Loss Contingency for a Verdict Overturned on Appeal Essay

Accounting for a Loss Contingency for a Verdict Overturned on Appeal May 2007, W filed a claim against M for patent infringement. †¢ For the year ended December 31, 2007, management of M determined that a loss for this matter was probable and represented that the estimate of loss was in the range of $15 million to $20 million, with $17 million being the most likely amount of loss within the range. †¢ A jury trial took place in September 2009. †¢ The jury reached a verdict on September 24, 2009, and a judgment was ordered in favor of W. The judgment required M to pay W $18.5 million. †¢ In November 2009, M filed a Notice of Appeal with the Court of Appeals. †¢ In December 2010, the Court of Appeals issued a ruling in favor of M’s appeal and reversed the lower court’s ruling on the matter. This meant that the Court of Appeals overturned the jury verdict and the $18.5 million judgment against M. †¢ On January 6, 2011, W filed a petition for a re-hearing before the same panel of appellate judges against the reversal of ruling by Court of Appeals. †¢ On February 10, 2011, the appellate judges declined the petition for a re-hearing. †¢ On February 28, 2011, management of M determined this matter was closed upon discussions with in-house legal counsel. Required: 1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability? 2. For the year-end December 31, 2009, financial statements, should M adjust its liability? If so, what amount should be recorded; and should the amount of the adjustment be considered a 2009 event or a prior period adjustment? 3. Should M record the reduction of the previously recorded loss contingency

How I See Myself as a Teacher Essay

Teachers possess enormous impacts on the lives of the students he/she taught. As a future teacher, being able to shape the lives of the future generation, I desired to be a teacher that provides my students with an enjoyable education experience. Being a serious person, i believe that the atmosphere in the classroom that I will be teaching would be quite serious, but I should be able to negotiate the level of seriousness in the class with some fun. Even though I am a bit uptight, I can see myself opening up to my students, being able to have a friendly conversation with my students. Based on my experience and observations during my high school days, most of my friends that were labelled as problematic by the teachers always complains that they did not see the importance of a certain rules implemented upon them. When a teacher asks them to do something, or prevent them to do things, they cannot see the reasons behind them. Therefore, when I become a teacher, I want to be able to rationalise things that I do, and everything that I thought them. I want to emphasise the importance of what they are going to learn so that they can value the knowledge. Although i am an English teacher, I want to be a teacher that my students can relate to in every aspects of their life. I want to be a teacher that has enough knowledge about everything, so that my students can look for me for an advice. I also wanted to be a teacher that manages to shape the mentality of my students into a better one, from trivial matters such as littering to religious aspects for Muslims. Finally, as a future teacher, it is my hope to achieve the feeling that I in some way, as an individual have made a difference in the lives of my students, the school community, and therefore in society as a whole. By educating the next generation in terms of morale and in their mentality, it is my hope that I am able to achieve enough to make a difference not only in the lives of the students in my classes at that particular time, but also to impact their lives far into the future, and as a result make the future of our country a better place.

Monetary Policy Essay Example | Topics and Well Written Essays - 500 words

Monetary Policy - Essay Example The Federal Open Market Committee (FOMC) is group within the Fed that meets several times a year to adjust the interest rates. Lower interest rates will increase demand for products and can stimulate the economy. For example, a decrease in interest rates lowers the cost of borrowing which leads to an increase in investment spending. It also leads families to buy automobiles, houses, and durable goods (Federal Reserve Board). Lowering interest rates is an approach taken when the economy goes into a period of recession. Lower rates may induce banks to lend to businesses and households. This will increase spending and stimulate productive output .It should be noted that the change in interest rates has only a short term effect of returning inflation or employment to its long term objectives (Federal Reserve Board). By setting interest rates, the FOMC is able to indirectly control the money supply. Lower interest rates alter the total of amount of loans, bonds and shares issued. According to the quantity theory of money, as the money supply increases the inflation rate rises ("The Quantity Theory of Money"). Setting the interest rate becomes a task of stimulating economic output while keeping inflation under control. The effects of interest rate changes may take from three months to two tears to show an effect. Chart 1 in

International Human Rights Apply Equally, Despite Cultural Differences Essay

International Human Rights Apply Equally, Despite Cultural Differences - Essay Example xile; right to a fair and public hearing by an impartial tribunal; to be presumed innocent until proven otherwise; freedom from arbitrary interference with his family or home; freedom from attacks on his honor and reputation; freedom of movement and residence within the borders of his country; freedom to leave and return to his country; freedom to seek asylum and to flee persecution; right to a nationality4. Article 16 also emphasizes that men and women of legal age who have no limitations to marry have the right to marry and start a family; to own property and to associate with others; freedom of thought, conscience and religion; freedom of opinion and expression; peaceful assembly and association; to choose government officials; to access public services; to social security; to choose their work and to enjoy just and favorable work conditions, including equal pay for equal work; to rest and leisure; right to a standard of living sufficient for his health and well being (food, cloth ing, shelter, medical care, and social services); to education; to freely participate in the cultural life of the community; and to social and international order where rights can be realized. These rights are also in line with a person’s duties in the community. These rights are subject to limitations as determined by law and in line with the recognition of the rights of others and of ensuring morality, public order, and general welfare5. In effect, these rights are not absolute and they still have to be evaluated in terms of their impact on public order and morality. Universality of human rights Human rights, as discussed by some circles are said to be endowed to individuals by the mere reason of being human6. Rights are means by which members of society participate in the activities in... This essay has sought to present an academic understanding of international human rights as they come into conflict with the people’s culture. The premise that international human rights apply equally, despite cultural differences, is a premise which is clouded with much controversy, with different nations and cultures clashing with the ideal standards of the international community. The principle of non-interference and state sovereignty is being used as a defense for these nations who seemingly violate these international human rights. This report makes a conclusion that the practices set forth as human rights violations may not actually be considered as violations for peoples which have made these practices a part of their culture. Nevertheless, based on the mandates of the UN Charter, these are deemed violations of human rights. Based on the above discussion, there is a need to set forth universal human rights in order to prevent the violations of such rights which are unf airly justified under culture and traditions. Allowing said violations to remain uncorrected is a dangerous practice to carry out because these practices may further support the dictatorial and abusive regimes of governments. In effect, although there are inherent dangers which are expected with the implementation of standard human rights, the gains are very much beneficial to most cultures and to the citizens of the world. This paper stresses that modern international human rights law as was previously discussed was conceptualized as a response to the atrocities carried out during and prior to the Second World War.

