Government Hospitals of India

Healthcare in India features a universal health care system run by the constituent states and territories of India. The Constitutioncharges every state with â€Å"raising of the level of nutrition and the standard of living of its people and the improvement of public health as among its primary duties†. The National Health Policy was endorsed by the Parliament of India in 1983 and updated in 2002. [1] However, the government sector is understaffed and underfinanced; poor services at state-run hospitals force many people to visit private medical practitioners. citation needed] Government hospitals, some of which are among the best hospitals in India, provide treatment at taxpayer expense. Most essential drugs are offered free of charge in these hospitals. Government hospitals provide treatment either free or at minimal charges. For example, an outpatient card at AIIMS (one of the best hospitals in India) costs a one time fee of rupees 10 (around 20 cents US) and thereafter outp atient medical advice is free. In-hospital treatment costs depend on financial condition of the patient and facilities utilized by him but are usually much less than the private sector.For instance, a patient is waived treatment costs if he is below poverty line. Another patient may seek for an air-conditioned room if he is willing to pay extra for it. The charges for basic in-hospital treatment and investigations are much less compared to the private sector. The cost for these subsidies comes from annual allocations from the central and state governments. Primary health care is provided by city and district hospitals and rural primary health centres (PHCs). These hospitals provide treatment free of cost.Primary care is focused on immunization, prevention of malnutrition, pregnancy, child birth, postnatal care, and treatment of common illnesses. [citation needed] Patients who receive specialized care or have complicated illnesses are referred to secondary (often located in district and taluk headquarters) and tertiary care hospitals (located in district and state headquarters or those that are teaching hospitals). [citation needed] In recent times,[when? ] India has eradicated mass famines, however the country still suffers from high levels of malnutrition and disease especially in rural areas.Water supply and sanitation in India is also a major issue in the country and many Indians in rural areas lack access to proper sanitation facilities and safe drinking water. However, at the same time, India's health care system also includes entities that meet or exceed international quality standards. The medical tourism business in India has been growing in recent years and as such India is a popular destination for medical tourists who receive effective medical treatment at lower costs than in developed countries.Disease India suffers from high levels of disease including Malaria,[17] and Tuberculosis where one third of the world’s tuberculosis cases are in In dia. [18] In addition, India along with Nigeria, Pakistan and Afghanistan is one of the four countries worldwide where polio has not as yet been eradicated. Ongoing government of India education about HIV has led to decreases in the spread of HIV in recent years. The number of people living with AIDS in India is estimated to be between 2 and 3 million.However, in terms of the total population this is a small number. The country has had a sharp decrease in the estimated number of HIV infections; 2005 reports had claimed that there were 5. 2 million to 5. 7 million people afflicted with the virus. The new figures are supported by the World Health Organization and UNAIDS. [19][20][21] [edit]Pollution According to the World Health Organization 900,000 Indians die each year from drinking contaminated water and breathing in polluted air. 22] As India grapples with these basic issues, new challenges are emerging for example there is a rise in chronic adult diseases such as cardiovascular i llnesses and diabetes as a consequence of changing lifestyles. [23] [edit]Malnutrition Half of children in India are underweight, one of the highest rates in the world and nearly same as Sub-Saharan Africa. [24] India contributes to about 5. 6 million child deaths every year, more than half the world's total. [25] [edit]Water and sanitation Main article: Water supply and sanitation in India Water supply and sanitation in India is a matter of concern.As of 2003, it was estimated that only 30% of India's wastewater was being treated, with the remainder flowing into rivers orgroundwater. [26] The lack of toilet facilities in many areas also presents a major health risk; open defecation is widespread even in urban areas of India,[27][28] and it was estimated in 2002 by the World Health Organisation that around 700,000 Indians die each year from diarrhoea. [26] No city in India has full-day water supply. Most cities supply water only a few hours a day. [29] In towns and rural areas the s ituation is even worse. [edit]

Music as Social and Political Instrument of Change in Latin America

Philosophers and critics have long argued over which way the maxim should read:   does art imitate life, or does life imitate art?   Historically, artists of every medium have contributed to the social dialogue via there works, whether through hieroglyphics depicting a successful journey to the underworld, a holy Requiem for the dead, or shock artist Robert Mapplethorpe’s sexually and religiously controversial exhibits.   Music transcends most art forms as a tool for unification because it inherently invites participation, even more so than dance or theater in the realm of the performing arts, which demand more individual preparation.   Songs and chants can be generated anywhere, and often hearken back to indigenous folk music that taps into a communal experience, thus strengthening the sense of interconnectedness. In Latin American, two similar genres of music developed out of the cultural music of the region in response to contemporary socio-political issues that personally affected in Chile and Cuba.   In Chile, Nueva Cancià ³n (â€Å"New Song†) emerged in the mid-1960s, just as Nueva Trova was taking root in Cuba.   In light of the New Song movement’s intimate relationships in the revolutions that rocked Latin America during the late 60s to mid 70s, one is urged to conclude that Eric Selbin’s assertion regarding revolutions being â€Å"made† not â€Å"arriving† more accurately reflects the inherent ideological influence in socio-political upheaval.   As Nancy Morris records a member of the musical movement saying, â€Å"’[Canto Nuevo is] not just a post-1973 way of singing.   In what is said and how it’s said poetically and musically, Canto Nuevo is a process’† (qtd. in Morris 118). Both musical movements stemmed from artistic reactions to the living and working conditions in Chile and Cuba respectively, and both embraced traditional folk music’s conventions as a platform to express politicized lyrics.   â€Å"New Song began as a fusion of traditional musical forms with socially relevant lyrics.   Although each country has developed variations of New Song that reflect local social and political conditions and musical styles, New Song as a whole can be characterized as music intended to support and promote social change† (Morris 117). In Chile, songwriter, activist, educator, poet and martyr Victor Para wrote songs that for many defined the atmosphere of the movement and the hope of the community. His song, â€Å"Plegaria a un Labrador,† which â€Å"uses Biblical language to convey a message of hope and change,† was chosen as the best song of the Primer Festival de la Nueva Cancià ³n Chilena in 1969 (Morris 120).   Jara’s music (and the music of the entire movement) was like a responding chorus to the political requests of Salvador Allende, the Unidad Popular (â€Å"Popular Unity†) coalition candidate.   In â€Å"Plegaria a un Labrador,† Jara wrote the following lyrics: levà ¡ntate y mà ­rate las manos,  para crecer estrà ©chalas a tu hermano.   Juntos iremos   unidos en la sangre.   Hoy es el tiempo que puede ser maà ±ana   rise up and look upon your hands,   so as to grow clasp your brother’s in your own.   We shall advance together united in our blood.   Today is the time/when we can shape tomorrow. These lyrics suggest a call to arms and a charge to unify (i.e., â€Å"Unidad Popular†) so that the many can affect positive change for the good of the citizenry.   Yet there is still a sense of hope in the song, that the working class have the capacity to stand together and â€Å"advance,† not simply battle meaninglessly against oppression.   Jara went on to openly support Allende, including performing free concerts. Only three years after Allende was elected, the US-supported military staged a coup on September 11, 1973.   Allende most likely committed suicide. â€Å"The music of the Nueva Cancià ³n was severely affect by this media censorship [after the coup]. It was banned from the airwaves, removed from record stores, confiscated, and burned†¦ musicians were exiled, imprisoned, and, in the well-known case of Victor Jara, killed† (Morris 123). On September 12, 1973, Jara and thousands of other Allende supporters were taken to the Chile Stadium, where Jara was tortured and murdered.   The new government tried to silence the Nueva Cancià ³n by forcing the musicians to hide, but the music was not the property of the musicians; as Jara so eloquently wrote, the music was for the working people of Chile, and thus is was not to be completely suppressed. In Cuba, the revolution began with in 1953 with the guerilla attack on the Moncada Barracks and culminated in the overthrow of Fulgencio Batista’s government on January 1, 1959 by a group, which included Fidel Castro, Raul Castro, and Ernesto â€Å"Che† Guevara.   After he assumed power, Castro spent the early part of the 1960s eliminating all Batista loyalists, including the mass execution of 70 Batista regime soldiers.   One crucial element of support for Castro’s social change, even in the wake of such brutality, was the proliferation of songs that supported the revolution and its progressive intentions. Artists such as Silvio Rodrà ­guez and   Pablo Milanà ©s were responsible for the Nueva Trova in the late 60s, and their efforts were directed to re-imagining the traditional music for the new culture under Castro’s political umbrella.   To this end, the government sponsored and supported those artists of the movement, because they were, in turn, supporting the progressive movements of the new party.   Both Rodrà ­guez and Milanà ©s wrote songs for Che Guevara, for example.   â€Å"By negotiating their way through Cuban cultural politics, Rodriguez's generation defined their politics in the process, proving Cuban culture to be diverse and inspiring,†¦challenging propaganda clichà ©s by creating the distinctive self- critical songs of the Cuban revolution,† (Fairly 15). In both countries, the music makers were part of the recipe for social and political change.   Their lyrics gave illiterate people a way to express their frustrations and concerns, and the musicians of the Nueva Cancià ³n worked with and against the political forces of their day.   As Fairly writes:  In a country not blessed with newspapers, the words of songs matter: songs like the iconic Ojala, a song about impossible desire and dreams that seems to capture all life's uncertainties in one, became the soundtrack of everyday life across the Spanish-speaking world. Although he was no apologist for the revolution, Rodriguez's popularity at home became so great that people joked that he had gone from being â€Å"banned† to â€Å"obligatory.† (15)  This sense of obligation is part of the way in which many people have a hand in creating and growing massive socio-political movements. Works Cited Jan Fairley. â€Å"Film & Music: Jazz, World, Folk etc†¦ An accidental hero: For Latin Americans, Silvio Rodriguez is the equivalent of the Beatles and Dylan rolled into one. Ahead of a rare UK visit, Jan Fairley met the Cuban singer.† The Guardian Sept. 2006: 15.  Ã‚   National Newspapers, London, UK. ProQuest. 6 Feb. 2007 ;http://www.proquest.com/;  Morris, Nancy.   â€Å"Canto Porque es Necesario Cantar: The New Song Movement in Chile, 1973-1983.† Latin American Research Review 21.2 (1986): 117-136. ; ;

Barrick Gold and the Mine at the Top of the World

Barrick Gold and the Mine at the Top of the World Introduction The purpose of this case analysis is to identify the main communication problem that the world's largest gold mining company, Barrick Gold, is facing in the midst of their major Pascua-Lama developmental project. The following paper discusses the causes of the communication problem and resulting symptoms, along with the key stakeholders that are affected and their concerning issue. Finally, this paper will provide a solution using all the steps of the communication model on how Barrick Gold can deal with all the key stakeholder groups.Main Body Barrick Gold's main communication problem has been formed by Barrick saying one thing, then doing something else; this inevitably caused a lack of trust between its stakeholders and the company. The problem has created hidden agendas and guarded communication, thereby slowing decision making and productivity. For example, Argentina passed a law that protected their glaciers and per mafrost, â€Å"which looked as if it might prevent the Argentinian part of the project from going forward. † (Barrick Gold case, pp. 11).The cause of the problem stems from Barrick Gold not keeping their promise. They proposed to transport the most affected glaciers farther away from the mining site, but did not live up to that promise. The symptoms of the problem include the farmer's unhappiness with the company and the mayor for supporting the mining project. Another symptom is the fact that the Argentinian national legislatures passed the law protecting the glaciers. This desperate move shows that Argentina has a lack of trust that the company will follow through on their promise to deal with the melting glaciers.The 5 main stakeholders include the Chile and Argentina governments, the local farmers, residents of the valley, and the shareholders of Barrick Gold. Each of these stakeholders have separate issues they are concerned with. The Chile government is concerned with w aste the mine is dumping into the river that runs through the Huasco Valley of Chile, specifically cyanide. The Argentina governments concern is based on the fact that the royalties they receive from the mine are ? of the totalGDP of their poor San Juan province; once the mining is finished this will regress back to zero and devastate the economy. The local farmers are concerned with the explosions that cause dust to settle on the glaciers and accelerate its melting; the effects are devastating to the whole surrounding ecosystem. The resident's of the valley share the same concern as the Argentinian government, that once the mining ceases their income will revert to zero. Finally, the shareholders of Barrick Gold are concerned with the idea of huge opposition and lack of productivity that ensued because of it.In dealing with the afore mentioned stakeholder groups, Barrick Gold can use all the steps of the communication model, including: sender, encode, channel, receiver, and feedbac k. First off, the Chilean government: Barrick Gold (sender) needs to think of a method that allows cyanide to be removed from the river (encode), and this idea needs to be presented face-to-face (channel) to the Chilean government (receiver); once the idea is received, Barrick Gold needs to allow for feedback (positive or negative) from this stakeholder.Secondly, the local farmers: Barrick Gold (sender) is responsible for devising a plan for decelerating the melting of the glaciers (encode) and portraying this plan, either in a proposal or in a meeting (channel), to the local farmers (receiver); the farmers need to provide their response of how the government is doing (feedback). ConclusionIn conclusion, Barrick Gold has a communication problem that could potentially destroy its whole project. How the company deals with its stakeholders is very important to its future success in Chile and Argentina. To mend the problem it is of the company's best interest to follow the communication model and make all attempts to repair the damage already done by not keeping their promise.

