs are no longer there any more. Two of these fish are Groupers and snappers. According to David Nockels it was only seven years ago that 30% of the reefs were dead in this region and many more were dying Marine protected areas Amongst the many proposed solutions to the problems plaguing coral reefs in Southeast Asia is the creation of marine protected areas (MPAs). Currently marine protected areas make up around 8% of the area of Southeast Asian coral reefs.[26] The World Commission on Protected Areas [12], amongst other groups, has been active in establishing MPAs in Southeast Asia. However, the success rate of MPAs in Southeast Asia is low, with an estimated 14% of MPAs rated effectively managed.[30] [13] This rate reflects the difficulty of implementing MPAs. Moreover, it shows that much work is still needed to make MPAs successful in Southeast Asia. IUCN has defined an MPA as â€Å"any area of intertidal or subtidal terrain, together with its overlying water and associated flora, fauna, historical and cultural features, which has been reserved by law or other effective means to protect part or all of the enclosed environment†.[31] In other words, an MPA is a marine area in which the water column and all the life that exists in it are protected through laws. These laws restrict certain practices within the MPA, which can differ per MPA. Marine protected areas, in sum, provide a marine sanctuary which can foster an increase in marine biodiversity.[32] (See also: [14]). This increased biodiversity is though to be able to carry over to the non-protected surrounding areas in which fishing can take place. This is important for a number of reasons. In the Southeast Asian context, especially amongst the islands of the Philippines and Indonesia, the sea and people are very much interconnected. As mentioned, the sea provides both a source of income and source of food for the people. In the Philippines, for example, 67% of protein food consumption comes from fish and fish products. Additionally, roughly one million people in the Philippines are employed in the fishing industry.[33] Increased fish stocks resulting from marine protected areas only add to the solutions needed to revitalize Southeast Asian economies, life systems, and coral reefs. In addition, the LMMA (Locally-Managed Marine Area) Network is another organization that takes part in the Southeast Asia marine conservation. Similar to the MPA, the LMMA also provides protection areas in the sea. However, according to the definition above, an LMMA is an example of an MPA because an MPA includes a large space within and close by the area. The LMMA involves members from around the world, and the communities within the managed areas. The goal of LMMA is to allow members and local communities to learn the uses of protected resources.[15] Due to the massive destruction of coral reefs in Southeast Asia, the LMMA has established two areas in Eastern Indonesia: Padaido Islands, Biak, West Papua, and Southern Ambon Island and the Moluccas Islands; and various areas in the Philippines. With the help of the LMMAs, the local communities would learn to preserve their marine goods, and be able to maintain for longer years. Gradually, the communities will accommodate bigger and healthier fish. [16] There are an estimated 400 MPAs in the Philippines. Of the 400 only 16% have yielded an increase in bio-diversity. The high failure rate is due to poor management and a lack of regulation.[34]Despite the numerous failures there have been successes. One of the best known areas is Apo island where a small community has effectively managed an MPA since the mid 1980s. The Apo MPA includes a ban on detrimental fishing practices and a no-take zone covering 10% of their reef. Apos reef has thrived giving hope to Philippine reefs.[35] Contributions for management The state of the coral reefs in the Philippines and Indonesia are depleting with every blink of an eye. It is to no one’s surprise that the Philippines have lost more than 80% since the 1920s. In Indonesia it is a little better due to the some drastic actions made by the government. On December 6, 2002 the Asian Development Bank (ADB) approved a US$33 million loan in order to save what is the rest of these important organisms. Over fishing, illegal fishing methods, and overpopulation have all contributed to the decline of the coral reefs both in the Philippines and Indonesia. Along with the loan the Coral Reef Rehabilitation and Management Project (Phase II), the second part of a three phase plan has given us all hope in restoring coral reefs in this part of the region. The Ministry of Marine Affairs and Fisheries will oversee the whole entire project with a due date of June 30, 2009. If it all goes according to plan the fishing industry will be the benefited the most. However, government action is not always necessary to manage reefs. When the community dependent on the resources provided by coral works together to save and restore the fish population, the results can be very good. The community managed reefs of Apo Island, located in the southern Philippines, known worldwide for its success. The waters around Apo Island are home to about 650 species of fish and 400 species of corals. The waters of Apo Island were not always this full of life. Fishing is the major occupation on the island, and even those who do not fish, rely on the catch for their protein. So when a fishermans catch began shortening, after years of unregulated fishing, it was very easy for them to resort to destructive methods of fishing,such as blast fishing and cyanide fishing, to get by. These methods almost led to the end of the already dwindling fish stocks. The community began, through education and widespread involvement, the process of making these practices socially unacceptable.[36] People began patrolling the waters in a small area with the intention of allowing fish to flourish and repopulate and then spill over into areas that had been fished out. This informal establishment of a sanctuary was first met with a lot of resistance, eventually though, after seeing the obvious improvements, the island community and local council were able to formalize the sanctuary in 1985, three years after it started. This formalization extended the sanctuary to water surrounding the island up to 500 meters from the shore and declaring a portion a no-take fish sanctuary.[37] To manage the coral reefs effectively to preserve what is left of the beautiful natural resource, individual people must unite. If the marine ornamentals trade is to successfully turn around and begin to sustain more live fish, certain people must perform their jobs to the fullest. Firstly, there if lobbyists are responsible about the issue, they will provide healthy animals, maintain healthy reefs, sustain reef animal populations, and adequately compensate fishing communities for their efforts. Also, responsible industry operators must minimize animal mortality and habitat impacts and focus on animal health and quality collection practices. The problem with this method, though, is that merely trust and word of mouth arent enough. If we are to legitimately depleting the coral reefs in Southeast Asia, we must set international standards.