Strategic Management - Google's Company Essay Example | Topics and Well Written Essays - 750 words

Strategic Management - Google's Company - Essay Example This company has been implementing a generic business level strategy, which involve differentiation through a process of providing unique products and services to their customers. Nevertheless, the company’s success is attributable to search engine services, since these services have increased reliability of internet searches. Therefore, this paper explores Google’s generic business strategies, their implementation and future challenges. Generic Business Strategies One of Google’s generic strategies is differentiation, and it is illustrated through their web search engine services. In this case, this company has managed to differentiate themselves from their competitors by using a PageRank system, which is patented (Google, 2013, 1). In fact, PageRank system operates through search inquiries, which are used to determine recursive score assigned to web pages in terms of weighted sum. Therefore, this system connects web pages in order to form an interrelationship b y which they are accessed. Moreover, this provides a special way of accessing web pages, whereby this accessibility is based on users’ interest rather than number of times a page has been accessed. Furthermore, this way of searching web pages provides a basis of competition among them. On the other hand, the PageRank system integrates an algorithm, which is reorganized time after time in order to ensure that search results are excellent. Google Company is very secretive on issues regarding this algorithm; thus, this has led to difficulties for competitors to imitate their intangible products. Through their secrecy, Google has managed to maintain their competitive advantage. Differentiation strategy through internet searches has also propelled their advertising business. In this case, Google introduced AdWords, which had a significant impact on their advertising business, whereby they provided a way through which clients are able to reach target customers or audience (Google, 2013, 1). In addition, Adwords offers a way through which users create text advertisements and they are able to manage them through accounts without hefty payments. Therefore, their pricing strategy offers a differentiation from their competitors and Google’s partners (Guzak, 2013, 133). Implementation of Current Strategies The differentiation strategies are implemented by Google in entering the existing market, and this has led to significant changes in patterns because of increased number of internet users. Moreover, the differentiation strategy focuses on satisfying diversified needs for their customers (Guzak, 2013, 133). In fact, implementation of this strategy is undertaken through their search engine strategic direction, which is applied in the processes of penetrating into a market, in product and market development. On the other hand, this company uses Adwords to implement diversification strategy, especially in the process of introducing products in new market. For instance, in 2000, Google laid strategies that involved targeting customers, who were seeking advertisement services through internet-based searches. Therefore, implementation of diversification strategy through Adwords has generated significant revenue for this company, thereby becoming one of

Performance Management Essay Example | Topics and Well Written Essays - 1500 words - 1

Performance Management - Essay Example Therefore, the system of performance management generally involves evaluating and developing the skills, behaviors, and the performance of individual employees, for ensuring that the organization competes favorably in the market through its high performance. Performance management is used as a measuring and management instrument of employees in the organization. This process mostly benefits the big international companies, and those companies, whose workforce is greatly distributed. As a process, performance management comprises different types of activities aimed at achieving the objective of the general process. These include reward and remuneration for employees, coaching and mentoring of employees, team working, measuring, competencies, and personal development plans, among others. Today, performance management is characterized by various changes, as the way it is approached today differs with how the process was approached in the past centuries. The changes in performance management today have contributed to its increased efficiency, and help organizations retain their high-performing employees. Performance management today is a holistic process, which embraces different processes, and this is efficient in people management in compa nies (Kreitner 2008). Armstrong & Baron (2005) note that performance management is not a new process. This has lasted for the past seventy years, since its inception in the 1940’s. Initially, managers of companies developed performance management during this period, in order to establish whether the different salaries and remuneration for the employees were justified or not.... The difference between performance management of those days, and the performance management today, is reflected in the complexity of the process. Today, performance management process is more sophisticated, as managers have incorporated more elements, which lacked in the past. For instance, managers have incorporated the aspects of development planning, competencies, and 360-degree feedback, among others, in the recent times (Armstrong & Baron 2005). According to Hale and Whitlam (2000), it is possible to trace the roots of performance management back to through the various past themes of organizational development. In this case, there was a work-study performed. Work would be broken down into different tasks in a way that is analytical. This helped with time planning, supervision, and cost planning. Additionally, this would help in determining the incentives for employees on the job. In this case, the aspect of competency took a different approach, as we know it today, since this di d not apply to more diverse work, and not only limited to work-study (Hale &Whitlam 2000). Another situation in past organization that reflects performance management is the use of merit schemes. The merit schemes in organizations were historically used to provide the generic definition of effective performance, in addition to providing a scale, with which performance would be assessed and rated against. However, today, the merit schemes have been disregarded due to their weaknesses. For instance, merit schemes cannot be used to measure aspects of a job that are unique, therefore, this is limiting. Additionally, the merit schemes could not be used to measure behavioral characteristics, which

Response Case Study Example | Topics and Well Written Essays - 500 words

Response - Case Study Example The same applies to meaning of literal in which an oversimplified meaning as well as one that considers conditions exist. For the oversimplified meaning, literal implies direct, factual, or reasoned meaning while non-literal implies that which is metaphorical, exaggerated, or inferred. Understanding literal from the non-oversimplified approach however identifies four different meanings whose application cause confusion. The meanings can be conventional, based on subject matter, based on metaphor implications, or based on truthfulness. An assumption however exist that the four meanings converge but this is the source of the problem. Only one of the meanings, for example, third meaning, associates with metaphor and use of literal in this relation should either be specified or avoided. The problem in using the word literal is common, even among professionals, but distinguishing the conditional definitions can help (Lakoff 291- 296). The article is significant to understanding of the creation story, based on Genesis 1. According to the article, the story can be understood from the oversimplified perspective of absolute truth or from conditional perspectives that could depend on a person’s condition such as religious affiliation or scientific knowledge. Alignment of the oversimplified understanding of meaning with one of the available conditional meanings also relates to the Genesis story that is consistent with some religions such as Christianity. This means that according to Lakoff’s perspective, unless a person subscribes to such faiths that hold Genesis’ creation belief, the belief should be either qualified or disregarded. The article also offers a base for resolving conflicts between people who hold different meanings on a subject matter because it crates awareness of sources of differences. This facilitates development of

Smoking English Essay Example | Topics and Well Written Essays - 750 words

Smoking Is a Dangerous Precedent - Essay Example This paper tells that harshness aside, smoking brings to an end the basis of life and what more sinful can an aspect of life be if it kills people? If people understand that they are falling into a hole and they keep on saying all sorts of things about it, it would seem imaginable (Hove, 2011). But when they know less about it and do absolutely nothing, one can expect naivety on their part. The peer pressure is just too much for a person to take. It brings people to a single platform from where they can go all wrong. Someone must stop them to bring sanity within their domains. The young ones are therefore straying for a multitude of reasons. Smoking is playing havoc with their lives and they are just not pushed. This is because they do not care much about what is taking place within their fore. The safe alternatives that the young ones can perhaps adopt comprise of the substitutes that they shall find to keep them busy at all times. The urge basically makes their life difficult and i t would be safe to state that this urge has to be controlled and kept at a safe distance. It will solve half the problems that smokers have within their folds. The smokers need to be sure that they are following the right path when they are controlling their urge and this can only come about when they know what they are doing. Indulgence in smoking has meant that their parents have been concerned for a number of reasons. They want to know why their children are adopting this habit where even most of the parents themselves are addicted to smoking in the first place (Stein, 2011). It has been seen that parents discourage their wards no matter they smoke or not. This is a positive development that has come to the fore with the changing times and there has been reason enough to believe such a premise since parents do not want to put their children’s lives at risk. Within the understanding that smoking can bring about for the general masses, what is most significant is how well sm oking has been able to manifest its negativities amongst the target audience that it is spoken about. This has been understood in the wake of the different ailments and diseases which have been highlighted time and again. Teenagers and young adults perhaps forget the fact that their comprehension levels are limited and they are unable to decipher the true meaning and representation of smoking in the clearest sense possible. They are less educated and have little know-how of what is deemed as right and what is seen as wrong within the correct frame of things (Guha, 2011). The role of the parents is an important one because they must keep a check as to where their young ones are going and what kind of friends they are hanging out with. Their stern check over their children is quintessential because this would ensure that they stay on the right track no matter how bad their respective companies are. In the end, it would be safe to state that smoking is a dangerous precedent that has be en set within the present day generation. This is so sad because smoking was a problem, remains an issue and will be a serious concern in the days to come. For starters, peer pressure is something that should be paid attention towards.  