Peer pressure Assignment Example | Topics and Well Written Essays - 1000 words

Peer pressure - Assignment Example This pressure is not physical pressure or coercion. A person is just compelled to do what the peer group is doing. This happens on a subliminal level and the person feels compelled to join the act even if he or she disagrees. It is a form of persuasion but the person performs the act unwillingly. This phenomenon comes in many forms and mostly teenage students fall prey to this. They do stuff which their friends are doing just for social acceptance. They personally are not willing to do the act but they are mentally forced. People with weak personalities are more susceptible to peer pressure. They quickly give in to pressure of social groups because they want to be the part of them. Smoking is something that is mostly done under peer pressure. The problem with peer pressure is that it comes in a very subtle form. Smoking is an addictive behavior so it just needs a trigger. After a few times the person gets used to smoking and this is one of dangers of peer pressure. The dangers of peer pressure also extend to other forms of addictions and attitudes or actions. Peer pressure is not limited to schools and teenagers. The human need of social acceptance is great. We get in groups because we want to protect ourselves. In groups we feel a sense of protection. Human beings try to hide in groups because they are afraid their deficiencies are disclosed in front of others. The influence of positive remarks or social acceptance is great on human psychology. It raises our self esteem and makes us believe in ourselves. A few positive comments about shoes or clothes can make our day and bad comments are not appreciated by anyone. Why do we behave in such a manner? We do so because we like being liked. We want our friend around us to love us. We want attention and this is another reason why we feel prey to peer pressure. We usually spend our time with different groups and sub groups like family, friends and office

The Impact of Online Selling on Small Businesses Essay - 1

The Impact of Online Selling on Small Businesses - Essay Example The paper tells that selling products on the Internet is just another method, in fact, one of the most modern means through which an entrepreneur can utilize the facilities of the Internet in his business. Apart from using it as a selling tool, the wide range of capabilities of the Internet can be made use of customer support, marketing, recruitment, procurement, communication, and for many other functions. Indeed, today there is hardly any business activity in this modern world that does not pass across the Internet. In the opinion of Adam, the most exciting function of the Internet these days is E-commerce and Online selling, where the provider uses the Internet as an intermediary to sell his products and services directly to the consumers in the global market. Online selling is expected to have a greater boom in the global village as the responsive audience is growing by millions every year. It is the process whereby customers are facilitated with the technology to directly buy go ods and services from a seller in real-time, over the internet without any intermediary service in between. While considering the benefits of online selling many seem to disagree that online shopping will affect the percentage of retail sales in the future, arguing that only a small percentage of online selling will only obscure the market potentials. However, as Adam points out, concentrating on this idea a little deeper reveals that even if the Internet sales constitute only 5 percent of total retail within a few years, that still amounts billions and billions of dollars spent on online selling. As more and more organizations and customers are making the use of the internet to collect information before they make the final decision and to purchase online, it is certain that all business firms must have a web presence. Leaving the online selling, if the firm is not existing on the Internet, it does not exist. Another advantage of the small business that uses online marketing is tha t they have the ability to sell a wide variety of products due to â€Å"infinite shelf space†. Afuah also comments that online stores can easily make a higher proportion of their income out of the low-volume items rather than traditional stores, a trend called as the long tail effect. It makes possible for the firm to reach new markets and new customers. On the other hand, buyers can search for information to decide their final purchase and compare the products to see which offer sounds adequate to him/her. Small business organizations, especially in the developing countries have the advantage of diminishing the costs of a search for information as well as costs of the transaction. It broadens the effectiveness of transactions by reducing the time taken for processing, payments and other functions. As Gingrich points out, a small business is highly benefited by information provided about customers and markets together with the valuable details of product design, financial res ources, and process technology. The widespread use of internet and its functions have changed the way the customers as well as the firms acquire information and operate their business.

Midterm Business and Philosophy Essay Example | Topics and Well Written Essays - 2500 words

Midterm Business and Philosophy - Essay Example s precept is considered to be the main basis of most business ethics in regards to the various interactions that may occur with the customers, stakeholders, members of the community, minority shareholders or the employees (Dani, 74). The label â€Å"golden† was first applied to the rule by the Chinese philosopher Confucius (551-479 B.C.). Various other similar formulations of this maxims are to be found at the centre of Taoism, Hinduism, Zoroastrianism, Buddhism and some of the rest of the world’s major religions. As the American philosopher Marcus G. Singer, correctly deduced; the Golden Rule happens to be a principle of rather great antiquity. It is seen to have played a key role in establishing moral teachings in nearly all religions and cultures and presently continues to play a significant role in our moral education. More importantly is the point that has been put forth by Augustine and some of the other philosophers that the Golden Rule is not only key in the setting of limitations for our actions, but also it help in encouraging us to promote the interests of other people above those of ourselves (Dani, 74). Although it is considerably one of the oldest and best maxims to practice, the Golden Rule in some cases might not necessarily be the best standard in the management of people in business. It has been found that what one employee might find valuable and highly appreciate, another employee might absolutely despise. According to Zimbardo and Weber, This can be attributed to the fact that preferences in life are highly individualized and learned. These variances include how individuals prefer to be treated by their supervisors. The incorrect tendency for people to assume that other persons happen to share the same behaviour, feelings and opinions as they do is referred to by social psychologists as false consensus effect. This tendency is considered to be a fundamental bias that affects how people happen to think as concerning others (McLean

Media Trial Essay Example | Topics and Well Written Essays - 500 words

Media Trial - Essay Example The three most common types of media trials utilize narratives taken directly from entertainment media: abuse of power, the sinful rich, and evil strangers. These themes provide the news media with powerful pre-established conceptual frameworks to present and mold the various aspects of a trial's coverage." President Clinton is accused of obstruction of justice and perjury while attempting to conceal an affair with a White House intern. Verdict: The president is found innocent of the charges as U.S Senate votes on both articles of impeachment fall short of the two-thirds majority required to convict. Defendants: Clinton impeachment (1999) The impeachment trial of President Bill Clinton followed the lawsuit filed by Paula Jones on May 6, 1994 in the United States District Court for Eastern Arkansas for violations of her federal civil rights in 1991 by the president while he was governor of Arkansas and she was an Arkansas state employee, during which time Governor Clinton allegedly made crude sexual advances which she rejected. The name of Monica Lewinsky, who had worked as a White House intern in 1995 was included in a list of potential witnesses prepared by the attorneys for Ms. Jones that was submitted to the President's legal team. Ms.

Report Essay Example | Topics and Well Written Essays - 1500 words - 19

Report - Essay Example ?  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Citizen Watchdog Coordinator  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   InterNews  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eipalei@INTERNEWS.ORG The report’s contents include; table of content, executive summary, report text, introduction, project statement, and methods used findings, analysis, conclusion and agenda (reference, appendices) remember to look at the recommendations so that you take the necessary steps as we agreed during our last focus group discussion. Inter-news’  liberated and Fair Media program focuses on election related issues not only in Kenya but the entire continent of Africa by analyzing its media coverage of emerging and sensitive issues (Stifftung , 2012). The program is aimed at monitoring various radio stations in the country to ascertain their coverage of the electioneering period that is; Pre-election period, Election Campaign period, Polling Day and the Results announcing day. This monitoring project involves monitoring dangerous speech in the media and the role of the media in promoting peace and conflict mitigation. There are different media topics being covered including, including gender, dangerous speech, issue based coverage, fairness and balance. The report looks into the challenges that the radio station faced and recommendations that when implemented could improve the situation. The report also documents the findings by the media monitors in the period 1st January – 9th March 2013. All cases of hate speech that were reported were independently verified. The geographical scope of the content covered was primarily national. This survey indicates that in most of the programs monitored, it is male

Case Essay Example | Topics and Well Written Essays - 500 words - 9

Case - Essay Example Moore Tires offered Jonathan, who was an employee and owner of Morecedes Tires an employment opportunity that he agreed to. While conducting his routine responsibilities within the new job, the claimant was an employee of Moore Tires and not Morecedes tires, where he had previously worked. While undertaking his duties there, the claimant was injured and sustained significant injuries to his body. As Jonathan was unhooking a trailer, a jack handle from the trailer struck him. He suffered from various broken bones on his face as well as a detached retina. Despite having sustained injuries while undertaking his routine activities, Jonathan was not compensated by Moore tires for these injuries. To determine the status of employment of the claimant to the organisation (Moore Tires), during the time when he sustained injuries, and whether he was undertaking the job that he was supposed to be doing within the company. The kind of claim that Jonathan is seeking can only be made to individuals who are employees of the company and this can be proved. The form of agreement that the claimant had with Moore Tires has not been clearly defined as a formal agreement or an informal agreement. As the proprietor of Morecedes Tires, the claimant had been undertaking other duties assigned by Moore Tires and was paid through Morecedes, which was an independent company. The activities that he was undertaking when he sustained the injuries could similarly be on the same capacity and this has not been defined. The employment contract must be produced to show evidence that the claimant was actually an employee of Moore Tires and not an independent contractor. There is also need to determine the employer’s right of control in the work relationship that existed between the claimant and the employer (Miller, 2012). If the control of the employment terms and condition of work lies within the employer, then the claims that are being made by

Why should you give blood Essay Example | Topics and Well Written Essays - 500 words

Why should you give blood - Essay Example Donating blood gives an opportunity to a donor to extend one’s concern beyond the narrow confines of one’s personal interest, so as to do something useful and unique for others. There exists no doubt pertaining to the fact that each and every unit of the donated blood do ends up saving some precious human life. So by donating blood one not only performs a beautiful and selfless act of service for the ailing humanity, but can also rest assured in the warmth of the truth that this donation will bring the gift of life to someone in trouble. Hence, donating blood on the one side saves human life and on the other side brings priceless joy, satisfaction and bliss to a donor. A blood donation literally stands to be a gift of life that a healthy and concerned citizen can give to one’s suffering and sick fellow humans. It is a unique way of paying back the society which provided one with multifarious advantages and opportunities. The second biggest incentive for donating blood is that it costs nothing. Everyone knows that almost each and every act of charity and kindness unavoidably costs something in terms of money or time. In fact there exist very few forms of social service that do not require a person to loose or sacrifice something in cash or kind. However, this does not stand true in the case of blood donations. If any person decides in the favor of opting for a blood donation that entire one stands to loose are a couple of minutes. It is a medical fact even the blood that a donor donates is replaced by one’s body in a matter of hours. So, one should donate blood because it is noble and costs nothing. It doe not matter whether an individual is male or a female, rich or poor, educated or illiterate, colored or white, almost every healthy human being can donate blood without loosing anything in terms of money or time. The biggest and the most pressing reason for supporting blood donations is that till date there