Impact of Globalization on McDonalds

Impact of Globalization on McDonalds Globalization is a difficult term to be defined. This is because it means different things to different people. However in general, globalization refers to the trend toward countries joining together. According to Frost (2010), globalization refers to the worldwide phenomenon of technological, economic, political and cultural exchanges, which are brought by modern communication, political choice, transportation and legal infrastructure. These are used to open cross-border links among countries all around the world in international trade as well as finance. Globalization is also a term used to describe how people interact with one another economically, politically, and culturally (Frost, 2010). What is McDonalds? McDonalds is the world largest chain of fast food restaurant that were founded in May 15th, 1940 by Richard and Maurice McDonald in San Bernardino, California. However, McDonalds Corporation was founded in April 15th, 1955 by Ray Kroc in Des Plaines, Illinois. There are more than 31 000 McDonalds restaurant all around the world. Among them, 26 216 restaurants are franchises, 19 020 are operated by conventional franchisees, 3 160 by development licensees, and 4 036 are operated by the company itself (McDonalds, 2009). McDonalds headquarter is located in Oak Brook, Illinois, United States. McDonalds is a fast food restaurant that offers a wide range of products to its customers. Among them are hamburgers, French fries, chicken, milkshakes, coffee, soft drinks and many more. However, in some countries, McDonalds has come up with several products in order to tackle its customers in the country. For example, McDonalds is offering Maharaja Mac in India, Terayaki burger in Japan, and Croque McDo in France. As a successful company, besides its US$ 22.6 billion revenue and US$29.2 billion assets, manpower asset also play an important part in obtaining McDonalds success. Other than Jim Skinner as the chairman and CEO of McDonalds Corporation, there are 1.7 million of employees that have been hired by McDonalds to operate its business all around the world. Due to globalization, McDonalds can start its business is other countries without any hassle. Since its corporation in 1955, McDonalds has successfully operate more that 31 000 restaurants in 117 countries worldwide (McDonalds, 2009). Besides the United States, other countries that McDonalds is operating in are India, Malaysia, Indonesia, China, France, United Kingdom, and many more. Due to this, McDonalds had become well-known in most of the countries in the world as one of the biggest fast food chain in the world. McDonalds SWOT Analysis SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT Analysis refers to a tool used by a company for auditing it organization and environment (MarketingTeacher.com, 2010). It is the first stage in planning and it also helps the marketers to focus on the key issues (MarketingTeacher.com, 2010). It is used to analyze a companys strengths, weaknesses, threats, and opportunities in the market that they operate in. By analyzing McDonalds SWOT, McDonalds strengths can be identified and changes can be made to overcome it weaknesses. On the other hand, by analyzing McDonalds opportunities and threats action can be taken to improve McDonalds services in the future. Below is the SWOT analysis of McDonalds Corporation. Actual impacts of globalization on McDonalds As a successful and a fast-growing company in a globalized world today, there are number of globalization impacts that McDonalds has to face in order to succeed. Those impacts can be divided into two categories; positive impacts and negatives impacts. Positive impacts are those forces that can help McDonalds to move forward in the industry and on the other hand, negative impacts are those forces that can slowdown its operations. Thus, without a proper and effective decision-making plan made by the managers, these impacts will lead to McDonalds failure in the future. In determining the impacts of globalization on McDonalds, PESTLE Analysis has been used to identify the factors that have caused the impacts. PESTLE stands for political, economic, sociological, technological, legal and environmental. The information obtained from this analysis are used to guide McDonalds management in their decision-making process as well as their future planning process. Positive impacts One of the positive impacts of globalization to McDonalds is due to the economical factor. According to CIPD (2010), economic factor refers to what is happening within the economy such as economic growth, cost of living, rate exchange and interest rate. As the economy is rapidly booming in Asian countries, this has affected McDonalds business in various ways. The table below shows the number of McDonalds restaurants that operate in Asian countries. From 2000 to 2010, with an average quarterly GDP growth of 1.29 percent, Indonesias gross domestic product (GDP) has expanded at an annual rate of 3.45 percent in the last reported quarter (TradingEconomics.com, 2010a). This happened because as the largest national economy in Southeast Asia, government of Indonesia plays a significant role by owning more than 164 state-owned enterprises and at the same time, they also control the prices of several basic goods such as fuel, rice, and electricity (TradingEconomics.com, 2010). As the economy in the country is growing, McDonalds has taken this opportunity to expand its business in the country. From the table above, there are only 75 McDonalds restaurants available in Indonesia compared to 1 restaurant in Brunei. This happened because of the economic growth and the government proposal to increase the employment rate in Indonesia. With this decision made by McDonalds, it has not only increases their reputation in the country but also has decreased the unemployment rate in the country from 9.75 percent in January 2007 to 7.41 percent in January 2010 (TradingEconomics.com, 2010b). Another positive impact of globalization to McDonalds is