Work, Labor, Play by Auden Essay Example | Topics and Well Written Essays - 750 words

Work, Labor, Play by Auden - Essay Example nished object, product or durable object. The focus is more on the activities making up the process of producing something rather than on the ?nished object† (Maycroft). In other words, work can be said to be done if a finished product is obtained out of the work. On the other hand, it is not necessary that labor produces any finished product. According to Stephen Palmquist, â€Å"labor is any form of life-sustaining effort that is rooted in the "biological process". Work is any form of creative productivity that results in "worldliness"† (Palmquist). In scientific terms, work is said to be done only of the object changes displaces from its initial position. If the object is not displaced, we cannot say that work is done. In that case, we can use the term labor instead of work. In short, work and labor are controversial terms, which are difficult to define. WH Auden in his article, â€Å"work, labor, play†, has defined work, labor and play in different manner. Thi s paper analyses the differences between work and labor and the relationship play has with work and labor. According to Auden, â€Å"A man is a labourer if the job society offers him is of no interest to himself but he is compelled to take it by the necessity of earning a living and supporting his family† (Auden).... Between labour and play stands work. A man is a worker if he is personally interested in the job which society pays him to do; what from the point of view of society is necessary labour is from his own point of view voluntary play (Auden). Play is the activity people often undertake because of their interest. David Beckham is a Football player who plays Football because of his interest in it. Same way, Sachin Tendulkar is a cricket player since he enjoys cricket as a player. However, we cannot label either Sachin or Beckham as labours or workers even though they are doing lot of hard works while playing. It is a fact that they are getting decent money for their work as cricket or football player. Even then, it is impossible to mark them as workers. On the other hand, Steve Jobs and Bill Gates can be labelled as workers. They are excellent professionals who work with enthusiasm and interest in their profession. It is difficult for Gates or Jobs to excel in a sales or accounting profes sion. If these people somehow forced to work in sales or accounting profession, we cannot label them as workers anymore. In such cases, they are only labourers according to the arguments of Auden. In short, play is an activity, which is done fully for enjoyment purpose whereas labour is an activity which is done only for wages; not for enjoyment. Auden argues that the position of work is in between these two; play and labour. In other words, work is done not only for wages but also for enjoyment. Leisure is another activity in which workers and labourers differ widely. According to the views of Auden, â€Å"to a worker, leisure means simply the hours he needs to relax and rest in order to work efficiently whereas to the labourer, leisure means freedom from

BFS 3430-09D, PRINCIPLES OF FIRE BEHAVIOR (BFS3430-09D) Essay - 2

BFS 3430-09D, PRINCIPLES OF FIRE BEHAVIOR (BFS3430-09D) - Essay Example Be sure to divert the spilled fuel away from the cockpit or cabin; and take extra precaution against any possibility of fuel burst out, set up a safety border within the region of the incident site (Union County Standard Operating Guidelines n.d.). 3. For fire related incidents, full protective gear must be worn including SCBAs and move towards the fire from the windward side. If no hazardous materials or explosives are present, go about the procedure as a flammable liquid fire (Union County Standard Operating Guidelines n.d.). Foam must be used in fire fighting when Jet A fuel is involved. If foam is not available make use of a semi-fog stream to push the fire away from the cockpit or cabin. Make sure that the fuel spill and fire does not flow back behind you while protecting the crew and advancing towards the fire as this may trap you (Union County Standard Operating Guidelines n.d.). 4. If the fire involves hazardous and explosive materials, follow the Hazardous Materials resources guide for the product involved, and set up a safety perimeter around the incident site (Union County Standard Operating Guidelines

Over the Hedge Essay Example for Free

Over the Hedge Essay Over the Hedge is an animated film about the difficulties little harmless animals experience when man encroaches on their habitat (Fry, 2006). The film starts with the end of winter and the animals in the forest are coming out of hibernation. A hyperactive and mischievous raccoon named RJ forages on the junk food of the bear; he escapes alive with the promise of returning all of the bear’s food within a week. On the other side, a family of cute little animals awakens with a green wall in the middle of their forest and suddenly fears what lies beyond the hedge. Verve the turtle ventures over the hedge to find out what was on the other side; however he was subjected to the ferocious human machines like the lawn mower, grass sprinkler, bikes and etc. He returns to the forest and warns that no one should ever venture over the hedge as it is dangerous. The group of animals however had another problem, they had no food. Then here comes, the rascal raccoon RJ and convinces the group that humans throw out their food every time and all they needed to do was go out there and gather it. Verve disagreed and warned them against the idea, but as food became scarce Verve finally agreed with RJ. RJ on the other hand was really thinking of how the group could help him gather the food he owed the bear and here the conflict started. The rest of the film tells about friendship, trust, honesty and love of family. The film does this effectively within the context of man’s environmental responsibility to be stewards of Mother Nature. The plot of the story was actually very simple however, since the characters were cute, furry, funny and adorable animals, the film held much interest. The visuals were very good; it was clear, crisp and very alive. Although one would notice that it was not created in the traditional way, in fact the movie’s animation were all computer generated, from the drawing to the filming. The sound was in the standard Dolby format, and it was clear and loud, however some of the characters dialogues were tweaked to resemble that of the animal, sometimes the dialogue got lost in the way it was pronounced but one could still understand the gist of the sentence. I especially liked the three baby possums because they were really cute, and they were very funny. They had this way of saying things in chorus and then either refuting or supporting each other and their thoughts resembled the candidness of children. The vividness of the colors and images really fed my interest in the film, however I was lost in the burping of the squirrel and the farting of the skunk, maybe the director thought it would add to the comedic element of the film, but it did not feel that way to me. The film talks about the importance of living well with our animal friends, and it shows a very real example of how man react to animals when they start invading our homes and community. The film however had the ability to make us realize that man had been the first to invade the animals’ home and since they get their food from their ecosystem, man’s invasion of their habitat also affects their existence (Peabody, 2006). The film is far from serious and boring, it is funny, entertaining and honest, and brutally honest I must say. The film actually appealed to my sense of justice and equality knowing that man and beast should live together in the best possible way. Although, the film was targeted for children of all ages, some of the dialogues were brazen and crude, thus the film landed in the PG rating, but all the same it contains the essential elements of a good story, interesting characters, excellent animation and great actors and this held my interest in the film until its end.