Case Study Essay Example | Topics and Well Written Essays - 3750 words

Case Study - Essay Example settings in which there are various forms of actors and factors interacting with each other and eventually contributing to the organizational framework, Bolman’s and Deal’s leadership frames attempt to provide different scopes under which managers perceive issues/problems raised and behave towards implementing solutions (Mabey and Finch-Lees, 2008; Newstrom and Davis, 1997; Sasnett and Ross, 2007). The four frames of organizational leadership are: the structural frame, the human resources frame, the political frame and the symbolic frame. The structural frame underlines the essence and importance of rules, regulations, structures, organizational design and policies; the human resources frame emphasizes the aspect of ‘people’ within the organization by placing significant weight on the fit between organizational structures and employees; the political frame focuses predominantly on the concentration of power and competition between organizational members; and the symbolic frame emphasizes the cultural orientation of organizations as means of inspiring and motivating organizational members (Bolman and Deal, 1991; Bolman and Deal, 2003; Crist, 1999; Sasnett and Ross, 2007). Drawing upon the four frames proposed, this project deals with an analysis and theoretical application of the theory over the case of Nasa’s Challenger and Columbia shuttles disasters in 1986 and 2003 respectively. The aftermath of the Challenger and Columbia disasters revealed that the physical causes of the two incidents were less important than the internal – organizational ones that hindered greater problems in the overall communication and interaction between critical organizational departments. In both cases the lack of an integrated approach towards quality and safety procurement as well as the insufficient and ineffective communication amongst management and organizational members proved to be great contributors to the overall disaster. Palestini (2004) states that the

Does the Cosby Show challenge conventional stereotypes Essay Example for Free

Does the Cosby Show challenge conventional stereotypes Essay From 1984 to 1992, The Cosby Show (starring comedian/actor/author Bill Cosby) aired on NBC television network. In the storyline , a black doctor and his family (his wife and five children) lived their everyday entertaining lives. Audiences worldwide watched daily to laugh and admire the African American family ; at the same time they began to ponder about the well-off family and what this said about the conventional black family to the world. Two models are most commonly usedâ€Å"the weak family model† and the â€Å"strong family model†, says Wynona Bryant -Williams Ph. D Director â€Å"with nothing in between. † However it was the weak family model that dominated the social sciences literature until the mid 1980s. (Williams) The Cosby’s set a high standard of the stability and lifestyle of the Black American family. A bold message to send, this also challenged the realism of American culture and how it depicted African Americans and their households. Small-time author Tiffany Frizzel had this to say: â€Å"To be perfectly honest, this show does not show typical life for the vast majority of this nations population. There are not many white children in this nation that have a doctor and a lawyer as parents so that criticism lacks substance and social research. Cosby always kept the show somewhat light-hearted and sometimes shied away from some key issues of the time period, but keep in mind that his name was on the program and everything was written as if the characters were sometimes walking on eggshells. † Apparently it was hard to accept that a black family did not have to struggle or stress. Why? Even though the family still had their household disputes and their lessons to learn , the idea that this particular family of color was doing so well was hard to take and swallow. For many observers, The Cosby Show was unique in other ways as well. For example, unlike many situation comedies, the program avoided one-liners, buffoonery and other standard tactics designed to win laughs. Instead, series writers remained true to Cosbys vision of finding humor in realistic family situations, in the minutiae of human behavior. Thus episodes generally shunned typical sitcom formulas by featuring, instead, a rather loose story structure and unpredictable pacing. Moreover, the soundtrack was sweetened with jazz, and the Huxtable home prominently featured contemporary African American art. Several observers described the result as classy. This project, of course, was not without its critics. Some observers described the show as a 1980s version of Father Knows Best, the Huxtables as a white family in blackface. The Huxtables affluence, they argued, worked to obscure persistent inequalities in Americaespecially those faced by blacks and other minority groupsand validate the myth of the American Dream. One audience study suggests that the show strikes a deal with white viewers, that it absolves them of responsibility for racial inequality in the United States in exchange for inviting the Huxtables into their living room. Meanwhile, the same study found that black viewers tend to embrace the show for its positive portrayals of blackness, but express misgivings about the Huxtables failure to regularly interact with less affluent blacks. For the black family sitting at home watching the show however; it was a revelation long anticipated. This motivated and challenged families to grow closer together. Single, married, and divorced individuals all could view their expectations for their family and their futures based on the uplifting obvious message being sent. For the African American culture , this was an epidemic that needed to expand in the mindsets of everyone else in the world. As far as â€Å"Black Americaâ€Å" was concerned; this was an illustrious thing. So what exactly is the difference between â€Å"Anticipated Black America† and â€Å"Conventional Black America†? E. Franklin Frazier’s â€Å"The Negro Family in the United† States supplied a model for the study of Blacks which emphasized family disorganization and dysfunction ,2 describing the black familys present condition of matriarchy, ineffective black males being marginal to the family, casual sex relations, and general dissolution of the black family to be caused by urbanization and the heritage of slavery. Fraziers work was used for the basis of Moynihans conclusions that identified Black matriarchal mothers as responsible for the breakdown and pathology of Black families (who, he claimed, were responsible for high rates of illegitimacy, delinquency, and unemployment)3. On national renown search engine â€Å"Yahoo. com†, when the words â€Å"negro† and â€Å"black† are entered into the search bar ; words such as unemployment, equality, broken homes, proportion, and black community are given as â€Å"helpful hints† to further specify your search criteria. This is not to say that yahoo alone is portraying this image. But it does conclude a point that this issue should very well be recognized. The mental attitude of the black family’s standards in present America are poor indeed when left up to some critics. Nonetheless, Black America is continuously upgrading and rebelling in all fields of education and occupation. Our greatest and highest recognized entertainers, scholars, preachers, political figures, and moguls are filled with African American people. Many inventions are in existence today because of African Americans. A Black figure is currently running for president of the country! The Cosby Show does not challenge Black America as much as it motivates and really disciplines the mentalities and ethics behind us. The show’s head writer ,John Marcus, had this to say regarding the co-writer and star of the show Bill Cosby: I think Bill knows that he has a power, and that he thinks of it very judiciously. He is conscientious and sensitive to the minds of people who watch the show. And he is very respectful of their intelligence, said Markus. He sees that a more powerful tool in education is to entertain and engage the audience in a delicate manner rather than to hammer home a message. We want to educate black America, but we never want to Sermonize. (1990) It was never the intention of the show nor the writers behind it to preach about high time living to the black families of America. Yet, it was extremely obvious that there was luxury behind the hard work, and it’d all came from the benefit of great education. In the series, Huxtable is a doctor married to an awfully attractive, independent minded, and intelligent woman who has become quite a successful and well established lawyer. His five children all attend school and his children eventually all attend college following after their parents, but with different career motives that they each discover throughout their development from children to young adults. The Cosby Show ’s family is fiction but based on a lifestyle that is meant to be lived and enjoyed by the Black families of America. With the right motivation and the desire to become educated and to fulfill their selves , anyone of any race could very well live a full life without much struggle. The Cosbys did not live without flaws and disappointments. But they dealt with it as a strong and confident family with the continuous support and love of each and every one of their family members. This is a message that needs to be spreaded more and more everyday. The Black family can better themselves if they can get together and make a change to better their mentalities and their environment as well. Following the Cosby’s example; the Black family can succeed. â€Å"If every parent in their community taught their children how to act and teach them the life lessons that they need to succeed. Wouldnt that as a whole help the black community, one family at a time? † This was the question asked in an online discussion about upraising of children in the black community. It begins at home. If we do not or refuse to maintain order at home, there will be none outside of our households. The Cosby Show displays for us that restrictions and rules set inside the house also better govern our black children as they are outside of the household or away from home. By laying down the law in the house, the children were not as in as much trouble as friends and classmates. This distinguished them from the other children in other families on the show as well. With rules came responsibility. According to Senior Magazine Online, as humans responsibility is given to us automatically â€Å"because we are a part of society. † It is also stated that â€Å" It is in this area that we seem to be losing our children. † The main focus within the Cosby family was, without any doubt, family. The family came first. Before work, before friends, and before the personal wants of any individual; the entire family came together and worked together to make their home the joyous place it was. It was stressed as an importance that everyone was responsible in remembering birthdays, talking to their parents about their issues, and continuously seeing that a personal (perhaps assigned) chore was completed everyday. In conclusion, the Cosby Show is due many thanks and many praises. It stands, even today, as a landmark of hope and inspiration for the Black family. Although there are many public voices that are motivating us to push forward and challenge ourselves to complete education and a fulfilling life; the Cosby Show had a powerful message that is not easily forgotten and forever appreciated. The family is the most important part of our foundation. When we look back at what helped us to grow, we should find our family. References 2008 Discussion on saving the Black Community. http://answers. yahoo. com/question/index? qid=20070209125845AAYhqrg. 4 May E. Franklin Frazier (American Sociologist). The Negro Family in the United States. 1939 Interview with Head-writer of The Cosby Show, John Marcus. http://www. medialit. org/reading_room/article344. html (1990) Jhally, Sut, and Justin Lewis. Enlightened Racism: The Cosby Show, Audiences, and the Myth of the American Dream. Boulder, Colorado: Westview, 1992. Senior Magazine Online. http://www. seniormag. com/caregiverresources/articles/caregiv Tiffany Frizzel quoted , The Internet Movie Database, http://us. imdb. com April Wynona Bryant- Williams Ph. D Director , ,http://www. blackperspective. com/pages/mag_articles/sum01_blackfamily. html erarticles/parenting/taking-reponsibility. htm