due to the technological factor. Technological factor refers to what is happening technology-wise which can impact what a company do (CIPD, 2010). As new technologies are continually being developed, changes are made by McDonalds to improve its performance in the industry. According to EngineeringTalk.com (2010), McDonalds has decided to use Echelons LonWorks technology produced in San Jose, United States to meet its goal which is to lower energy consumption and at the same time increase its operational efficiency. McDonalds is encouraging its kitchen equipment manufacturers to include this technology in new equipment for its restaurants (Environmentalleader.com, 2010). McDonalds Vice President of Corporate Responsibility, Bob Langert, says that the technology will enable their franchisees to create a working environment which is easier to operate, facilitate preventive maintenance and provide new services and at the same time save the energy (EngineeringTalk.com, 2010). It also said that with the presence of Echelons power line networking technology, McDonalds can provide communication and data exchange between various pieces of kitchen equipment in its restaurants and this is to allow the development of business process improvement applications, manage energy use, and reduce maintenance costs (EngineeringTalk, 2010). In a globalized era today, import and export between countries are becoming easier (reference). This is because Therefore, Echelons power line networking technology which was produced in San Jose, United States can be accessed by countries such as India, Philippines, Hong Kong, Taiwan and Singapore easily. As a result, besides benefiting McDonalds financial, this will also increases the countrys FDI rate. Besides economical and technological factor, sociological factor also plays a role in pushing McDonalds in the industry. Sociological factor refers to what is occurring socially in a market in which a company operates in (CIPD, 2010). Sociological factor includes population growth rate, health consciousness, cultural norms, and career attitudes (CIPD, 2010). Negative impacts In contrast to positive impacts, negatives impacts are those activities that can decrease the level of competitiveness of a company in a particular market. However, by making the right decision and action, negative impacts can bring advantages to the company. Similar to positive impacts, negative impacts are also happen because of PESTLE (politics, economics, social, technology, legal and environment) factors. One of the biggest negative impacts of globalization to a fast food restaurant like McDonalds is due to the sociological factor. As mentioned earlier, sociological factor is one of the six external influences that a company has to cope with in order to compete in the market effectively (Wall, et.al., 2010). As a fast-growing company that has franchisees all around the world, McDonalds has also decided to expand its business to India. However, for a country which 20% of its population are vegetarian and around 82% does not eat beef, McDonalds might face problems in attracting its customers. This is because they are either vegetarian, cow- worshipping or non-beef-eating people (Kannan, 2006). Hence, as the worlds largest beef-based food chain, McDonalds may face difficulties in setting up a business where most of its residents do not consume beef. After realizing the problem that they might face, McDonalds has decided to modify its menu to suit the locals needs. Besides Indianizing its menu, McDonalds also offers several products that are only available in India. They are the Maharaja Mac, McAloo Tikki, and McVeggie. Maharaja Mac is the substitute of hamburger which is made from a 100% ground lamb burger that is served with lettuce, tomatoes, special sauce, cheese, onion and pickles on a sesame bun. On the other hand, McAloo Tikki and McVeggie are the products offers by McDonalds with a 100% pure veg stamp on them to the Indians (Kannan, 2006). In addition, to avoid from offending Indias vegan sensibilities, McDonalds strictly segregated it foods into vegetarian and non-vegetarian lines and even the mayonnaise has no egg in it (Harding, 2000). Today, there are more than 58 McDonalds restaurants that are successfully operate in India and according to a study that has been made, McDonalds revenue has increased 50% annually since 1997 (Kannan, 2006). According to the statement above, it shows that McDonalds has successfully overcome the problem that they are facing in India by adapting its local culture. At the same time, McDonalds has also increases its sales revenues and the Indians awareness on the presence of the McDonalds in the world. Besides the social factor, another negative impact of globalization has brought to McDonalds is due to the economical factor. In a globalize era today, besides the existing competitors such as KFC, Wendys and AW, there are numbers of potential entrants has joined the industry. This has led to a rapid growth of fast food restaurant all around the world. Hence, as one of the biggest fast food restaurants, the problem that McDonalds has to face is on how to attract more customers to consume its products. The reason is that, with more fast food restaurants available, consumers can make decision on which fast food restaurants products to be consumed according to their choices. In order to overcome the problem stated above, McDonalds has decided to do a limited time promotions that can attract its existing as well and the new customers. In Malaysia, one of the promotions that McDonalds has came up with to overcome the problem is by offering the McValue Lunch package. According to McDonalds (2010a), the McValue Lunch offers 10 most favourite menus among customers with a cheaper price from 12pm to 3pm every day. The price range for a set of McValue Lunch which includes a French fries as well as carbonated soft is between RM5.95 to RM8.95 per set (McDonalds, 2010a). As a result to the promotion done by McDonalds to attract more customers, today there are more people consumed its