What Literacy Means Essay Example for Free

What Literacy Means Essay For me literacy is very important and has a really strong impact in my life. When I was a kid I remember my father always telling me â€Å"the more you know the better it is†. I never really understood what he meant nor did I pay that much attention. I must admit that I was pretty rebellious back in those days, I wanted to be independent, I dropped out college in my freshman year, started partying, binge drinking, to sum it up I just didn’t wanted to listen or take any advice from my parents or the people that cared for me. They saw the mistakes I was making and the destructive path I was heading to, it was like they were foreseeing the future. It wasn’t until I left my country (Dominican Republic) to live in the united states that I understood what they were trying to tell me, out all the advice they gave me I could only remember the say that my father used to tell me. Society has proven time and time again, it will reward those individuals who are competent and impede those who are not, whether expressed in terms of employment opportunities (job success) or just on a social level. One needs look no further than their everyday activities in order to realize how important literacy is. Without adequate literary skills one may not be able to identify on a label the correct amount of medicine to give a child, or read and interpret a sign giving instructions on what to do in case of a fire. These two examples bring perspective to literacys importance. Nevertheless, recent surveys have indicated that, 4. 5 million Canadians, representing 24 percent of the eighteen-and-over group, can be considered illiterate (Adult Illiteracy 5). Illiteracy is truly a problem within Canada. Although many groups are working to render the problem of illiteracy, much work still lies ahead. As our society moves on into the next century literacy is proving vital to economic performance. Without basic literary skills in ones possession they will become lost in our rapidly changing society. The modern worker must be able to adapt to the changing job-scene. This often means gathering new skills and knowledge from printed material, whether instruction manuals, computer programs, or classroom training (text books). It is quite commonly the case that highly skilled jobs require a high level of literacy. Therefore, literary skill level is an important factor in predicting an individuals economic success. It will affect an individuals income, their employment stability and whether they even receive employment opportunities. Presently, our world revolves around literacy. Simply being literate allows one to continuously upgrade ones literary skills to a higher level. It allows one to stay informed of happenings in and around the world through mediums such as newspapers and magazines. Knowing current news about what is going on in this ever changing world of ours is the key to staying ahead. Another thought to ponder is this, we rely on those with high literacy levels to record and document findings and happenings for future generations to reflect on. These writings would most likely be dull and inaccurate or would not exist at all without our current levels of literacy. When viewed from a social standpoint, literacy remains just as important as when viewed from the economic standpoint. Linda Macleod of the National Associations Active in Criminal Justice, points out that, 65 percent of people entering Canadian prisons for the first time have trouble reading and writing, low literacy is part of a constellation of problems that can limit choices in life and thus lead people to criminal activity (20). Somebody in possession of a high level of literacy will most likely be well informed and tend to make wiser decisions. By obtaining this level of literacy they have also gathered a large vocabulary giving those many words to choose from to express their ideas and feelings. Conversely, many would agree that a conversation with one who has a good grasp of the English language is always more delightful than with one who is less educated. Literacy can act as a window, opening ones view to the world. Presently, we are being bombarded with information, news, trivia and gossip (not that this is always a positive feature in our lives). Without sufficient literary skills one cannot even absorb any of this information. These people will miss out on many of lifes benefits, socially as well as economically. Without sufficient literary skills one would have a tremendously difficult time functioning in our current world. Think about your average day, consider how many times you refer to your literary skills to aid you, could you function without those skills? Finding an address, reading a map, reading a menu, performing a bank transaction, these are just a few common tasks that require your literary skills. Also, when looking at the importance of literacy to our nation, its value is evident. High levels of literacy throughout all sectors of Canadas workforce are necessary, low  literacy levels of workers affect Canadas ability to perform in the increasingly competitive international marketplace (Literacy 7). Literary skills become building blocks. By first creating a well-educated society, then a highly skilled labor force which can compete and adapt to the changing market. These factors lead to an increase in economic growth within the nation which in turn, results in a higher standard of living for its people. As our society moves forward into the future, a higher level of literacy will become more important to ones level of success. Where would our society be without our ability to exchange knowledge and information? How many times have you made a purchase that read on the outside instructions inside? You and I think nothing of this, and in a sense take our gift for granted. For many, deciphering written instructions is a near impossible task, asking for assistance does little more than to further lower their self esteem. Literacy is important. To truly seize the benefits possible in ones life it has to be accepted that literacy is the key. Society will continue to reward skilled individuals and disadvantage those who are not.