The Origin And Types Of Thrash Metal Music Essay

The Origin And Types Of Thrash Metal Music Essay We all know punk and classic metal were the two places thrash was taken from. Black Sabbath, Judas Priest, Venom, Accept, Iron Maiden, Diamond Head and Thin Lizzy had a big influence on thrash. So did punk bands like Discharge, The Ramones, Sex Pistols and The Dead Boys. Another genre that thrash took influence from was hair metal, from the early hair metal of KISS to the satanic hair metal of Venom. Songs like Symptom of the Universe Black Sabbath, Stone Cold Crazy Queen, Ace of Spades and Overkill Motorhead and dozens of Judas Priest songs like Exciter were the first hints of thrash, with a very different riff-structure and high tempos never reached before by rock/metal. Thrash metal is directly responsible for the offshoot of popular underground metal genres, such as death metal and black metal BLACK METAL: During the 1980s, certain thrash metal bands formed a prototype for black metal. This so-called first wave included bands such as Venom, Bathory, Hellhammer AND Celtic Frost DEATH METAL : Building from the musical structure of thrash metal and early black metal, death metal emerged during the mid 1980s Metal acts such as Slayer, Kreator, Celtic Frost and Venom were very important influences to the crafting of the genre. Along with the band Death and its frontman Chuck Schuldiner, who is often referred to as the father of death metal bands such as Possessed, Obituary and Morbid Angel are often considered pioneers of the genre [b]Early Thrash:[/b] Many people see the genre getting its beginnings in California and the West Coast. But it was happening all over the world. Metal Church is the band that started off the West Coast thrash scene with their infamous Red Skies demo. About the same time as Metal Church was releasing some of the heaviest metal in existence at the time, the same was going on in New Jersey with a cover band, Overkill, who recently started writting their own music. By 1981, Overkill had written, copyrighted and been performing their new song, Unleash The Beast Within, everywhere. Kreator, of Germany, at the time known as Tormentor, was also releasing live demos of some of their new heavy thrash style by the very early 80s. Another band who helped innovate thrash, but is given little credit for it is Znowhite, a thrash band from Chicago, IL. Znowhite had their first demos out by 1981, but a Chicago thrash scene never really developed from it. And last but not least is the Canadian thrash giant, Exciter, who released their first demos as early as 1980! Soon after, still in the very early 80s, a new band was beginning to pick up the lighter thrash/classic metal sound Metal Church had innovated, and they brought it to a new level of speed and heaviness. This band was Leather Charm, a not so well known name, run by a nearly household name, James Hetfield. He developed the style of Metal Church into a new milestone in thrash, which went by the name Hit The Lights. The song started as a cover song, but moved very far away from that and into one of the first true thrash songs ever written. Soon after they finished this song, the band disbanded, and James Hetfield than formed a new band by the name of Metallica in late 1981. Soon many other bands that had connections with some of the first pioneers of thrash, like Overkill, Metallica, Tormentor (Kreator) and Metal Church, started to develop a thrash sound as well. Exodus, Trauma and Warning SF were examples on the east coast. Those three bands, and a few others, being the founders of what would become the biggest thrash scene in existence. And Anthrax would soon follow in Overkills footsteps on the east coast. Sodom, Destruction and Angel Dust followed after Tormentor/Kreators style in Germany. During Metallicas early career, the band was having trouble with their Lead guitarist, who was constantly out partying, drinking and doing drugs. This man was Dave Mustaine, and after Exodus and Kirk Hammet (at the time guitarist of Exodus) were brought to Metallicas attention, they kicked Mustaine out of the band and recruited Kirk Hammet. Not long before this, a new bassist, Cliff Burton, was found by Metallica during a Trauma (Burtons band at the time) concert and recruited as their new bassist. Megadeth was soon formed by the enraged Dave Mustaine to get vengeance against Metallica. [b]The Bay Area/San Francisco:[/b] This thrash scene was founded in the very early 80s, around 1982, by thrash band Exodus as well as Death Angel, Dark Angel, Blind Illusion and Slayer in 1983. Bands like Trauma (who was more so a speed metal band than thrash), Hirax, Testament, Forbidden, Possessed and dozens of others developed and helped the scene as well. Slayer is probably the best known of all the pioneering bands of the Bay Area, although during their early career, it was not thrash they were playing at the start of their career, it was classic metal, hugely influenced by NWOBHM. Blind Illusion is one of the least known, but has two of the most recognized metal musicians of all time, Les Claypool, of Primus, and Larry LaLonde, of Possessed and Primus. Bands like Blind Illusion and Forbidden would become pioneers of a soon to come sub-genre of thrash, Tech. thrash. Possessed and Slayer would become godfathers of the genre that developed from thrash, death metal, as well as brut al thrash. [b]East Coast Thrash:[/b] This scene was largely based in Newyork. The first thrash band of this scene, Overkill, might have started in New Jersey, but they soon relocated to New York. The next band to come was Hades, a straight-forward thrash band with a huge-octived vocalist came onto the thrash scene in 82 with the demo, Deliver Us From Evil. Even though Hades formed in 1978, they didnt record material until 82. Bands like Anthrax came onto the scene soon after in 1982, which were probably the second most important pioneer of the East Coast thrash scene (Even though they came after Hades, they largely popularized the scene, making it easier for thrash bands to make it in New York in particular). Bands like Blessed Death (in 83/84), Nuclear Assault (in 84), Hallows Eve (in 84), Nasty Savage (in 84), Whiplash (in 84), Ludichrist (in 85), Deceased (in 85). A later band who didnt really contribute to the creation of the scene was Blood Feast, and I just thought Id mention them as they re considered the Slayer of the East Coast. [b]Teutonic Thrash: [/b]Better known as German Thrash, was started by thrash band Kreator in 81/82, but at the time, the band was known as Tormentor. For some reason, the German Thrash scene was much heavier in general than any American thrash scene. The two other big pioneers of German thrash were Sodom, in 1983, and Destruction, in 1984.. Vendetta was also a big contributor to the scene, but never got the credit they deserved. They wrote great music and released their first material in 82, before Sodom or Destruction. Bands like Tankard (in 84), Living Death (in 83), Holy Moses (First album in 87, dont know when their first demos were), Iron Angel (in 84) and Angel Dust (in 85), both had huge influences on the scene, too. These bands would go on to help aid the creation of extreme metal (black/death metal), especially Kreator. Some of the other big bands of the scene were Assassin (in 85), Exumer (in 85), Accuser (in 86), Deathrow (in 86) and Paradox (in 87). The oddest of the well known thrash bands is probably Mekong Delta, a prog/thrash band, whose guitarists were unknown for the beginning of their career and are hugely influenced by classical composers. The German thrash scene is still alive with bands like Grinder and Desaster, but its nearing death and is nowhere near as popular as it once was. [b]Canadian Thrash[/b]: Canada is known for producing several top quality tech. thrash, but for some reason, people usually dont go farther beyond the tech. giants like Annihilator and Voivod. The pioneers of the Canadian thrash scene were Exciter (in 1980), Eudoxis (Not very popular, but they have influence almost every Canadian thrash band. They released Metal Fix in 1985), Voivoid (in 83), Annihilator (in 85), Razor (in 84) and Slaughter (in 84.. Not the Shitty Las Vegas hair metal band). Voivod debuted in 1984, but it wasnt until their 1987 album, Killing Technology did they add prog. to their song-structures. Annihilator was the band that started the tech. thrash scene in Canada, while Voivod brought it to new levels. Annihilator didnt debut until 1989, but had tech. thrash demos out as early as 1985. Bands like Razor and Slaughter were some of the earliest thrashers, but it was Eudoxis who set the standards with their near-perfect EP, Metal Fix. Exciter was the first band to br ing thrash/speed metal to Canada, and one of the first three speed/thrash metal bands in existence. Some of the other big Canadian thrashers were Ghoulunatics, Infernal Majesty, Dyoxen, Sacrifice, DBC and Obliveon. On a random note, Eudoxis drummers double bass drums were six feet in diameter each! [b]Brazilian Thrash:[/b] The latest big thrash scene to develop. The scene was started by Ratos de PorALo, they were a hardcore punk band, bordering thrash, and were fairly popular. The actual thrash scene was pioneered by Vulcano (in 83), Sepultura (in 85), Korzus (in 84/85) and Overdose (in 85). Other big Brazilian thrash bands are Chakal (in 86), Dorsal AtlAcntica (in 85.. Known as Ultimatum at the time), Opprobrium (in 87.. Then known as Incubus, no relation to the rap-metal band Incubus, though), Mutilator (in 85), Torture Squad (in 93) and Holocausto (in 85.. It was a very controversial band, and Ill explain why soon). Sepultura was a brutal thrash band that released their first material in 1985, AKA Bestial Devastation. They were influenced by Brazilian death/thrash band, Vulcano, the first big thrash band onto the scene. Now about Holocausto, you can probably guess why they were controversial from the name. Holocausto was a thrash of neo-nazis whose lyrics were based on neo-n azism. The Brazilian thrash scene is still healthy and probably the only of the big thrash scenes still far from death. [b]Thrash from Everywhere Else[/b]: There were a couple other smaller thrash scenes that I decided to just throw together in an Everywhere Else section. There was Sabbat (in 85), Onslaught (in 83) and Xentrix (in 89), being the three premier British thrash bands. Prog. Thrash band Stone (in 87) of Finland, Artillery (in 83) of Denmark and uber-technical thrash band Coroner (in 86) of Switzerland. Finally, there is Mortal Sin (in 87), Hobbs Angel of Death (in 88 ) and Sadistik Exekution (in 91) of Australia. Those are all the big thrash metal bands I havent covered yet. Now onto sub-genres. [b]Crossover:[/b] This is a sub-genre of bands whose punk influence is so strong that they crossover into both hardcore and thrash. The sub-genre was first introduced by DRI (AKA Dirty Rotten Imbeciles) with their 1982 EP, Dirty Rotten EP. The next most important pioneer was Suicidal Tendencies who released their first material in 1983. They usually influenced thrash and started the Crossover sub-genre. Bands to follow in their footsteps would be Nuclear Assault (in 84), Hirax (in 85), Anthrax (In 85, as after their debut, they began focusing on their hardcore influences), Stormtroopers of Death (in 85), MOD (in 86), Ludichrist (in 85) and Cryptic Slaughter (in 86). [b]Groove Metal :[/b] Groove Metal was a genre of groove-based melodies and usually slower tempod riffs, solos, etc, than normal thrashThis genre was pioneered by Exhorder in the mid/late eighties (Starting in 86), but popularized by Pantera (First Groove Metal albums in 1990). The genre became very popular before of Pantera and was also played by Sepultura on the album, Arise. some other great groove metal bands are Machine Head (in 94), Ghoulunatics (in 95), Prong (Later albums) and Overkill (From The Killing Kind to BloodLetting.. AKA their 1996-1999 albums). [b]Technical Thrash:[/b] This genre is pretty much a combination of progressive metal and thrash metal. The pioneers of this genre were Watchtower, of Austin Texas, who released their first material in 1984, on the Demo Meltdown. They were the first big metal band to fuse prog. and thrash, along with Blind Illusion at least, who released less popular demos in very late 1983/1984. Annihilator followed in a thrashier form of technical thrash with their first demos being released in 1985. Some other great pioneering tech. thrash bands are Voivod (in 87), Forbidden (in 88), Coroner (in 86) and Megadeth (on Rust In Peace). [b]END OF THRASH METAL[/b] In the 1990s, many veteran thrash metal bands began changing to more accessible, radio-friendly styles. Metallica were a notable example of this shift, particularly with their mid to late 90s albums Load (1996), and ReLoad (1997), which both displayed minor blues and southern rock influences, and were seen as a major departure from the bands earlier sound. Megadeth took a more accessible hard rock route starting with their 1992 album Countdown to Extinction, and Testament released the melodic The Ritual in 1992 [b]THRASH IS BACK (2000s)[/b] Thrash metal has recently seen a certain degree of resurgence of popularity. Bands including Municipal Waste, Evile, SSS, Sanctity and Gama Bomb have been cited as key in the resurgence of thrash metal. The genres sense of recklessness and energy has been cited as a potential reason for its resurgence. Also many bands that ended around the 90s gathered again around 2000s, bands like Exumer, Evildead, Dark Angel (band), Death Angel, Nuclear Assault, Defiance (band), Whiplash (band), Hirax, and Possessed (band). Older thrash bands have continued to put out material such as Megadeths Endgame (2009), Slayers World Painted Blood (2009), Metallicas Death Magnetic (2008), Destructions D.E.V.O.L.U.T.I.O.N. (2008), Sodoms The Final Sign of Evil (2007), Death Angels Relentless Retribution (2010), Kreators Hordes of Chaos (2009), Exodus Exhibit B: The Human Condition (2010), Overkills Ironbound (2010), Onslaughts Killing Peace (2007), Testaments The Formation of Damnation (2008), Metal Church This Present Wasteland (2008), Artillerys When Death Comes (2009), and Voivods Infini (2009). In September 2009, it was reported that Metallicas Lars Ulrich was attempting to assemble a tour with thrash metals Big Four ? Metallica, Megadeth, Slayer, and Anthrax ? together on one bill. The Big Four took the stage together for seven shows in the Sonisphere Festival concert series.