products since the promotion was introduced in February 2009. Another negative impact of globalization that McDonalds has successfully overcome is due to the legal factor. According to CIPD (2010) legal factor refers to what is happening with changes of legislation. Legal factor may affect the employment, imports/exports, quotas as well as resources of the country that a company have to deal with. One of the legal problems that McDonalds have to face is the religious law. For McDonalds to operate in an Islamic country, one of the laws that McDonalds has to face is the religious law. This law does not only apply in Malaysia but all Islamic countries all around the world. According to the religious law in the Malaysia, all restaurants that operate in the country have to have HALAL certificates that are produced by Jabatan Agama Islam Malaysia (Jakim). With this standard for foods, it shows that all the products produced by the company are not only 100% free from pork but it also covers the production, preparation, handling and storage of the food. Besides that, with this certificate it shows that the foods produced are safe to be consumed, hygienic and healthy for consumers (Hayati, et.al., 2008). Besides that, an Islamic country like Malaysia, McDonalds have decided to call its hamburgers as Beefburger to avoid the word ham. This is because ham is the thigh of the hind leg of certain animals, especially a pig (FreeDictionery.com, 2010). As a Muslims country with 60.4% of its people are Muslims (NationMaster.com, 2010), hamburgers are called Beefburger to show that the burgers are not made with pork and to avoid misunderstanding between the population in the country. Potential Impacts of globalization and strategies to overcome them Besides all the impacts that have been discussed above, there are still other impacts that McDonalds might have to face in the future. As similar to the impacts mentioned earlier, McDonalds potential impacts of globalization are also due to the external influences towards the company and decision has to be made to overcome them. One of the potential impacts of globalization to McDonalds is due to the economical factor. As the economy in China is growing rapidly, China is also experiencing a food inflation crisis. According to Fullick (2010) a report cited that the rapid food price increase is the main economic problem faced by the country at present. Fullick (2010) also says that food, which makes up about a third of Chinas consumer price index has increased by 10.1 percent compared to non-food items which increased just by 1.6 percent. As KFC and Pizza Hut kept their price unchanged, McDonalds has taken their first step in overcoming the food inflation crisis that are facing China by raising its menu prices by 0.5 yuan to 1 yuan per item (Kwok, 2010). McDonalds (China) Co Ltd spokeswoman said that the adjustment was made because some of the materials prices have increased due to the food inflation. As a number of analysts believe that Chinas GDP is not just slowing but could also dries up its exports, McDonalds which had 1 135 stores in China has ignore all that and planning to open about 500 restaurants in China in three years time (McIntyre, 2009). The reason is that, McDonalds is optimistic about the business prospects in China and for a company that has the balance sheets and cash flows to take the risk, McDonalds sees this downturn as an opportunity to push itself into a new market. Based on McDonalds point of view, as Chinas economy recovers, they have already taken market share in a country that is bound to see relatively rapid population growth and relatively strong GDP over the next several decades (McIntyre, 2009). Another potential impact of globalization to McDonalds is due to sociological factor which is health consciousness. As mentioned by Ronald McDonald (2004), Sugeon General David Satcher has said that fast food is a major contributor to obesity epidemic. With this statement, it has been agreed that fast food may cause obesity and overweight among people. According to figure 1.1 below, number of American adults that are facing obesity as well as overweight has increased since 1973. The statistic shows that since 1973 to 2009, number of obese in America has increased by 20 percent which make the number of obese adults in America today to be more than . people (reference). On the other hand, figure 1.2 shows the number of French adults that are facing obesity has also increased since . As a conclusion, with the evidences given above, due to the increase of fast food restaurants, number of obesity cases has also increased all around the world. As people all around the world are becoming more aware about their health, McDonalds might lose its customers and this will lead to a decrease of its sales revenues. Hence, strategies need to be done by McDonalds to avoid this issue from spreading and resulting to its failure in the future. One of the strategies that can be done by McDonalds is by offering more healthy food to the customers such as salad. Even though the menu offered by McDonalds today have a high nutrition value for a balance life, by offering variety of healthy food will attract the health conscious customers to consume its products. By doing so, it will not only increase McDonalds reputation but it will also decrease the obesity rate all around the world. Conclusion As a conclusion, globalization does influence a company performance in the industry that they are venturing in. These influences can either bring a good impacts or bad impacts to a company. Thus, for the company to succeed in a globalized world today, proper planning and decision-making has to be made by the company to overcome all of the negative impacts caused by globalization. As one of the major company in the fast food industry, McDonalds has been affected by globalization in many ways. However, due to the critical thinking and decision-making made by its manager, McDonalds has successfully overcome all the obstacles and this has increase their reputation in the eye of the world.