Pros and Cons of budgeting in modern environment

Pros and Cons of budgeting in modern environment Budgets are recognized as time-honored tools for planning and setting organizations goals, for communicating among corporate constituencies, and for providing basis for operating results review as well as performance evaluation. While it is difficult for firms to have perfect budgets that make use of all functions equally well, differential emphasis on the respective uses of budgets reflects the environment variation and contracting needs. The modern economic environment is associated with a rapidly changing environment, flexible manufacturing, short product life cycles and highly customized products and services (Abdullah N.B. 2008). The keys to survive is flexibility and rapid response whereby companies are able to move quickly to exploit opportunities as they arise and does not operate according to elaborate business plans (Abdullah N.B. 2008). We were being overtaken by events. Traditional planning and budgeting strategy had to give. Senior vice-president in Fujitsu Computer Products of America, Kevin T. Parker said that, department managers budgeted at the detail level before the company had agreed on strategic objectives. (Banham, R. 2000.) Fujitsu were long on process and short on valuable information to run the business. Department managers would forecast product availability and customer expectations independent of one another, then negotiate with top management for few times until they were final. This circuitous routine took two months, an exceptionally long period of time in the fast-paced computer industry. (Banham, R. 2000.) Most organizations recognize budgets as a key element in their management control systems, but the usefulness of budgets has generated intense discussion and debate. Budgets have been proven by some of the researches that budgets are less useful in todays highly challenging business environment. Traditional budgeting, budget planning is a top-down process which will not support the types of extreme decentralization and employee empowerment initiatives that are required for firms to be competitive today (Libby T., and Lindsay M., 2007). Budgets are no longer useful in the current environment Budgets constraint responsiveness and flexibility and are often a barrier to change. Traditional budgeting is focused on the achievement of the specific plan or budget and this resulted in organizations eyesight to constantly focus on how to achieve and beat the budget. But indeed, the objectives of a company should not be to beat the budget but to beat the competition. (Leone, A.J and Rock, S. 2000) Whereas, in traditional budgeting there is rarely an opportunity to amend, change or update the budget once it has been approved, should there be any changes in the environment or assumptions employed (Abdullah N.B. 2008). Thus, managers only can decision within the budget, but the particular decision that he make, might not be the perfect solution; managers are tended to abandon best solution due to not exceed the budget, and thus inhibits management response to change. This focus can act as a constraint, decreasing the firms flexibility and ability to adapt and deal with new opportunit ies, threats or changes in customers requirements (Abdullah N.B. 2008).Traditional budgets prevent empowerment and the opportunity for employees to contribute to the achievement of strategic objectives. It is blocking employee initiatives and demotivated employees, where employee initiative and motivation are needed in todays highly challenging environment, which can make a marked improvement in performance and productivity, thus it is a barrier to continuous improvement and success, because, less focus is given on how to maximize the organizations potential. According to the Shastri K. and Stout D.E., many segment-level employees1 than corporate-level employees felt that budgets had negative behavioral consequences in terms of employee initiatives, motivating short-term decision making, and pressure to achieve targets. Budgets encourage gaming and dysfunctional behavior. (Abdullah N.B. 2008). Libby T., and Lindsay M., (2007) explicitly addressed the issue of budget gaming. Majority of the respondents surveyed indicated that three gaming phenomena occur at least occasionally: spending money at year-end to avoid losing it the old-age use it or lose it syndrome, deferring necessary expenditures and negotiating easy targets the Segment-level was defined variously as a subsidiary, division, department, or product level. sandbagging syndrome (Libby T., and Lindsay M., 2007).This is especially the case when meeting the budget is directly linked with rewards and incentive payments to individuals and/or team. Indeed, many organizations incorporate budgetary performance subjectively into the overall performance evaluation of managers (Libby T., and Lindsay M., 2007). Moreover, managerial compensation plans, including incentive compensation formulas, incorporate achievement of specified budget objectives for financial performance measures. (Shastri K. and Stout D.E. 2008) The dual roles of budgeting gives rise to agency problems in the budget-setting process and affect the accuracy of budgets. Majority of participants seek to maximize their personal gain during the process of setting budgets. Once, goal congruence is not achievable, there are conflicts of interest between company and employees, and this is where the agency problems are occurred. Tying budget targets to compensation contracts encourages ma nagers to game the budgeting system to increase the probability they will receive positive performance evaluations and, therefore, any related bonus (Libby T., and Lindsay M., 2007). Budget gaming is when managers are use to receive positive performance. For examples, when companies are using budget integrated with incentive program, managers will try they best to show a good performance but gaming the budgets. Managers might defer necessary expenditures (such as, maintenance of machine, advertising cost, research and development) to meet current period budget targets, which will affect effectiveness and efficiency of company. Besides that, managers will take big bath when budget targets could not be attained, which mean the effort of producing the budget is not appreciated. Using budget as the tools of evaluating performance will lead to negative behavioral consequences. Budgets can still be useful in the current environment Budget should use as the basic for performance evaluation but not the only means to evaluate performance. As mentioned above, solely focus on budget as the only way to evaluate performance and compensate managers will result in agency problems. Agency problems will lead to company underperformance. Budget can be useful once, the incentive program is not mostly depending on it. In order to measure performance, budget is not the only option; companies should design an effective performance measurement system by integrated financial2 and non-financial3 indicators as tools of measuring efficiency or performance. Moreover, companies should design an effective system which can link to strategy and goals of the organization to encourage goal congruence, recognize controllability and emphasize on employees empowerment. By designing a system besides budget to measure performance can solve agency problem. Measure performance of managers based on controllability and responsibility, which mean t op management should back out non-controllable variances before comparing actual to budget. For instance, companies such as Allstate, Fujitsu, Nationwide Financial Services, Owens Corning, Sprint and Texaco, are compensating the managers for achieving measurable results (Banham, R. 2000). For example, when evaluate performance of production managers should back out the machine breakdown hours, because it was not under his controllability but is engineers responsibility. Besides that, provide incentive to managers who manage to generate an accurate budget, managers will tend to provide secret information to the budget, thus, it make the budget more accurate. In addition, Hope and Fraser propose a new management model to take the place of budgeting for control purposes. This new model is based on employee empowerment and alternative methods of performance management, which to suit the requirement of todays highly challenging environment (Libby T., and Lindsay M., 2007). Financial indicator such as, return on investment (ROI), residual income (RI) and economic value added (EVA). Non-financial indicator such as, benchmarking, balance-score card, customer satisfaction measures, defect measures, product quality measures, accident measures, machine downtime measures, delivery time measures and etc. Moreover, there is a new model which known as Beyond Budgeting was developed by two consultants, Jeremy Hope and Robin Fraser, in order to find and develop alternative tools to the planning and budgeting process (Abdullah N.B. 2008).This new model is based on employee empowerment and alternative methods of performance management (Libby T., and Lindsay M., 2007). Most of the organizations which are high profile companies, have abandoned the major annual budget preparation, the Beyond Budgeting Round Table (BBRT4) members realized that attempts to make incremental changes to improve the budgeting system by introducing zero-based, activity-based or faster budgeting are not solving the problems caused by the fast-changing business world (Abdullah N.B. 2008), but to change the underlying culture of contract, compliance and control embedded in the traditional budgeting. Beyond Budgeting model, BBRT have developed a generic model that is based on 12 principles to create a flexible a responsive management model with an underlying culture of responsibility, enterprise and learning. Companies that operate in a business environment that is market led, highly competitive and unpredictable, and in which intellectual capital is the key strategic resource; and which have already successfully implemented various management tools like the Balanced Scorecard, Activity-Based Management and Rolling Forecast, should be the ideal candidate for the Beyond Budgeting model. The BBRT is the combination of a new concept (beyond budgeting) and a community (round table). The BBRT community is an independent research collaborative that shares its knowledge across its global network through conferences and workshops. Source: Abdullah N.B. 2008. Chapter 3: Scenario of Corporate Planning and Budgeting in a rapidly changing environment. These 6 principles (Table 1.a) concern creating a flexible organizational structure in which authority is devolved to employees. The following 6 principles (Table 1.b) deal with designing an adaptive management process for a flexible organizational structure. Table 1.b: The 12 Beyond Budgeting Principles and Practices Source: Abdullah N.B. 2008. Chapter 3: Scenario of Corporate Planning and Budgeting in a rapidly changing environment. Conclusion Budgeting, despite being proven to effectively act as one of the building blocks of management control system, was commonly viewed as a restriction of companies flexibility and competitive ability. Yet, despite various criticisms, budgets are in fact alive and well, rather than becoming obsolete, most organizations use a traditional budget because they are easy to put together and simplify coordination of budget assumptions across different departments. This is the simplest method of budgeting. But, indeed, with a traditional budgeting, company might be underperformance. In order to be more competitive in today challenging world, adopting advanced budgeting approaches is needed as it is focus on empowerment employees as well as responsibility.

George Gray Essay -- essays research papers

George Gray â€Å"George Gray† is a poem about a man who missed out on many of life’s opportunities because he was so afraid of failure that he did not even try. He passed up love because he was afraid of being hurt, ambition because he dreaded all the changes that came with it and sorrow because he feared the pain. The poem begins with â€Å"George† staring at his own gravestone and realizing that there was nothing special to be said about him because he had done nothing with his life. He looked back on his life and realized that it would be so much harder then to regain all of his missed opportunities. The whole poem was a metaphor using a boat to represent â€Å"George’s† life and at the end, he let the boat sail freely and be guided by the winds of destiny. He regretted all of the opportunities that he had missed and by the time he realized that he never lived his life, it was too late to live it to its fullest. Therefore, life should be lived to its fulles t so that when it is over, there are no regrets.   Ã‚  Ã‚  Ã‚  Ã‚  So many people have ideas of things they want to do, whether they be business-related, something that scares them or even just asking someone else out on a date. Everyone has ideas about how they want to live their lives, but most people never wind up following through. They are so afraid of failure or of looking bad that they run from any kind of challenge. Then later in life, when they realize that they had all these opportunities and never took ad...

Far East :: essays research papers

A Critique Abstract The Far East, written by Paul H. Clyde and Burton F. Beers is a book containing a collection of facts and is presented in chronological and topical order starting with history in general and this history in particular. The authors begin their book with â€Å"What is history?† The answer is â€Å"In its simplest form, history is the record of things thought, said, and done. Such a definition is a useful starting point but it leaves a host of questions unanswered†. (p.1) It is here that I find myself in complete agreement with the authors not just for this book but history in general as a subject. The authors’ foundation for their book is centered on the subject of history itself. However, it is at this point that I begin to have problems with analysis presented. The authors make the examination, â€Å"For those who are practically inclined, it is a principal means through which man may anticipate the future†. (p.2) I think this statement is more wishful than realistic. The geographic depiction offered in the book gives the reader unfamiliar with this region of the world a 1) starting point on a world map and a 2) sense of not only where but the density covered by the book. With this sense the reader can better understand why there is demographic, cultural, and language differences within and among the many countries as well as the root similarities. The reader finds enhanced discerning to the impact of east meeting west; how from their views the cultural shock was enormous in the past and continues today. The book research is both extensive and systematic, cumulating some 50 odd years. I, as a reader, cannot say the good or bad of this other than to say the focus of the book seems distinctive in content, with the sources listed point to this detail. Book Organization Overall Composition The book includes thirty-six chapters of surprising stories some superb and some grisly of regional history and is arranged in chronological order. Selective chapters are organized with regional chronicles of Old China to New Governments of Asia since 1953. The chapters relate many details and events and processes with noteworthy consequences that have made a foremost impact to the past and present world. It is pragmatically written and contains distortions and omitted parts. It is apparent that it is written from a Western point of view.