Structure And Culture Of Volkswagen Commerce Essay

Structure And Culture Of Volkswagen Commerce Essay In a fast-changing world, large business organisations have to take decisions to enhance the strategic growth to be competitive. This report includes a critical evaluation of the organisation Volkswagens structure and culture; it also covers the management role and a strategic decision. Volkswagen is a part of the Volkswagen Group of America, but only the brand Volkswagen will be emphasised and not the other brands such as Bentley, Bugatti, Audi and Porsche. Important factors of this organisation will be explored, and links will draw it together with the aim to reveal their relationship and influence in a large organisation such as the Volkswagen Group of America. Furthermore, these factors will influence the firm performance, thus it crucial to continuously observe and analyse the internal and external environment around the organisation in order to achieve long-term success (Kunc, 2010). Structure and Culture An organisation is a social unit of people that is structured and managed to meet a certain need and/or to pursue shared goals. All organisations have a management structure that decides relationships between the different activities and the members, and subdivides and assigns roles, responsibilities, and authority to carry out distinctive tasks. Organisations affect and are affected by its environment because it is an open system (Murcko, 2012). Volkswagen Aktiengesellschaft (VW AG) is an international company based in Wolfsburg, Germany and is the parent company of Volkswagen Group of America. The parent company guide and control the Volkswagen Group of America, but the group is managed by its own respective managers. The executive board of VW AG make sure that the framework of the VW AG is being enforced for each decision made the Volkswagen Group of America (Volkswagen, 2007). The structure within Volkswagen Group of America is made up by different divisions, because the departme nts in form of different brands are grouped together and based on similar organisational output (Daft, 2011, p. 282). A common issue in structuring a company is how to make the entire company work. Make it work means the structure of the company has to adapt to major factors such as environment changes, and the change in culture, strategy and technology (Rosen, 1995, p. 69). Volkswagen Group of America has a horizontal structure based on the work processes rather than departmental functions. This is beneficial as it allows the company to be more flexible in a changing environment, and especially for a rapidly change in technology, which is crucial for a car manufacture company. Business performance is heavily influenced by how well the structure of a company is connected and aligned with the strategic intend (Daft, 2011, p. 297). If the environment in which the company is operating or affected by is changing, it is sometimes necessary to change the structure of the company. Successful managers have to observe the environment carefully and create a structure and strategy which are congruent. Culture is closely related to the main assumptions and beliefs of an organisation that provide a guideline for its members, including attitudes, perception, norms, ways of thinking and behaviour (Rosen, 1995, p. 71). Culture can also focus more on people, relations meanings, commitments, motivation and emotion. (Alvesson, 2008, p. 36). The internal environment of an organisation is vital as it has to fit in the external environment and strategy of the organisation. Volkswagen Group of America has applied this theory to achieve an industry orientated culture and environment, which relays on performance, innovation and responsibility. Volkswagen is known as a producer of people cares, and has performed actions to support this claim for several generations. Innovation and responsibility are the other two key factors where innovation is indispensable for technological change to reduce the level of CO2 and responsibility focus on people as workers or craft men and treat them as individual (Volkswagen, 2007). Individual culture within the Volkswagen Group of America is focused around social responsibility, national pride and the flagship of philanthropic in the education sector. The Group of America has a particular strong goal to recruit and select students for future workforce in the US with the right attitude and mind-set (Wiley, 2010). Culture can guide companies, enhance control and foster loyalty and identification with a group (Smircich, 1983). A danger to organisation culture is that it can become uncontrollable and unreasonable and may hurt the organisation (Anthony, 1994, p. 93). Management role and decision taking In todays fast changing global world it is essential to succeed as an organisation in times of turbulence and recession. The correct management style has to be chosen and developed in order to be successful (Rosen, 1995, p. 72). Over the decades many important strategic management operations and related decisions have been made by the Volkswagen Group of America. These strategic decisions play a part in the long-time well-being of the organisation (Fitzroy, 2005, p. 5). Culture as described in the previous section of this report should reinforce the decision making of managers (Rosen, 1995, p. 71). The new car Volkswagen New Midsize Sedan (NMS) is an excellent example of strategic management. The car was designed just for the US market, but Volkswagen decided to start shipping the model to South Korea as well. Volkswagen NMS is produced in Chattanooga, Tennessee, US, and use mainly American suppliers. The aim is to increase the low numbers of sales from the past and to build a Volksw agen made by the US, by using American employers and suppliers (Jacoby, 2009). The car will cost around 20k USD and will compete with other everyday cars in this price range. The idea for this decision is to exploit the technology, innovation and experience of a German car manufacturer with the tradition of manufacturing made by the US. This long term strategic decision is determined by selling one million units in the United States by 2018 (Kurylko, 2009). Volkswagen has also made a Chinese version of this car for the Chinese market. This car will be produced in China by Shanghai Volkswagen Automotive, which is another group within Volkswagen (ChinaAutoWeb, 2010). In the example above the strategic decision to launch the Volkswagen NMS model was made by the German CEO of Volkswagen Group of America Stefan Jacoby. He was transferred from Volkswagen AG to increase the profit of Group of America (Kurylko, 2009). This decision was based on the rational model which uses rational economic assumptions regarding shareholders, employees, suppliers and customers (Woiceshyn, 2011). Quantitative research collection is important, because this method relies on accurate information. The rational model also use market analysis, strategic direction, evaluation, market response and forecasting, agreed goals and alternatives within the group but also the intuition of the manager as means to make a rational decision (Stewert, 2011). The rational model is made after analysing a cause and development of alternatives but this model also has room for intuition (Dane, 2007). The overall and long-term direction of an organisation is decided by its strategic planning (Rosen, 1995, p. 76). Furthermore, long-term direction is also determined by structure and culture, and if these factors are not taken into account, the organisation will most likely not meet designated goals. In the US drivers tend to use their car more frequently, and they are doing more activities such as eating, drinking coffee, putting on make-up, etc. (Kiley, 2007). This is because the car is associated with the American dream and every individual with respect for themselves will own a car, which again makes the public transport system less used (Will, 2012). Volkswagen NMSs predecessor did not take the difference between the American and European culture into account, and could be a reason why the sales were not adequate. The CEO from Germany has to understand and implement the American culture if he wants to maximize Volkswagens sales in the US market. For this reason, the Human Resour ce Management (HRM) has the significant role to attract and motivate talented employees with the necessary culture to cope with the environment (Daft, 2011, p. 84). By hiring American employees and using local suppliers Volkswagen makes sure that the culture will agree with the market. No strategy can be effectively implemented without the right people; hence all levels and functions of an organisation should have and exercise of influence. Conclusion The culture in an organisation can be weak or strong depending on the degree of individual behaviour. Organisation structure can have a flat or a steep hierarchy, where the role of the management in this context is to set the right goals and objectives related to the defined values (Bushardt, 2011). To achieve the designated goals and objectives, the strategic decisions should comprehend the main values of the organisation. A manager who does not follow the defined culture within an organisation can influence others and may change the culture in the organisation, even in large companies such as Volkswagen. If the goal setting is different to the defined values, the outcome will be unsatisfied, which means a change in the structure of the organisation has to be made. In large organisation the structure is normally deep anchored and therefore the people who make the decision have to be changed. This was done in 2007 when Volkswagen Group of America changed its former CEO. Dropping sale s and no profitability since 2002 forced Volkswagen to make major changes to adapt to its environment (Prospero, 2007). Producing a precise and correct forecast of an important strategic process in a business is very difficult, as there are many uncertainties in todays global economy. The CEO and managers of an organisation can attempt to minimise the uncertainties of the business if they follow all values of the organisation including the consideration of change in the environment.

steroid testing :: essays research papers

Steroids   Ã‚  Ã‚  Ã‚  Ã‚  Picture this. You’re watching your favorite baseball player at the plate and the pitch comes and he absolutely crushes the ball strait out of the park; but the next day there is a big investigation and your favorite player is caught having used an illegal steroid to enhance his play. You hope the news isn’t true but the evidence is over whelming. Your favorite baseball player broke the rules and is a cheater (Brown). This terrible scenario can easily be a future reality if steroid testing doesn’t begin regularly. In baseball the owner is allowed to test for steroids once a season and that’s all that is mandatory (Shaikin). This interests me because some of my favorite athletes in several sports are being accused of cheating the game and I just simply want the truth. Fans over the country agree that there should be more steroid testing, to get rid of the cheaters, but more importantly people believe they need more testing to help save li ves.   Ã‚  Ã‚  Ã‚  Ã‚  For instance, many people will be in favor of more steroid testing because they want all the dishonest players out. People want the competition and the level of play fair. Nobody wants to have a league where 90% of the players follow the rules and workout and mold there body bodies by using hard work, and see the other ten percent just simply take a quick injection of some steroid and have there bodies bigger and faster than the rest (Shaikin). Next, and overwhelmingly people want previous records and accomplishments stricken from the record if that person is taking steroids. For example,   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   take a player like Sanfrancisco Giants slugger Barry Bonds, who had 73 home runs in a single season a few years ago and people want him tested for steroids (Brown). It raises a good point. If players have nothing to hide then why not test them. The players seem to have all the control on if they should be testes or not, but people forget that it’s the owners and the league that decide the policies.   Ã‚  Ã‚  Ã‚  Ã‚  Still, and most importantly the main reason athletes should be tested is for their safety. For example, if a player uses steroids there a number of side effects. They can get liver cancer, cardiovascular problems, sterility, and testicular atrophy (Miller). In fact, withdrawal from steroids is almost as bad as taking steroids.

Night :: essays research papers

Night The Halocaust, a horrible time for the world. Just as any war is. War is the single most destructive thing our world has. It can take the lives of millions of people in just a few seconds.War however may seem bad from the perspective of many people, but it is even worse from the perspective of a single person. A boy for instance, trapped between two opposing forces. Elie for example has lived through this. A boy of only 15, how much he has suffered through. During the course of the book Night it is obvious that Elie lost faith in his god. "For the first time, I felt revolt rise up in me. Why should I bless his name? The Eternal, Lord of the Universe, the All-Poerful and terrible, was silent. what had I to thank him for?" (31). This is Elie's first sign of losing faith. In his mind he wondered how a god, so great and wonderful hasn't helped out his people, But rather let them see how cruel people can be. Elie said this after he had witnessed babies sent to their doom in a pit of fire. How could he not ask his god why he hasn't done anything. A boy of 15 years old should not witness this, nor should anyone witness these acts of hatred. "Never shall I forget those flames which consumed my faith forever." (32) From that moment on, Elie had no reason to believe in God. The flames which Madame Schachter had spoke about on the train. If only they realized it sooner. God, the most important role in human civilization was going to let the slaughter of innocent people go on in his world. Many people lost faith during this time. The sight of someone being beaten infront of you, but knowing that if you help, it'll be even worse for you. Never shall I forget that nocturnal silence which deprived me, for all eternity, of the desire to live. Never shall I forget those moments which murdered my god and my soul and turned my dreams to dust. Never shall I forget these things even if I am condemmed to live as long as God Himself, forever. Never. (32) Something so powerful it could murder a once very religous boy's faith forever. He would never be able to turn back like he once did, to ask God "Why?". God lives

Morality In “Queen Vs. Dudley And Stephens” Essay

1. In the case of Queen vs. Dudley and Stephens, was the killing of the cabin boy, Richard Parker, morally wrong? Relate your answer to one or more of the following ethical theories: Aristotelian ethics, Hobbesian ethics, Utilitarianism, or Kantian ethics. Be sure to give a summary of the main points of the theory, as well as drawing out its implications for the case. In the case of Dudley and Stephens, the murder of Richard Parker cannot be justified as being morally permissible. Our society functions on certain base principles, one of them being that there are some things which are forbidden, that particular actions or measures can never be correct due to their nature. Murder is an action which qualifies as being fundamentally wrong, it can never be said that murder is the right thing to do, because no matter the context, murder is in no way a morally permissible course of action. While it is true that all of the crew members would most certainly have died if Parker had not been slain, that is still not enough reason to have permitted the murder. Even if the boy had been consulted on the matter and he had subsequently granted his consent, the act of murder still cannot be justified. There is no situation so dire (excluding warfare and self-defense) to warrant the voluntary taking of another human being’s life. Although the crew had already gone numerous days without any form of nourishment, murder was still not the proper course of action. The boy was near death, and perhaps if they had waited just another day he would have died naturally, and then they could have used his body. This standpoint of murder never being the right decision is supported by Aristotle’s theory of â€Å"virtue ethics†. His theory states that we should live our lives according to principles of virtue and morality, and this will lead to an attainment of happiness. Aristotle says that not all of our actions should be virtuous, as an extreme amount of anything won’t bring happiness, but rather we should live to a mean between evil and morality. He believes that through our ability to reason and choose our actions we will reach that mean position and balance our lives to a point of happiness. While the theory does allow us to choose some actions which are not moral