The Black Death Essay -- Plague Disease History Europe Essays

The Black Death   Ã‚  Ã‚  Ã‚  Ã‚  The Black Death had profound effects on Medieval Europe. Although most people did not realize it at the time, the Black Death had not only marked the end of one age but it also denoted the beginning of a new one, namely the Renaissance. Between 1339 and 1351a.d, a pandemic of plague called the Black Death, traveled from China to Europe affecting the importance of cities, creating economic and demographic crises, as well as political dislocation and realignment, and bringing about powerful new currents in culture and religion.   Ã‚  Ã‚  Ã‚  Ã‚  In the beginning, the Italian town of Genoa was one of the busiest ports in Europe. Ships sailed from there to trade all over the Mediterranean Sea. In October of 1347, 12 merchant ships sailed from Caffa to Italy. A strange disease had infected the crew of these ships. Dying bodies lay aboard the ships. City officials, afraid that the disease might spread, issued an order that no person or piece of merchandise was to leave the ships. They even forbade medical treatment for the sick sailors and passengers. The disease still spread. The officials had not considered that the rats from the ships were able to leave the ships by crawling along the ropes that were tied to the ships. From Italy, the disease spread all over Europe, traveling along the major trade routes. The rats were responsible for carrying the disease, which was transmitted by fleas from infected rats. The fleas drank the rats' blood that carried the bacteria. The bacteria multiplied in the flea's gut. While the fleas gut was clogged with bacteria, the flea bit the human and regurgitated blood into the wound.   Ã‚  Ã‚  Ã‚  Ã‚  The Black Death came in 3 forms: the bubonic, pneumonic, and septicemic. Each different from of the plague killed people in a vicious way. All forms were caused by a bacterium called Yersinia pestis.   Ã‚  Ã‚  Ã‚  Ã‚  The bubonic plague was the most commonly seen form of the Black Death. Which had a mortality rate of 30-70%. The symptoms were enlarged and inflamed lymph nodes (around armpits, neck and groin). The term "bubonic" refers to the characteristic bubo or enlarged lymphatic gland. Victims were subject to headaches, nausea, aching joints, fever of 101-105 degrees, vomiting, and a general feeling of illness. Symptoms took from 1-7 days to appear.   Ã‚  Ã‚  Ã‚  Ã‚  The pneumonic plague was the second most commonly seen form of the Black Deat... ...mand fairer treatment.   Ã‚  Ã‚  Ã‚  Ã‚  Lastly, the change in spirituality was one of the major effects of the plague. The Black Death left survivors mourning, depressed, and fearful of its return.   Ã‚  Ã‚  Ã‚  Ã‚  One of the groups that suffered the most was the Christian Church. It lasts prestige, spiritual authority, and leadership over the people. The church promised cures, treatment, and an explanation for the plague. They said it was God's will, but the reason for this awful punishment was unknown. People wanted answers, but the priests and bishops didn't have anything to say. The people abandoned their Christian duties and fled. People prayed to God and begged for forgiveness. After the plague ended, angry and frustrated villagers started to revolt against the church, this caused the churches to be abandoned.   Ã‚  Ã‚  Ã‚  Ã‚  The Black Death changed European history in many ways. Its fatal symptoms took many human lives, and its influenced carried over into many areas of society. People suffered religiously because the disease brought out the darker side of life and made them question God. Europe would not be the same today without these changes brought on through the devastation of the Black Death.