Diet for a Capitalist America :: Health Eating Food essays

"Diet for a Capitalist America" In the book "Diet for a New America" John Robbins, stresses the importance of a healthier, more environmentally conscious diet. "A revolutionary document of truth and exposure. John Robbins, in a selfless quest to discover the extensive reprocussions of our eating habits and choices, exposes and tenaciously documents hidden facts, this work single handedly convince even the most stubborn anti-vegetarians to take a serious look at the effects of their choices. A must have for anyone who seeks lasting commitment to a more kinder and healthier life." Lance Zimmer This book creates an utopian vision of how the people of the world could soundly sustain themselves by eating grains and vegetables and conscientiously drifting away from our more consumptive and carnivorous ways. The book provides us with a possible and tangible solution to the problems of hunger, diseases and environmental destruction. The "Diet for a New America" is a tool at work to fight against the realities of the modern world, a world that lives on a 'Diet for a Capitalist America'. The reality of the mocking 'Diet for a Capitalist America' is an industrial diet created by our industrial world. The diet that most Americans subsist on today is one that has been created out of capitalism. If we look at a society built by capitalism and industrialism than we will see a diet, which is clearly representative of these ways. Our diet, the food we consume is clearly a product of our lifestyles. In looking at who we are and what we eat, we can see a reflection of the world in which we live. Looking back in time at human civilization prior to urbanization the human animal lived off of the land eating small animals, seeds, roots, seafood and wild fruit. This natural diet the diet that we evolved eating, is the healthiest diet for the human animal and one that we have been eating for the two million years before urbanization. Since than in the last 100 years, 50 years, even in the last 20 years our diet has changed tremendously as has the world. Society has moved from a feudal agrarian regionally oriented society to an industrial technical world encompassing society. At the time of the industrial revolution in England, people were recognizing fried potato, fried fish, white bread, hamburgers, chicken, crisps and other stabilized and processed plant and animal products as being what food is.

Global Citizenship Essay

As far as we know, many people throughout the world face different issues such as global warmth, pollution of environment, gap between wealth and poverty, discrimination, suffering of HIV/AIDS and so on. Therefore, more and more people are attracted to join in one community and solve global problems together. Nowadays, many people can be considered as citizens of our planet, or as Global Citizens. The main goal of Global Citizens is to create such conditions and solutions to problems in order to make the world around them a better place. All of them tend to have some specific qualities. I know enough people, who possess them and inspire me more to be a Global Citizen. Initially, I consider myself as a part of Global Community and as a Global Citizen because I try to help people that need it. For me, being a Global Citizen means not only enjoying our rights, but also bearing responsibilities and taking care for surrounding people and environment beyond one’s nation or territory, in order to create a virtuous society in the world. Open-mindedness and willingness to commit good deals are the main qualities, which Global Citizen should have. Every person has different types of personality, some of them can make good teachers, some good creators, other good workers, and so on. Although they have different qualities and abilities, they are part of one community and take some responsibilities for surrounding people for making the world little bit better. Therefore, they can be considered as Global Citizens. They are joined by qualities such as kindness, love to every single person on the world, motivation to hard work, and responsibility for humankind. In addition, Global Citizens should have perseverance because the mission of being responsible for human beings faces many obstacles. Accordingly, Global Citizens should wish to improve lives of others and possess kindness, responsibility, and persistence. Global Citizens are not isolated from the world and think not only about themselves. People start to be such Citizens when they start to commit good deal toward strangers, who need help. No matter if they act alone or in teams, they are still Global Citizens. I have met many people that act as Global citizens. For instance, I know people, who deal with children that have oncologic diseases, or people, who take some activities to decrease the level of HIV/AIDS sufferers, or people that engaged in charity, or other that engaged in special communities, which deal with different issues in society. I, firstly, admire with my grandmother, who have small business, but always take time and money to engage in charity for orphanage. In spite of facts that she is retired and care about her children and grandchildren, she still work hard, has patience, and has desire to help other people, to make their lives better. This example proves that anyone can take even little action toward better humanity’s life and unintentionally become a Global Citizen. I believe, I will follow my grandmother’s example because from my childhood I am kind, responsible and strive to help people. I always wished, nobody should be upset. Therefore, when I saw sad person, I approached to him/her, tried to understand situation and attempted to help. Later on, I become part of different communities such as School Parliament, International Organization â€Å"Dance4Life†, Students’ Community â€Å"Enactus†, and some others. Most of my time I spent in School Parliament, so I will tell more about its activities. This little school organization took responsibilities for almost all events in school and some activities outside it. We regularly took part in charity for orphanage, support disabled people of our school, entertained people that had oncologic diseases, and conducted some events. We helped one family to collect some amount of money to child’s operation by selling some ribbons and conducting few times charity events. It was one of the biggest deals that we did in school time ourselves. After pupil’s operation, his parents thanked us and appreciated our activities. Thus, as studying in high school we started to participate in solving some problems outside of our lives, to help others, to improve surrounding people’s lives and performed as Global Citizens. Thereby, everybody can become a Global Citizen despite age, gender, and region. To be a Global Citizen means to take actions and fulfil some duties in order to improve someone’s life. Global Citizenship should not be focused on scale of an action because helping people starts from little steps, from helping even one unknown person. Therefore, most of people, who are helping others that need a support, can be considered as Global Citizens. The majority of these human beings understand that they somehow may effect on people, who live on the other side of the Earth. Thus, they think broadly and care about surrounding people and nature.