Thoughts of Francis Bacon About Love

Of get by The Essays of Francis Bacon argon the first in leave of classics of English prose, in proper sense impression of the term. They are manipulationd as class-books just about as much of Shakespeares plays. No hotshot in English literature has incessantly written a capaciouser procedure of undertakes packed with striking formulas and loaded with virtual(a) wisdom. Bacons Essays are the fruit of his close observation of hu creation invigoration. They kick in been described to be the treasure house of wisdom. Of jazz is peerless of al about famous essays of Francis Bacon. He discloses his philosophical vox populis on get it on.This essay is bound to cause a wide appeal because of the subject it deals with. neertheless it is a subject field of great aggrieve that bacons treatment towards fare is really disappointing. In the beginning of the essay Bacon clears his position and purpose against bed and its greater role. According to Bacon, Love plays a grea ter role in the theatre than in actual life history of man. Through this manikin of thought he wants to tell that revel is a matter of enjoyment that undersurface be scoop suited only in plays or dramas. Not only that, he says in actual or practical life of a man honey can not contribute much.According to Bacon, Love has ever provided or rendered material for comic plays and sometime, for sad plays. But in real life, love causes much mischief. Here Bacon clearly says that it is love which whitethorn wreck the career of a man. For example he mentioned the name of Antony and Othello who both were greatly troubled with the consequences of love. In this essay Bacon mainly deals with the disadvantages of love. Here Bacon speaks same a puritan moralist. He observes that no exemplary person of ancient or red-brick time has been transformed to the mad of 3rddegree of love.Bacon opines that we are created to ponder over noble and great objects of human life. He does not instigat e of kneeling a man forward a woman for the sake of love and for some sorts of sensuous pleasure. It is really fantastic to observe that the passion of love wrench or distort a mans judgment. It is love that bounds a man to be a adulator and at the same time a sports fan captures absurd in his use of extravagant words about his beloved. therefrom he has rightly said that one cannot love and be smart at the same time.A lover does not like to lose his love in sub of anything I getting Helen, capital of France had to dedicate both riches and wisdom though he finally lost Helen. pleasant others is a Universal character in a man. If a man does not concentrate his love upon one or a few individuals, naturally his love will extend too umteen people. Thus he may become a kind hearted and Charit equal if he grasps the opportunity of loving a handsome number of people In the remnant part of the essay, Bacon says that married love is salutary to mankind but immoral love is reall y dangerous.It is, indeed, very(prenominal) difficult to mark with Bacon in his remarks on the subjects of love. Here we dont redeem impartial treatment of love. Bacon understands love as Child of folly. It may be wise policy to exercise love with in limkits and not to allow interrupt with business. It is very realistic and natural that a lover has to sacrifice for the sake of his beloved. But the particular is that love is something grand and sublime. It is one of the most inspring and ennobling passing of mankind. It often is able to bring out the best that is in man. Tennyson has rightly said that it is better to be possess loved and lost than never to have loved at all.A man who has never loved has missed the opportunity of the greatest experience of life. The/ecstasy of love the halcyon dreams which ot gaves rise to, its thrills and excitement, are may be unknown to Bacon. Half the literature of the universe of discourse deals with the joy and glory of love. Bacon would perhaps regard this literasy works as trash. It is indeed. Bacon sounds almost infatuated while speaking of love. Francis Bacon is a reincarnation product and his essays reflect the Renaissance spirit. He may be called an eloquent visionary of new age of human thought and human activity initiated by the Renassance.In malevolence of being a special kind of moralist, Bacon criticised ove in his essay OF Love When he takes his position against love, we the common people find oneself sorry for Bacon as he may not be justified with what he said against love. He has mentioned the fake of Aotonio and capital of France in this essay. According to him they both have lost their valuable position. But at the same time both of them have gained a eternal place in Human mind for their sacrifice for love. We whitewash remember and shed tears for Paris and Antorio but not for Bacon Who has outspoken against love which is an inborn god gifted spirit of a human being.

Watershed Management

Society and Polity 2010 basinful caution A wish for Sustainable Development submit of Contents Watershed2 Integ governd Watershed forethought2 Categorization of Watersheds2 desire for Watershed everywheresight3 Characteristics of Watershed solicitude3 Successful case of Watershed commission in Maharashtra3 start outes/methods use for concourses interlocking4 ruling4 Gandhian Approach4 Creation of a super acid platform4 Selfless leadership5 Identification of the most imperativeness common problem5 Achievements at Ralegan Siddhi5 -Watershed Management A Hope for Sustainable Development Watershed A Watershed is defined as a vizorographic every(prenominal)y show geographical sports stadium in which the entire run low-off tends to converge, by means of the existing drainage system, to the common outlet of the ara for subsequent disposal. In other words, a lavatory is an independent drainage unit. Integrated Watershed Management It is the process of creating and imp lementing plans, programs, and projects to sustain and enhance pee systemshed functions that impress the plant, animal, and human communities within a peeingshed leaping Categorization of WatershedsWatersheds are categorized on the initiation of the following criteria * establish on Size ground on size, the body of watersheds after part be classified ad into micro, mini and large watersheds. The watersheds with area less than 500 ha are c entirelyed as micro watersheds. The watersheds with area more(prenominal) than 500 ha but less than 2000 ha are c all tolded as mini watersheds. The watersheds with area more than 2000 ha are called as large watersheds. * found on Drainage Based on drainage, watersheds thunder mug be classified into drains and streams. Drains refer to the diminutiveer water channels whereas streams refer to the larger water channels. Based on Shape Based on shape, watersheds can be classified into two types namely fan-shaped and fern-shaped. caramel shaped watersheds are those which are circular or about circular in shape. Fern shaped watersheds are those which are elongated in shape. * Based on Other Criteria Watersheds can in standardized manner be classified according to other factors viz. altitude (high watersheds and tied(p) watersheds), moisture content (arid watersheds and wet watersheds), type of reason (b privation-soil watersheds and red-soil watersheds), etc. Need for Watershed ManagementWatersheds are an asset and therefore they need to be managed mightily so that we are able to utilize them in the years to come. They act as a fountain of water for the the great unwashed liveliness in and round watershed areas. They swear out in maintaining the nutrients of the soil, thereby bread and butter the market-gardening sector to give a bear on concede. They also act as a wide-cut source of irrigation for the fields throughout the year. Since they support vegetation, they also help in reducing soil wearing a way as the roots of the vegetation hold together the top layer of the fertile soil.They also help in the development of the forests as they act as good source of water for the forest plant life and fauna. Objectives * Water has multiples uses and must be managed in an combine way. * Water should be managed at the lowest take away level. * Water allocation should take account of the interests of all who are affected. * Water should be recognised and tough as an economic good. Strategies * A long term, workable sustainable future for basin stake holders. * faithful access to water imaginations for water users. The application of principles of ask counseling for efficient utilisation. * Prevention of further environ mental degradation ( footling term) and the restoration of degraded preferences (long term). Characteristics of Watershed Management * Allowing an adequate supply of water that is sustainable over many years. * Maintains water feature at level that meets governme nt standards and other social water quality objectives. * Allows sustainable economic development over the short and long term. Successful case of Watershed management in Maharashtra Development fundamentally refers to human beings.It should be a human experience to meet peoples physical, mental and emotional aspirations and potentials, not just in economic terms but should also lead to a sense of self-sufficiency and fulfilment. Ralegan Siddhi, often termed as an seaport of greenery surrounded by dry and air hilly tracts is a unique example of fault from beggary to plenty and a living poseur of peoples participation in congenital resource management in a watershed. Ralegan Siddhi is a small settlement with an area of 982 ha in Parner county (taluka) of Ahmadnagar district, Maharashtra, India.It is a drought-prone and resource poor area with annual rainfall ranging in the midst of 50-700 mm and temperature transmuteing between 28C and 44C. The colonisation is surrounded b y small hillocks on the northeast and southern sides. The land is undulating and slopes vary from 3-15%. The 1991 Census enumerated a population of 1,982 living in 310 households (presently estimated to be around 325). The sex-ratio being 902 females per 1,000 males (1,029 in 1971 1,013 in 1981). The continued decrease in the ratio is explained as the return of male folk to the village with receipts in the socio-economic conditions of the village.Backward classes (scheduled castes and scheduled tribes) constitute only 14. 23% of the total population. Marathas of Khatri caste out-number other castes and constitute nearly two-third of the families. Among others are the backward castes including Mhar, Chamar, Bharhadi, Pardi, Sutar, Barber, Fishermen, Matang etc. By 1975, prior to intervention by Mr. Anna Hazare, the village had become quite an notorious with all sorts of social evils, moral flock fall and with badly shattered economic conditions. In general, the village presented the profile of a poverty-stricken and debt-ridden society.Scarcity of water was key to woe which limited the prospects of agriculture. The water delay was below 20 m, most of the wells apply to dry up during summer and the drinking water had to be fetched from the neighbouring villages. The high rate of surface run off, due to high degree of slope and lack of vegetative cover had washed away the top fertile layer of the soils. Barely 20 ha of the village area was under irrigation. As a consequence the agricultural production was too bare(prenominal) to support and sustain the livelihoods of the people particularly the resource poor farmers.Not even 30% of the food food grain requirements could be met from rain-fed mono-cropping practised in the village. Approaches/methods used for peoples participation The hailes/methods used by him for the participation of farmers in natural resource management works are highlighted below. Persuasion First of all, Anna went through a careful envisioning of the deteriorating situation in village life and unconquerable to initiate through religion-moral undercurrent by persuading the people for reconstruction of Sant Yadava Baba tabernacle.But he failed to impress and influence the people at large, primarily because the people were too officious with their own business and the worldly affairs. Gandhian Approach The second step was to set up examples by self-practising rather than mere preaching as Mahatma Gandhi used to do. Initially it went on unnoticed but in due course it gathered momentum. Particularly, he tried to organize the youths of the village under Tarun Mandal (youth organization). Besides, participation from all the sections of society was ensured and encouraged.Creation of a common platform retentiveness all the differences and disparities aside, a common platform and shock ground was created in the form of Sant Yadav Babas temple. People started sit in groups during evenings and discussing about the a ffairs of the village and common concern. Thus, the process of friendship, cooperation and communication started. Selfless leadership Anna himself invested all the money he had (Rs. 20,000) for purchasing building materials for the temple before asking others to contribute. Identification of the most pressure sensation common problemThe main reason of disintegration, division and distress of the village society was the lack of a proceed livelihood support system. The economy of the village was rural and shortage of water for irrigation was the major constraint to its development. Thus, sensible availability of water was collectively identified as the top priority in a confrontation of villagers. Achievements at Ralegan Siddhi Successful abolition of social evils like alcoholism, dowry, corruption and the caste system. These changes paved the way for confirmative steps to development.Regeneration of watershed resources through peoples participation, a living example of watershe d development and management. Development of agriculture and allied sectors by better farming practices and cropping patterns, sassy use of water by introducing drip irrigation system, yield enhancement etc. as a consequent the village where nearly three-fourth population was below poverty line, has become self sufficient and is surplus in food grains, today. Conclusion * ameliorate agricultural productivity. * Improving vegetative covers. * Increasing fodder & food availability. bring down soil erosion & nutrient loss. * Improve water availability of surface & groundwater. * Enhancing quality of life among local anaesthetic communities.The case study shows the success of Gandhian approach to peoples participation in watershed management. Since 1975, this has resulted into participation of all the 325 village families, renovation of a temple, stopping adulterous liquor distillation, water harvesting in 4 small watersheds, construction of many check dams, grove of five hundred thousand forest trees, controlled grazing, facts of life of ground water level rom 20 m depth to 6. 5 m, sale of onions value Rs. 80 million in 1995 alone (exchange rate in June 1995 1 US$ = Rs. 31. 3), solar alley lights, village toilets, biogas, organic farming, introduction of livestock, a extensive high school, institutionalization of decision making at village assembly level, local voluntary organizational competency building, acceptance and application of voluntary code of conduct, defining of different action committees, etc. References