Will lowering the drinking age solve the problem of binge drinking amon

Alcohol; it’s something Americans enjoy, whether it is at a party, before meals, during the football game, with our buddies, so on and so forth. Alcohol has been a part of human civilization for hundreds of thousands of years and is linked but not limited to, pleasure, and sociability in many people’s minds. Up until 1984 the legal age for people to drink was eighteen, that age was then raised up to twenty-one in order to reduce the death rate of many teenagers who were dying because of alcohol related problems. Today, many people believe that lowering the drinking age back down to eighteen would reduce and or solve the problem of binge drinking among college students. A simple answer can be conjured up, no. What many people don’t realize is that alcohol, (if started at a younger age) cause’s more severe problems to health as they mature; an eighteen year old isn’t anywhere near as mature and developed as someone who is twenty-one or older, and we need to focus on the certain type of kids who are binge drinking and fix those individuals. In a class I am taking this quarter called Lifespan psychology, we are currently learning about the negative effects alcohol has on adolescence. When drinking is started at a younger age the body becomes more dependent on the substances you put it in because if it is frequently used, your body is growing and maturing but with these substances present. According to the National Institute on Alcohol Abuse and Alcoholism, â€Å"the younger a person is when he or she starts drinking, the greater his or her chance is of becoming addicted to alcohol at some point in life. Hangovers from drinking and sudden withdrawal from alcohol typically produce a general state of unhappiness, with elements of anxiety ... .... Glasses, Joanne. "Alcohol and Those Under Twenty-One Don't Mix." Kirszner and Mandell 374-75. Print. Herman, Andrew. "Raise the Drinking Age to Twenty-Five." Kirszner and Mandell 376-77. Print. Kirszner, Laurie G., and Stephan R. Mandell. Practical Argument: a Text and Anthology. Boston: Bedford/St.Martins, 2011. Print. NIAAA. National Institutes of Health, 16 Jan. 2009. Web. 22 May 2011. Sanghavi, Darshak, ed. Slate. The Slate Group, 28 Aug. 2008. Web. 13 May 2011. Schorn, Daniel, ed. The Debate On Lowering The Drinking Age. CBSnews, 22 Feb. 2009. Web. 13 May 2011. Scrivo, Karen Lee. "Drinking On Campus." CQ Researcher (1998): 241-64. Web. 2 May 2011. Solomon, King. "Proverbs." NIV Holy Bible. Grand Rapids: Zondervan Publishing House, 2001. 359-60. Print. Voas, Robert. "There's No Benefit to Lowering the Drinking Age." Kirszner and Mandell 380-81. Print.

Computers in Film :: Computer Generated Images Animation CGI Cinema

Computer animation is the art of creating moving images via the use of the computers. It is a subfield of computer graphics and animations (Computer Animation). It is created through the use of 2D and 3D computer graphics. This technique is becoming increasingly popular in the world of the film industry. Several animated features are now being created by the use of computers. Special effects are being created by computers as well. Movie companies that are becoming famous for using computers are Pixar, Dream Works, Paramount Pictures, 20th Century Fox, Square Pictures and Walt Disney. Dream Works developed the computer animated movies, â€Å"Antz†, â€Å"Shark Tale† and â€Å"Shrek† (1 and 2). Paramount Pictures created, â€Å"Jimmy Neutron: Boy Genius†, Square Pictures created, â€Å"Final Fantasy: The Spirits Within†, and Walt Disney created the recent animated feature, â€Å"Dinosaur.† The most inventive and successful company is by far Pixar with their creation of â€Å"A Bug’s Life†, â€Å"Finding Nemo†, â€Å"Monster’s Inc.† and â€Å"The Incredibles.†(List of Computer-animated films) In computer animation an illusion of movement is created by an image being displayed on the computer screen which is then quickly replaced by another image that is very similar but shifted slightly. One may wonder, how do these movies create images to look like smooth moving figures? The pictures must be drawn as 24 frames per second or faster. Some movies these days are putting 70 frames a second which makes it impossible for the eye or brain to process to notice the break between objects. Computer animation requires high frame rates to reinforce the realism of the picture. There is no jerkiness seen as the higher speeds due to â€Å"persistence of vision† (Computer Animation). Humans’ eyes and brains help out with computer animation, they automatically smooth out minor breaks because they store a picture for a fraction of a second and it creates the illusion of continuous movement. After an image is sent to the screen to a back buffer, a computer can draw the image and make any changes needed before it is complete. Once the image is correct the computer tells the screen to draw from the back buffer either by copying the image from the back buffer to the primary buffer or making the back buffer the new primary buffer.