Nelson Mandela Essay

In rules of order to achieve something great, you essential take a crap desire, you must truly want it from the bottom of your heart. innate(p) July 18, 1918, in a sm all in all(a) town in southwestern Africa, Nelson Mandela had the greatest warmness to do anything to win his rustics indep overthrowence. He fought for the rights of nigrifys in South Africa and for lost mess most the world. Motivated by his actions, the professorship of South Africa, P.W. Botha, impris sensationd Mandela for cardinal years. When he was released in 1990, he now came back into the fight he had leftover(a) for so long. He was elected president by the community of South Africa in 1994. His term in office stop in 1999, however, he as yet fought for racial fittedity and peace. Mandela died on declivityember 5, 2013, in Johannesburg, South Africa. Although he has passed, his legacy still exists around the world today. Nelson Mandela should be the macrocosm of the century because he help ed bring an end to apartheid in South Africa and his leadership non plainly moved(p) the slew of his country, merely also people all around the world.According to spirit in Context, at the age of 24, Mandela joined the African issue Congress which was a group who worked to piece social and political rights for blacks in South Africa. Mandelas actions in the ANC caused him to be adorn in prison. Mandela stated that, his organization yet wanted equal rights for South Africans of all races, and added that the only way they would show their sorrowfulness was by nonviolent disruptive maneuver (Contemporary slow Biography 2). The ANC became illegal make Mandela to form the Spear of the Nation which was a group that directed sabotage actions against governing body installations and other symbols of apartheid. These acts of violence resulted in smell in prison for Mandela. Although he was cut-off from the sinless world, he never lost hope, and the people never forgot this c ourageous leader. On February 11, 1990, one of the most prodigious events of the year, Mandela was shift for the graduation time in twenty-seven years. In 1993, the nation was moving closer to ingenuous andfair elections. On Election Day, in the first-ever democratic election, Mandela had been victorious, and became the first ever black president of the Re human beings of South Africa.During his presidency, Mandela c erstwhilentrate on issues such as, health, housing, education, and the development of public utilities and economic stability. The government also introduced economy requiring workplace safety, overtime pay, and minimum allowance (Contemporary Black Biography 5). Mandela improved his countries sustenance just in the short years that he was in office. The words that once came out of young Mandelas mouth, I have fought against white domination, and I have fought against black domination. I have cherish the ideal of a democratic and free society in which all perso ns wear together in harmony and with equal opportunities. It is an ideal which I hope to sustain for and to achieve. But if needs be, it is an ideal for which I am prepared to die (Contemporary Black Biography 3). These words show the powerfulness and passion behind the heart of Mandela. He was willing to die for the freedom of his people like Christ died for our sins. The love he had for his country was like the love a mother and father have for their children. His courage, strength, and loyalty changed the world forever.Mandelas actions were too painful to only affect the little country of South Africa. His actions modify many places around the world. He encouraged many people to die hard up for their rights of freedom. Although people such as President Reagan, according to NBC News, verbalize the ANC was a terrorist group and they should not be praised and represented around the world because it prosecute in, calculated terrorthe mining of roads, the attack of public pl aces, designed to bring around further repression (Robert Windrem). I, along with many other people, do not weigh this is true. Mandela was only fleck for the freedom which his country deserved, fighting for the happiness of his people, and fighting for the generations to come. The actions that Mandela took were only caused by the first sight of violence from the British police. If you were being controlled, and forced to live your lifetime the way certain people wanted, wouldnt you do whatever you could to stop it?Nelson Mandela left a legacy that will give way for hundreds of years. Theapartheid movement that he led in South Africa, not only affected South Africans, but also affected nations on the other side of the globe. He is a man who will stand out from any other in the past and upcoming centuries. I believe that Nelson Mandela is the man of the century because the world, today, would not be the same if he had never fought for the rights that we all deserve.Works CitedCo ntemporary Black Biography, . Biography in Context. Nelson Mandela. Contemporary Black Biography, 05 Dec 2013. Web. 13 Apr 2014. Windrem, Robert. NBC News. Nelson Mandela a terrorist until 2008. NBC News, 07 Dec 2013. Web. 13 Apr 2014.

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 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) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 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 korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current 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 live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 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 Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national 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 Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and 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 economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

The intended recipients of this final report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting basic principles and no person whose receipt or use of this report would violate any laws and regulations or subject Daewoo and based its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are whole subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Daewoo. Daewoo, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time logical and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments l etter from time to time in the open market or otherwise, in each case either as principals or agents.Daewoo and its affiliates late may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial public services as are permitted under applicable laws and regulations.n the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) new Order 2005 (the „Order†°), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the social Order (all such persons together being referred to as „Relevant Persons†°). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not last act or rely on this report or any of its contents. United States: This report is distributed i n the U.Securities Exchange Act of 1934. All U. S. such ersons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received how this report under any express or implied understanding that they will direct commission income to Daewoo or its affiliates.S. The securities described in this annual report may not have been registered under the U. S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.

A Woman To Her Lover Essay

issue a slender abridgment of Christina Walshs compose A adult female to Her fan. comparing and counter signify the rime with others you soak up analyze in the unit. Christina Walsh, a egg-producing(prenominal) poet, wrote the poetry A wo existence to her sports fan as a ex angiotensin-converting enzymerate poetise. A surplus verse is a meter with an unpredictable stanza length, no rhyme organization and no computer program count. piece it as a assoil verse reflects her foretell which is women is rouse qualify their stance towards men. She bust all in all the rules of poetry, this projects that women do non binge to be faint-hearted towards men, it does non guide to be the akin as tradition, the part does non break to swan the women, they place accept rival hunch.Stanza adept in Christina Walshs poesy extracts striverry. She uses the tidings stupefy buckle down, which substance a slave that does something with a manner adage e itherthing. Christina Walsh uses an moving-picture denominate of a war, as conqueror to the vanquished. As she is the defeated, and so she is forced, which steers that they argon enemies. She does non indispensableness to be shoot by all unmatched, she protests it, and O buff I wane you she to a fault uses an exclaiming lucre that assigns she is serious. Christina Walsh uses ascendent rhyme of the earn b passim the unharmed numbers. This is called a labial consonant plosive. To release, link slave and to tolerate be apply in stanza one, this shows that she is barbaric and world actually assertive. To swallow your children, corrosion come out my invigoration uses caesura to counterbalance the dickens judgments. She is aphorism that if she gives him children, it is analogous to wearying out her life.She tells him O applaudr cover afterwards the caesura that progresss the idiomatic expression actually strong. It is emphasized. Stanza deuce in Christina Walshs meter suggests a rattling polar mentation. It shows that she does not take to be enured as an saint that neer does both(prenominal)(prenominal)(prenominal) mistakes or to be righteousnessed as a goddess, no one is finished and uncomplete is she. Go I am no lady to gussy up and stick for fatigued holiness, this shows that she thinks it is sad to treats somebody exchangeable they argon immaculate and that they argon in force(p) there to pleaseyou.Throughout the stanza, Christina Walsh uses head rhyme in the letter w, connect, pass volume and inclination, apteral and worship This gives a cheese uniform great(p) that reflects how the domain sees the women. She whence uses the phrase Go to show that what she is saw is straightforward, which once much shows that she is against world love for her sweetheart and perfection. She so(prenominal) calls him a sea gull and tells him again, I hold out you. This shows that she is conver t with her point and the repetition shows that she I against twain points she has mentioned. praise cxxx by William Shakespe are lot be coupled with the trice stanza of Christina Walshs verse. They twain(prenominal) consent nigh the like idea. They both suggest that women should not be love for her beauty. At the beginning of the sonnet, the reader starts to smell out that Shakespeare hates the women. He says My sporting lady eye are naught like the sunshine, this shows that she is not costly spirit she is not graceful. How invariably, he break ups that tear downing though she is not ravishing he loves her more than whatsoever(prenominal) beauteous female child has ever beenloved.The poem is a sonnet.This inwardness it contains 14 lines make up of threesome quatrains and a rime duad at the end. single in Shakespeares sonnets, the rhymed couplets conclude his point. It is excessively pen in iambic pentameter. Shakespeare is against the idea of trad ition and well-bred love he is against the idea that the globe absorbs the women as if she is the more or less lovely women on earth. He says that his love to his schoolmistress is grand even though he does not describe her as beautiful. Describing her as beautiful would be incorrect equal.The thirdly stanza in A charcleaning ladyhood to Her sports fan Christina Walsh is exhausting to show us that she get out not be a finish intent that satisfies her conserves desires, and uncomplete pass on whatever women of her meter. She says not for you the tump over of any wakened woman of our measure. She uses the enounce wakened to show that this plan is not for any woman, it is for any cognizant and ameliorate woman that k outrights her rights. Christina Walsh repeats the news show Or in both stanza cardinal and stanza three. This shows that she has a tilt of ideas that she pass on make her refuse a man.She also uses the word cock. This shows that if she acce pts the guinea pig that a man wants to adopt her bean curd fill his desires then that is not any intermit than animals.She says women of our time to show that this way of a relationship is ex and no one allow accept, as now it is not the kindred as the olddays.The poem To his overmodest mistress shows a teen that is onerous to entice his young woman to permit land up with him. The male child gives her a run of reasons why she should have hinge on with him now.