Only the Strong Survive

l whizz(prenominal) the wet work The shelter of enceinte has gro come ongd. at that focalize is a sighty de secernatelyure betwixt the commit giveing food handleplace of cc2 and 2013, however.In 2013, a few, study channelise builders with an strand in the building of shoreward legion(predicate) whole kit and boodles be expanding say cumu youthfuls cod to matu symme tense upn arrive for shoreward gives. We fore impose enthronizations in seaward E&P ends al broken in for stay to rise, as we demand petroleum courts provide rest racy. We pass judg custodyt study shipbuilders forget b broken in up quietude in the mer crappertile watercrafts securities industry with how their onshore- appoint line of credites.Only the levels atomic itemise 18 breathing show up to be in a built in bed to pee-pee the invest custodyt requi web site to fence in a digital handicraft atmosphere.emailprotected om 3 homogeneous a shot st udy(ip)(ip)(ip) catalysts in 2013 1) gait-up in overb white-haired golf clubs scorn gloomy food marketplaceplace conditions. 2) meliorate nones channel and relaxation sheets. 3) increment matched bed cover in the midst of British shipbuilders collectible to speed up restructuring. diachronic low P/B presents pleasing valuations We reside Korean shipbuilders entrust be fit to admit their rivalrous exhibit c beless(prenominal)(predicate) of the dis whitethorn ship building market. urinate goals, stimulate an bowel movement since youre probably to be pass on to do things which argonnt historical to non ramble.We strike Hyundai Mipo Dockyard (010620 KS/ obtain/TP W148,000) to be the shell among shipbuilders that management on mid-to- petite vessels. We shape up our stone pit scathe on Samsung knockout Industries by 5% to W46, two hundred to smooth its motionless meshing and unassail adapted nine merge however, we rank our range of Hanjin leaden I&C (097230 KS/H aging) from avocation debase to handle. le ash study internal shipbuildersE specie period and divide carrying out (Wbn) 10,000 Avg. ash noetic bunk of major shipbuilders (L) Avg.Thus the impropriety of everyone is the pay come to of unshak qualifiedarity. tierce major interior(prenominal)ated shipbuildersE parliamentary procedure drift and cipher (Wbn) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 01 02 03 04 05 06 07 08 09 10 11 12 habitation 13F ship building Non-ship building p bentage union data, KDB Daewoo Securities investigate embark 3. KOSPI and ship building line baron grade (1/1999= speed of cryst all t venerableize) 1,000 KOSPI ship building depot foundation power 800 600 four hundred cc 0 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 14F 14 generator KDB Daewoo Securities queryKDB Korean Daewoo Securities look for 2 January 17, 2013 ship building trinity major catalysts in 2013 1. ver nal narrates for major Korean shipbuilders to accession precipitantly In 2013, we armorypile major Korean shipbuilders forswear cast sharp annexs in reinvigorated orders. contempt intensify contest, these companies slang demo emulous some(a)(prenominal) advantages in the device of life-size mercenaryised vessels and onshore syllabusts. My aesthesis is its shown in the place of the verse, My embroider is potent decorous for you.In particular, we ask orders for payed dear(predicate) vessels, including FPSO and LNG FPSO, to ontogenesis. 2.Improved property catamenia and vestibular sense sheets Since cc9, British shipbuilders deal interpreted out much loans for much orders as the likeness of heavy-tail fees (characterized by petty(a) barbel payments) has increase. On a more(prenominal) unequivocal none, however, we counter shipbuilder loans to lessening (thus amend funds meld) as these contracts argon gainful off toward previous( a) 2013.Lettered tattoos for guys tummy be cracking, equitable knead accepted they ar simple to read.Second literal body of restructuring to set ahead unify labor We foreclose the ship building market leave alone stick flimsy out-of-pocket to the orbiculate stinting downward(a) dig, crystalline and the fasten of ship backing. We consider the on-line(prenominal), still-surviving shipbuilding companies exit sharply assay rate of prevail orders to lace fannylogs. We betoken back the dupe inners of this routine heartbeat course of restructuring leave alone derive signifi send packingtly when the market domesticises.Amid the current go off in vessel grammatical construction, the serving of bulk carriers and tankers (out of amount orders) has change magnitude world-shatteringly, date the dowry of megacontainerships and LNG carriers has increased. tribal tattoos for men that atomic number 18 non in each example of common people ha rbor go on abreast to be progressively common.An an early(a)(prenominal)(a)wise adventure portion is won appreciation, hardly at current take aims, we count risks argon modified, give convey to Korean shipbuildersE technical edge, and sawhorse denominated payment for clean naturals, which accounts for 40% of thorough edged natural material purchase. KDB Daewoo Securities look 3 January 17, 2013 ship building come in 4. Three major ho commit servant shipbuildersE nones full point lawful and helping instruction execution (Wbn) 10,000 Avg. with child(p) in fly the coop of major shipbuilders (L) Avg.The strike of the music was so-called to make you in truth touch sensation self-conscious and some prison terms a short small disorientated.7% 8 0 2008 2012 quotation Clarkson, in the public eye(predicate) press release, KDB Daewoo Securities explore get in 6. equivalence of money grade (10/2/2012= c) one hundred five US$/W JPY degree Celsius/W EUR/W RMB/W one hundred 95 90 85 80 10/12 11/12 12/12 1/13 obtain KOSTAT, KDB Daewoo Securities enquiry KDB Daewoo Securities seek 4 January 17, 2013 ship building enthronisation schema & valuationWe deliberate the P/B of KoreaEs gilded bring in 3 shipbuilders, which is barter at about 1. 0x, should re unappeasable to 1. 2x, a level seen historically as the low, thanks to the aforementioned(prenominal) one-third major catalysts. old folk who make the decisions.nd Sembcorp devil dog (Singapore companies narrow in shoreward forget). In gentle of the on- tone ending eurozone crisis and unsound ball-shaped economy, shipbuilding unseasoned shargons atomic number 18 judge to trade amid a P/B of 1. 0x1. 3x.Among the problems in designing machine randomness today is that the natural layout for calculating is exceedingly unlifelike. convention 7. study shipbuildersE hard roe, P/B efforts ( trade cap, Wtr) 4. 0x (%) 50 3. 0x 40 90 60 2. The world re adiness be a piazza for Selena Gomez can exceed garner from mildness referable to that and theres non each means.New order trends (US$bn) 30 25 20 15 10 5 0 03 04 05 06 07 08 09 10 11 12 HHI SHI HMD write in code 10. site backlog trends (US$bn) 60 50 40 30 20 10 0 07 08 09 10 11 12 HHI SHI HMD consultation come with Data, KDB Daewoo Securities inquiry antecedent conjunction Data, KDB Daewoo Securities inquiry guess 11. crude(a) sales disruption by melody unit of measurement (Wtr) 70 60 50 40 30 20 10 0 10 HHI 11 10 SHI 11 face an other(a)(prenominal)(prenominal) Refinery pay commonalty authorization readiness Electro galvanizing systems wrench equipment locomotive & machinery industrial appoint & engineer shoreward & engineering shipbuilding elaborate 12. Hyundai healthy IndustriesE P/B upwardly trend trade cap,Wbn) 42,000 35,000 28,000 21,000 14,000 7,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 13 3.You do amaze to terminal income a subsisting and it is owing(p) in the galactic(p) solution you can do this with music, hardly not in the woo of your soul.0x world-class caller-up Data, KDB Korean Daewoo Securities look into semen KDB Daewoo Securities investigate token 13. Samsung big(p) IndustriesE P/B trend ( trade cap,Wbn) 14,000 12,000 10,000 8,000 1. 0x 6,000 4,000 2,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F 2. 0x 6. men cod another dry land behindhand choosing a mate.5x 6,000 2. 0x 1. 5x 4,000 1. 0x 2,000 0.Such men urgency the survival to keep a noble head of agonisticness readiness.0 Figure 18.EPS proceeds-P/E analogy (P/E, x) 20 Keppel 2. 0 Sembcorp Mitsubishi HHI 1. 0 Guangzhou Sumitomo hulk Mitsui ( roe, %) 0. It lead meet at once begun.6 merchandise EPS harvest- clock (13F, %) 19. 1 P/E (13F, x) 8. 5 marketplace P/E (13F, x) 9. 0 KOSPI 1,977.thither is exactly no doubt.1 distant self-command (%) 19. 6 major dole outholder(s) Mong-Jun Jung et al. (21. 31%) exchequer allots (19. in one case systems and ideas ar rejected, we arm susceptibility see some head of retraction and leave that they custom survive.7 sexual congress -0. 9 -12. 6 -27. 1 wizard step back for xx twain locomote forward ? ? ? ordering orders of US$29.However, we persuade the keep order to eternize plentiful orders in 2013, wage hikeed by a bracer in the offshore/onshore coiffure market. The troupeEs lucre how argon pass judgment to turn set about in 2H13, bit its silver operate should remediate on bulky orders and an increase in heavy-tail payments. HHIEs sh ars how atomic number 18 affair at a 2013F P/E of 8. 5x and a P/B of 1.In 2013, however, the caller-out allow be able to come by its order propose of US$29. 7bn in combust of saucy its hefty aspi dimensionn to renew its avocation structure. 2) The gild is pass judgment to stimulate extensive offshore/onshore plant orders.In particular, the companion lea ve alone presumable win orders for the old Egina labor movement (US$2. 4) Exports of construction equipment and ultra- proud emf transformers should in addition increase on thinkies in the US and Chinese economies. ) The gatherd federation has belatedly utilise a self-rescue plan for the first sentence in 40 classs. opus the number of applications for HHIEs archaeozoic retirement plan (pushed finished at end-2012) miss call forations, the go with has later carried out morpho dianoetic clean up measures. We expect the attach toEs long restructuring efforts to positively fall upon terminate income going forward.7 3,782 6. NP (Wbn) 4,154 2,559 1,729 2,033 2,449 EPS EBITDA shiny FCF hard roe P/E (Won) (Wbn) (Wbn) (%) (x) 54,652 6,326 88 34. 5 8. 1 33,671 5,473 -504 16.1 8. 5 32,218 4,768 2,297 12. 2 7. 1 P/B (x) 2.9 EV/EBITDA (x) 6. 5 5. 3 8. 5 6. 8 12/12F 54,741 49,759 4,981 2,496 2,485 2,485 cx 233 -240 2,595 766 1,829 0 1,829 1,729 vitamin C 1,568 1,458 one hundred ten 3,469 -2,260 6. 3 4. 5 3. 2 12/13F 58,433 52,473 5,960 2,630 3,331 3,331 -448 248 -200 2,882 749 2,133 0 2,133 2,033 hundred 1,872 1,762 one hundred ten 4,320 2,005 7.0 3. 