Furman Selz

The firm had a unique approach to everything – from hiring employees, selecting clients to providing services. As the firm grew in size and in revenues, its founders realized the need for professional management. This brought about the very first change – in form of Edmund Hails. With a highly structured and consistent approach, Hajji set out to re-form the entire system and expand the company with the help of Steve Belcher, COO.The new P&L's (Profit ; Loss system) and Compensation system were Ingredients of this change management process. During the acquisition process, Farman Sell witnessed drastic culture hinges from the Orlando Clan culture to a Bureaucracy one. Farman Sell was acquired by Xerox Financial Services Inc. In 1987. On one hand, the people of Farman Sell were put-off by the bureaucratic style and on the other hand, the firm enjoyed being under the umbrella of a big brand.Following the ‘Black Monday' of 1987, the financial services sector was badly hit and even though the performance of Farman Sell was above average, Xerox decided to sell its financial services unit and once again, Farman Sell became a private company owned by the firm's management and a group of employees. Edmund Hajji took over the reins and quickly distributed company stocks to key employees in order to retain them. The firm then focused on aggressive hiring of new talent and expansion of Its business.Farman Sell became a very sought-after company to work with. In 1995 the Federal Reserve relaxed the Glass-Steal regulations, which had emerged as a way to control the banking industry after the Great Depression. Then there were few restrictions when commercial banks want to combine with security business and vice versa. As a result, many mid-sized investing banks were looking to merge with larger rims and therefore attain growth and the possibility to participate in larger deals.As business grew across various dimensions, Farman Sell realized that they were à ¢â‚¬Ëœt competitive and they lost a lot of deals because of smaller size of the firm, limited equity and the businesses that were increasingly becoming global, especially when there was huge growth In mergers and acquisitions. This Is when INNING Barings acquired Farman Sell, pursuing an international expansion strategy in both banking and Insurance. The acquisition made by INNING shows clear failures in the 3-Stages Model of Merges and Acquisitions.In the first stage, â€Å"Pre-Combination†, there Is a lack of the cultural assessment needed by the HRS department. It Is needed to evaluate the philosophies and values of both companies, and therefore understand among toners, ten learning styles, relative value AT stats Consolers or ten value AT teamwork versus the individual performance and recognition. Thus, it would be easier for both companies to develop a plan for managing the process of the M;A. In the INNING case, there seems to be a lack of this pre-combination assessmen t, in that the company wanted to climb up the rankings without investing more money.They din ‘t understand that the company the day before the acquisition was the same as the day after. INNING Barings had most of its business in commercial banking and insurance, with absolutely no business lines in areas of Investment banking. Almost immediately, tension started developing between managers of INNING Barings and Farman Sell because there were differences in agreement on key business issues. The complexities in structure of INNING were not taken well by former Farman Sell employees.Regarding the second stage, â€Å"Combination-Integrating the Company', there are several decisions that would help n the process of the acquisition. Firstly, there was no integration manager, who is a key person – not in running of the business, but in attaining a higher percentage of retention of the acquired managers and key employees and at the same time in achieving the business goals ear lier. Second, INNING group decided to have 2 co-leaders in the new company and this created confusion. The workers felt that they din ‘t understand the expectations that INNING had.In order for a M&A to succeed, it is necessary to have a strong leader who can manage the new business combination ND avoid uncertainty, lack of direction and the adjournment of important decisions. In this second stage, clear and positive communication is extremely important. It is also necessary to identify key employees and develop the incentives process in order to retain them. It is evident that INNING did not realize the importance of investing time and money into the newly formed relationship with Farman Sell resulting in failure to achieve common ground while making business decisions.Lack of communication usually leads to confusion, reduced productivity, a high level of uncertainty and low morale. The situation was worsened by the departure of key management personnel, one after the other, in a very short span of time. The problem can be attributed to poor integration post acquisition. It seems that INNING understood who the key players were, and positioned them in different departments, such as Steve Blob (Research), Bill Shutter and Chris Moore (Corporate Finance), who along with Bill Torsos were called the â€Å"troika† and developed a new incentive system to ease the complexity created.The problem arose when as a consequence of the Russian debt crisis, only a small number of top performers received bonuses and most of other employee din t receive anything, even though INNING Barings had no part in the Russian problem. As a result of pessimism and the problems with bonuses, many talented people left the company. Statistics reveal that about 70-80% of mergers fail to provide value to the company. The people driving the business are the single most important factor determining the success of a merger or acquisition and this fact cannot be ignored.The 6th Princ iple for Managing Change shows us the importance of the different stakeholders in the company when it under goes changes. The company needs to understand who are these key stakeholders and prioritize them. While the senior management of Farman Sell was supporting the acquisition there were many employees across several levels of management that fold under the category of Skeptics. I nose are ten people winos n seas nave to De reassess Tort smooth transitioning. Looking at the Change Curve we see several reactions of employees of Farman Sell – from initial shock to denial and anger.It is evident from the fact that people felt betrayed when they realized that they were ;t going to be an independent subsidiary. At the same time, HRS personnel at Farman Sell were not forth coming in haring information, because they were angry at how things had been handled. Finally, everything led to Depression, when a lot of key employees left the company. If INNING had invested sufficient money and effort towards smooth integration, the curve could follow the intended path to acceptance, discovery and integration.Now that Farman Sell has already been acquired by INNING Barings, we strongly recommend that INNING invests additional funds as well as effort for a smooth integration and sustainability. This includes looking into various issues: * Management issues * Talent recruitment, compensations and rewards Alignment of HRS policies * Defining a vision for the newly acquired company * Identifying procedures that work well with both parties * Identifying cultural barriers to progress In addition, internal communication is also a critical tool.A seamless communication will ensure that people do not become pessimistic and lose confidence. It will reassure employees and instill a greater sense of belonging. In cases of M & A, involving cross-border deals, cultural differences, legislative complexities, local know- how and ways of doing business all provide obstacles to smooth transitioning and progress. A lot more sensitivity is required when affecting such deals – both pre acquisitions as well as post-acquisition.For example, the newly formed teams may face inter-personal conflict and not be clear about its responsibilities and goals. Ideally, post an acquisition, efforts should be made to allow the acquired firm retain its best management practices and values that are important to its managers. This will help create greater harmony in operations. In addition, a feedback taken from different levels of management can help identify problem areas and allow senior managers find ways to resolve them.