Rocket and Evolution

invoice of rockets Our sequence at that place has been an ontogenesis in our autobiography of go ups. It has been champion man-kinds immenseest trick for thousands of want conviction. Rockets fancy cover song to four cytosine B. C in the urban center Targonntum from a papistic source named Aulus Gellius as he tells a grade of a Greek, named Archytas. Archytas employ his plan to rollick and develop the deal by fugitive a woody pigeon utilise move to compel the bird suspend finish morose wires.Couple triple hund scarlet eld afterward afterwarfarefareds the instauration of Archytas charge of flavours pigeon some other(a) Greek, attack channelisecraft of Alexandria invented a something exchange up to(p) missile turn of events c each(prenominal)ed an aeolipile, withal education locomote as catalyst to advert it eject off the priming coat. adept depict utilize the blind by climb a airfield on slip a appearance of a pee kettle , as the harry under the kettle, dark the pissing into steam, qualification the fellate become by dint of the pipes to the knowlight-emitting diodege base. On in any case deuce L-shaped pipe dresss on mated sides of the betrothalground which entirelyowed the bobble to escape, and that so gave cuss to the sphere do it to rotate.It is compose unclear when the front go ups appeared. at that place swallow been stories, of untold(prenominal) come up grammatical case inventions from m to clock by records of miscellaneous cultures. Could be that the world-class adjust roquettes could of came from anywhere. Chinese records occupy indicated that in the head start off light speed A. D, communicateedly utilize pulverisation. To shape explosives for ghost want festivals, phylogenesis bamboo tubes and adding the gun mill to run into it propel. ulterior on the Chinese began experimenting with the tubes and attaching them to arrows ingress them and devising them explode, this fashioning the scratch arugula.The bodyguard insurance cov erage the front original enforce of lifts was in 1232. During this conviction in that location was a war amongst the Chinese and Mongols in the battle of kai-keng, the Chinese repelled the intrusion pulmonary tuberculosis a onrush of arrows of fly cease say kai-keng. The missile engine was a tube containing pulverisation on angiotensin-converting enzyme-half, and the other a long pegleg. As concisely as the powder was light it put uped wont the stick as a focussing trajectory d hotshot the air strike its tar play. all told by means of with(predicate) the thirteenth to the fifteenth centuries t pull inher were some reports of garden uprise experiments all the style through Europe.As in England a monk named Roger Bacon worked on change magnitude the ordinate of the rises. In France, blue jean Froissart frame a proficiency to nettle the leakage of the come up engine by ingress those using tubes. Froissart predilection was the precursor of the mod(a) bazooka. non altogether were garden rocket salads apply for tools of war, nevertheless for a firework display. A German fireworks holdr, Johann Schmilap finder of the step rocket it was a rocket seeed to go to high altitudes and showering the toss with sparks. Johann was a authorized initiate in the stem of rockets of at once that go into outmost shoes.During the last mentioned tell of the seventeenth century, the scientific foundations for groundbreaking rocketry were displace the smashing side of meat scientist sir Isaac north (1642-1727). nitrogen gave his fundamentals on apprehensiveness the bodily accomplishment of a rocket, into tercet laws. These laws beg off how rockets work and why they are able to work. northwards laws were apply on the devise of rockets. This would address up to the phylogeny of rocket engines. A Dutch professor, Wil lem Gravesande, vagaryl of much(prenominal) an stem by twist form cars propelled by jets of steam.Ger numerous and Russia began on on the job(p) with a 45 kg rocket. During that time rockets were so brawny that the flames allow make turbid holes in the ground as shortly as it lifts off. approach shot toward the eighteenth century and nineteenth century it was to a great extent habitual that rockets were use as war instruments. A British colonel William Congreve, he format a concept of rockets that would be the passing palmy in battles. use by British ships to tucker spike McHenry in the state of war of 1812, which shake up Francis Scott unwrap to spare the rockets red glare, speech communication in his verse form that later, became The Star- glisten Banner.By 1898, a Russian shoal teacher, Konstantin Tsiolkovsky (1857-1935) was one of the head start to take the view of quadriceps exploration by a rocket. In a report publish in 1903, hos vagary was the use of politic propellings for rockets in array to get a greater range. such(prenominal) ideas had to be guardedly researched in beau monde for a greater vision. Tsiolkovsky was the commence of the ultra ultramodern astronautics. An American Robert H. Goddard (1882-1945) utilize ideas wish well Tsiolkovsky in a way of achieving high altitudes, by 1919 his idea bunk a mode of stretch native altitudes.It was a numeral synopsis of what now we chaffer the meteorological sound rocket. Goddard go on his experiments, convincing him that a rocket could be propelled snap off by pellucid force out. Although it was a much much arduous line than expression a greens warm rocket this gas go off rocket consisted of fuel and oxygen tanks, turbines, and burning house that would be needed. In elicit of the difficulties, Goddard achieved the first self-made flight with a liquid- propellant rocket on edge 16, 1926.Goddards rocket was the forerunner of a uns cathed new era in rocket flight. His experiments move for some(prenominal) years turn bigger and termination high make his achievements to be called the overprotect of modern rocketry. A ordinal great spot pioneer, Hermann Oberth (1894-1989) make a ledger in 1923 nearly ricket act into outside(prenominal) quad. His literary works were weighty because of them numerous rocket societies sprang up nearly the world. much(prenominal) bid the fraternity the Verein fut Raumschiffart (Society for position travel), that led to development of the V-2 rocket utilize for WWII.Rocket resembling the V-2 Germans intentional such a weapon for move on missiles open to hit the U. S. scarce with the eliminate of Ger numerous, many bracing V-2 rockets and components were captured by the Allies. umteen German rocket scientists came to the fall in States. Others went to the Soviet alliance. twain the fall in States and the Soviet Union recognize the authorisation of rocketry as a military weapon and began a sort of experimental computer programme, leading to long world-wide ballistic missiles development like the Redstone, atlas, and fiend that would in the end prove astronauts into office.This became the offset arcdegree of the U. S musculus quadriceps femoris program. On October 4, 1957 man-kind in the end achieved to launch an earth-orbiting slushy send launched by the Soviet Union. It was called the sputnik I, existence made for the belt along for quadriceps femoris between the both world power nations. few months later the fall in States followed in innovation one of its proclaim rockets (explored I) on January 31, 1958, and so coupled States formally unionized its space program by creating the study aeronautics and place governing body (NASA).NASA became a civilian deputation with the tendency of collected exploration of space for the proceeds of all humankind. Soon, many throng and machines were b eing launched into space. Astronauts orbited human beings and come on the Moon. zombi spacecraft travelled to the planets. station was of a sudden opened up to exploration and mercantile exploitation. Since the earlier days of find and experimentation, rockets construct evolved from unsubdivided gunpowder crafts into giant vehicles fitting of travelling into outer space. Rockets concur opened the universe to machinate exploration by humankind.Hero of Alexandria kai-Keng Rockets Sir Isaac NewtonBritish rocket battles Robert H. Goddard Rocket design References http//library. thinkquest. org/J0112188/history_of_rocketry. htm http//inventors. about. com/od/rstartinventions/a/Rockets. htm http//en. m. wikipedia. org/wiki/History_of_rockets http//www. smithsonianmag. com/ideas-innovations/The-History-of-Rocket-Science-187941951. hypertext markup language? device=android http//www. history. com/this-day-in-history/first-liquid-fueled-rocket http//www. luna-city. com/space/r ockets. hypertext mark-up language