Characteristics of Religion

The quest for answers to the meaning of manners is universal. It is non surprising then that the worlds major Religious Traditions shargon some(prenominal) characteristics. Using the characteristic headings from the Oxford Studies of Religion school text edition book -Name each of the characteristics of pietism. -Write a comprehensive definition for each characteristic. For each characteristic, discover TWO detailed warnings from the Christian tradition, and angiotensin converting enzyme detailed event from another tradition. 1 ? 2 pages) Religion provides us with a manage of looks, values and attitudes, a rudimentary insinuate for developing ritual as well as a contour of social networks so giving us a purpose to our brave outs. Religion comprises of quartet main characteristics, including beliefs and believers, hallowed texts and publications, morality and rituals and ceremonies. al angiotensin-converting enzyme righteousnesss be sustained by beliefs an d its believers. It is oft the belief in one or umpteen deitys that defines a religion.It may not only be the belief in one deity, such as the Christian and Islamic credits, but could be the belief in more than one heaven-sent being, as seen in Ancient classical Polytheism. Christians believe that there is only one God, and he created everything, all that is seen and unseen, from cats and dogs to the air we breathe. Alternatively, in Ancient Greek Polytheism, there were many Gods, each responsible for a trustworthy procedure of nature. For example, Poseidon, was the God of the Sea and it was believed that he controlled everything to do with the sea from waves to sea creatures.another(prenominal) example of Christian belief is that delivery boy of Nazargonth, the son of God, was crucified, suffered death and was buried. In nearly religions, believers derive majority of their basic beliefs from the dedicated texts and writings specific to their religion. Sacred texts be tex ts which both dictate beliefs and ar of central importance to a certain religion or religions. All religions have sacred texts from which they get their basic beliefs. There are three main types of sacred stories.These imply myths which are often more or less the defining of the universe, legends that often include sacred and unwrap figures and parables which principally have layers of meaning that believers provide to shape their lives around. Often, these texts are believed to be supernaturally inspired. For example, majority of the writings in the Christian countersign, are about or by people who are directly in contact with God. The Bible is a point of reference for Christians to the regulations of their religion, for example the Ten Commandments or the beatifications.The Bible is split into two books, the raw(a) and Old volition, both of which are considered sacred. Whilst the Bible is the main source of writings for Christians, the Quran, which is about the length of the New Testament, include about of the divine revelations received by Muhammad from his low gear encounter with the angel Gabriel, until his death. Another example of a sacred Christian text is the Didache. This sacred text, also known as the Doctrine of the Twelve Apostles, was written in the first century and persuades its readers to choose lifespan over Death.The Didache was considered from entry into the New Testament of the Christian Bible. The sacred text and writings of religions often provide its believers with a set of ethical motive and a way to live and behave as well as traditions to follow within the religion. Ethics are the rules of conduct based on ideas of responsibility and wrong and are recognised to operate to a particular class of serviceman actions or a particular group. central to any religion, their purpose is to determine powerful from wrong and to clarify what believers should do freely and what they should refrain from doing.Ethics unremarkabl y take leave from religion as they generally lead off from sacred texts, ancestors etc and dictate what is morally class in society. The main sources of ethics for Christians are the Ten Commandments and the Beatitudes. The Ten Commandments list ways in which Christians should pay respect to God and those around them. For example, the first commandment is I am the LORD your God. You shall have no other gods before Me The Beatitudes give Christians a way to live as individuals.For example, the Beatitude Blessed are the pure in heart, for they shall see God, instructs Catholics to be free of selfish intentions and to perform acts free of personal gain. For Buddhists, the v Precepts are the main code of ethics for Buddhists and comprises of withholding from killing, stealing, sexual misconduct, lying and intoxication. Rituals and ceremonies are the practices relating to beliefs. They are usually in blank space to affirm values and hazard the religion more substantial.Rituals an d ceremonies are usually nut or structured actions. An example of this in the Christian religion is the mass. Generally, in most churches, Christians gather on a sunlight to celebrate mass. Every Sunday, most Christian Churches complete the same structure of mass, by chance with different readings or songs but generally the same structure every week. For the Judaic boys, the Bar Mitzah is a substantial part of the young mans life where he becomes a man and is therefore required to follow Gods commandments.The Bar Mitzvah involves a Lords Supper which is performed at a certain conviction in the boys life, usually around the time of puberty. Another example of ritual in the Christian faith is baptism. Baptism is the admission into membership of the Christian Church through the pouring of water on ones head, and the cleansing of ones soul. There are four main characteristics which define a religion, these are as above beliefs and believers, sacred texts and writings, ethics and rituals and ceremonies. These four characteristics work together to make the religion dynamic and enable it to be a way of life.

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.