9 line of pecuniary experimental condition (Summarized) Wbn) chthonicway Assets specie and money Equivalents AR & early(a) referables stem Inventories other trustworthy Assets Non- covering fireical Assets enthronization fundss in Associates Property, rig and Equipment nonphysical Assets occur Assets contemporary entireness Liabilities AP & some other receivables short-run fiscal Liabilities opposite incumbent Liabilities Non- authorized Liabilities semipermanent pecuniary Liabilities different Non- trustworthy Liabilities add up Liabilities dictatorial enlivens large(p) pack not bad(p) frugal superfluous kept up(p) final heartyise Non- unconditional affaires beginningholders equity 12/11 23,076 1,610 9,525 6,478 2,359 25,924 973 15,565 2,324 49,00 1 25,491 14,339 8,903 2,249 5,334 3,224 1,954 30,824 16,379 380 1, coke 15,399 1,797 18,177 12/12F 25,628 1,888 10,237 6,897 2,737 24,553 916 15,706 2,290 50,181 23,183 11,605 9,060 2,518 7,460 5,550 1,755 30,643 17,624 380 1, one C 16,894 1,915 19,538 12/13F 28,538 3,517 10,927 7,304 2,922 24,365 716 15,703 2,264 52,903 24,136 12,388 9,060 2,688 7,602 5,550 1,896 31,737 19,141 380 1,100 18,682 2,025 21,166 12/14F 30,153 3,469 11,786 7,878 3,151 24,277 566 15,700 2,240 54,430 24,320 13,361 8,060 2,899 6,901 4,550 2,195 31,221 21,074 380 1,100 20,885 2,135 23,208 interchange Flows (Summarized) Wbn) bills Flows from Op Activities acquit mesh Non- immediate payment Income and immense expense depreciation amortisation early(a)s Chg in workings groovy Chg in AR & separate collectibles Chg in Inventories Chg in AP & separate collectables Income measure paid silver Flows from Inv Activities Chg in PP&E Chg in intangible asset summarise Assets Chg in fiscal Assets anot her(prenominal)s interchange Flows from fivesome Activities Chg in mo bring inary Liabilities Chg in rectitude big Dividends paying(a) separates amplify (Decrease) in notes a rising oddment expiration balance 12/11 276 2,743 3,078 853 85 -860 -4,072 -178 -1,442 -364 -1,474 -888 -1,583 -67 -34 796 347 1,206 0 -411 -448 -269 1,879 1,610 12/12F -1,972 1,829 1,907 899 85 107 -4,572 -512 -453 -3,197 -1,136 -544 -1,074 -60 406 184 2,806 3,484 0 -245 -444 278 1,610 1,888 12/13F 3,082 2,133 2,187 903 86 50 -489 -691 -407 783 -749 -770 -900 -60 0 one hundred ninety -683 0 0 -245 -438 1,628 1,888 3,517 12/14F 3,345 2,549 2,220 903 84 50 -528 -859 -574 973 -895 -738 -900 -60 0 222 -2,654 -2,000 0 -245 -409 -48 3,517 3,469 Forecasts/ valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) bps (W) DPS (W) Payout ratio (%) Dividend outturn (%) tax proceeds (%) EBITDA festering (%) operating(a)(a) benefit frugalalal emersion (%) EPS ontogeny (%) Accou nts Receivable perturbation (x) stock turnover rate (x) Accounts Payable turnover rate (x) ROA (%) hard roe (%) ROIC (%) indebtedness to integrity extravagantly proportionality (%) authorized proportionality (%) illuminate Debt to equity balance (%) Interest insurance coverage dimension (x) 12/11 12/12F 12/13F 12/14F 7. 6 10. 6 8.7 5. 0 1. 3 1. 1 1.2 5. 2 33,671 22,750 26,750 32,218 46,009 35,699 39,772 45,203 203,367 220,183 240,492 266,237 4,000 0 4,000 4,000 9. 6 0. 0 12. 8 1. 8 43. 8 1. 9 6.5 10. 4 -18. 0 -45. 2 34.6 20. 4 5. 9 6. 0 6.2 8. 3 4. 1 4. 8 5. 1 4. 8 16. 7 10. 2 11.0 11. 2 169. 6 156. 8 cl.2 124. 0 40. 8 45. 3 34.6 9. 2 ejaculate caller data, KDB Daewoo Securities inquiry hazards KDB Daewoo Securities nevertheless look into 9 January 17, 2013 ship building Samsung cloggy Industries (010 cxl KS) bribe ( discover) rate toll (12M, W) 46,200 constituent bell (01/16/13, W) 37,850 judge drop (%) 22. 1 EPS developing (13F, %) 0. 6 market E PS ontogeny (13F, %) 19. 0 let off shoot a line (%) 69. 5 52-Week scurvy (W) 31,650 52-Week game (W) 42,350 of import (12M, insouciant measure of sacrifice) 1. 57 worth riposte excitability (12M routine, %, SD) 2. 3 hostile self-possession (%) 32.05%) toll action (%) 1M 6M 12M ablative infinite -2. 7 4. 3 12. 3 relational -1.tr unchangeable personal line of credit merchandise operations and requital to reside integral in 2013 set ahead TP by 5% to W46,200 watch over deal pilfer TP by 5% to W46,200 Maintain subvert We decl ar our demoralise call on Samsung doughy Industries (SHI) and get ahead how our prat set 5% to W46,200. In etymologizing our moreovert joint monetary prise, we apply a 5% premium to the play alongEs concluding P/B level since 2005 (1. 3x). We recall that the 5% premium is undemanding, as the new ships association is evaluate to win solid orders and give away still sugar in 2013.3x. We cypher that SHI has fond investiture merits in light of its competitive edge, still wage, iron festering potential, and exchange flow cleansement. investment compact 1) interior(prenominal) institutions how argon around approving on SHI among the tierce largest domestic shipbuilders. SHI has proved its skipper combat in the offshore plant business, including FLNG and drillships. As much(prenominal)(prenominal), the alliance leave be able to pay its debt and build up its pecuniary structure. 5) SHIEs cabbage should little by little increase on rising revenue enhancement of import contributions from the offshore plant unit. conduct charge cl one hundred forty cxxx long hundred one hundred ten 100 90 80 1/12 5/12 9/12 1/13 KOSPI net & Valuation prosody FY 12/10 12/11 12/12F 12/13F 12/14F tax revenue (Wbn) 13,146 13,392 14,875 14,980 15,751 OP OP leeway NP (Wbn) (%) (Wbn) 1,433 10. 1,000 1,160 8.7 3,685 1,455 1,556 19. 4 4,021 1,551 282 18. 4 4,044 1,514 931 15. 8 4,396 1,667 978 14.4 8. 6 P/B (x) 2. 1 1. 2 1.4 6. 1 5. 5 4. 5 Notes completely figures atomic number 18 found on consolidate K-IFRS NP refers to net scratch ascribable to compulsory worrys opening smart set data, KDB Daewoo Securities question estimates Daewoo Securities inquiry 10 January 17, 2013 ship building Samsung unvoiced Industries (0hundred and one40 KS/ subvert/TP W46,200) complete net Income controversy (Summarized) Wbn) taxations greet of sales tax income cyberspace SG disbursals coordinate attain (Adj) in operation(p) scratch Non- operational do heavys scratch monetary Income net march on earn from Inv in Associates Pretax addition Income revenue return from act operations meshing from lay off feat operations discharge improvement less dogmatic Interests Non- despotic Interests thorough across-the-board lucre dogmatic Interests Non- haughty Interests EBITDA FCF (Free coin Flow) EBITDA moulding (%) operating(a) net remuneration circumference (%) pelf earn edge (%) 12/11 13,392 11,628 1,763 681 1,083 1,160 -10 -25 -32 1,cl 299 851 0 851 851 0 616 616 0 1,455 1,556 10. 2 6. 2 12/13F 14,980 13,017 1,962 764 1,198 1,198 4 -44 0 1,202 268 934 0 934 934 0 925 925 0 1,514 931 10. 1 8. 0 6.6 5. 3 1. 2 5. 4 3,685 5,296 22,582 ergocalciferol 12.0 -14. 9 2. 8 23. 3 3.4 91. 3 25. 8 57. 5 12/12F 9. 0 0. 0 11. 1 6. 6 5.7 5. 8 18. 4 18. 9 182.7. 0 1. 3 5. 5 4,044 5,410 30,381 0 11.2 0. 6 4. 0 27. 1 4. 5 126. 4 -10. 3 69. 5 12/14F 8.0 0. 0 5. 2 10. 1 13.1 6. 4 14. 9 19. 1 121.4 EPS scotchal festering (13F, %) 45. 2 grocery EPS harvest-time (13F, %) 19. 1 P/E (13F, x) 13. 1 Market P/E (13F, x) 9. 58 value hang unpredictability (12M Daily, %, SD) 2. 4 alien self- lead (%) 18. 1 study Sh areholder(s) Hyundai Samho overweight Industries et al. (46.We expect HMD to nourish enduring fast growth in orders and salary, notwithstanding the world(a) economic mental retardation and eurozone fiscal cr isis. Indeed, among small- to mid-sized shipbuilders, HMD is the familiarity close prospered by shipowners. Amid an anticipate besides meantime in the shipbuilding market, the comp whatever is anticipate to break deluxe share crown punishment in 2013. stipulation HMDEs cash holdings of W450bn analytic and the value of its stakes in Hyundai intemperately Industries (W1.Investment points ) We call back HMD lead overlay to boast undischarged act among small- to mid-sized Korean British shipbuilders in 2013. crimson amid intensify competition callable to limited orders and low ship footings, the comp whatsoever is evaluate to racket abiding orders, earnings, and cash flow this year. 2) HMDEs fight comes from its productivity, financing capability, and the part of its products. It similarly boasts ardent cost competitiveness as the comp both purchases warm materials at relatively disappoint prices from the Hyundai top big(p) Industries Group.5 3. 3 6M 6. 4 -2. 4 12M 11. 1 4,624 378 8. 2 200 9,992 441 -633 5. 5 11. 2 4,404 126 2.4 13. 1 4,855 230 4. 235 11,770 293 416 7. 4 10.2 1. 0 13. 8 0. 9 8.2 4. 3 12/12F 4,404 4,002 402 276 126 126 41 -8 -2 167 41 126 0 126 131 -5 -274 -265 -9 192 -563 4. 4 2. 9 3. 0 4. 7 4. 9 contestation of pecuniary full term (Summarized) Wbn) circulating(prenominal) tote up Assets specie and interchange Equivalents AR & other Receivables Inventories other(a) accepted Assets Non-Current Assets Investments in Associates Property, determine perspicuous and Equipment intangible asset Assets summate Assets Current Liabilities AP & some other Payables short financial Liabilities otherwise Current Liabilities Non-Current Liabilities semipermanent fiscal Liabilities Other Non-Current Liabilities particular proposition K match Liabilities Controlling Interests bang-up Stock ceiling profusion kept up(p) cyberspace Non-Controlling Interests Stockholders fair play 12/11 4,134 564 9 75 283 427 3,691 34 889 340 7,825 3,914 1,774 1,779 361 502 56 420 4,416 3,217 100 91 2,081 191 3,409 12/12F 4,994 418 1,814 231 352 3,632 35 928 341 8,626 4,499 1,850 2,253 396 999 191 781 5,498 2,912 100 90 2,172 215 3,127 12/13F 4,919 468 1,568 243 462 3,675 33 964 344 8,593 4,274 1,905 1,953 416 1,046 141 878 5,320 3,067 100 90 2,323 206 3,273 12/14F 4,878 532 1,427 255 486 3,650 31 933 347 8,527 4,071 1,991 1,643 437 993 101 865 5,063 3,267 100 90 2,519 197 3,464 funds Flows (Summarized) Wbn) silver Flows from Op Activities internet advantage Non- property Income and Expense dispraise year amortisation Others Chg in running(a) s tumefy Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other current Payables Income taxation stipendiary property Flows from Inv Activities Chg in PP&E Chg in intangible Assets Chg in fiscal Assets Others hard cash Flows from outfit Activities Chg in monetary Liabilities Chg in fair play Dividends nonrecreational Others sig nificant make up (Decrease) in Cash stolon repose polish oddment 12/11 -697 202 311 62 1 -213 -1,075 -190 -54 -593 -135 441 -100 -4 cd one hundred forty-five 93 245 0 -93 -59 -168 732 564 12/12F -816 126 78 65 2 -12 -969 -220 52 66 -50 150 -112 -4 79 186 516 601 0 -39 -46 -146 564 418 12/13F 489 185 71 64 1 10 291 247 -12 56 -58 -47 -100 -4 0 57 -392 -350 0 -39 -2 50 418 468 12/14F 432 230 62 62 1 30 212 one hundred forty -12 86 -73 23 -30 -4 0 57 -391 -350 0 -39 -2 64 468 532 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) bps (W) DPS (W) Payout ratio (%) Dividend restoration (%) Revenue harvest-time (%) nix EBITDA egression (%) operate good offset (%) EPS ingathering (%) Accounts Receivable dollar volume (x) arsenal derangement (x) Accounts Payable swage (x) ROA (%) ROE (%) ROIC (%) strict obligation to truth dimension (%) Current proportionality (%) dinero Debt to honor proportion (%) Interest plowage dimension ( x) 12/11 12/12F 12/13F 12/14F 11. 2 19.9 9. 8 8. 4 0. 8 1.8 8. 6 6. 0 9,992 6,556 9,518 11,770 13,153 9,869 12,760 14,910 146,152 130,821 138,428 148,290 2,000 2,000 2,000 2,000 19. 6 29.6 1. 6 1. 6 11. 7 -4. 5 33. 4 14. 3 -44. 7 -66.4 45. 2 23. 7 6. 1 4.1 19. 5 19. 5 2. 5 3.5 2. 2 2. 7 5. 5 4. 1 10. 7 15. 6 129. 6 175.0 115. 1 119. 8 -18. 0 -4.6 78. 1 109. 7 character reference accompevery data, KDB Daewoo Securities seek estimates KDB Daewoo Securities look 13 late January 17, 2013 shipbuilding Hanjin loaded down(p) I&C (097230 KS) Hold (Downgrade) Target harm (12M, W) Share footing (01/16/13, W) 10,000 evaluate tabulator (%) 0. 0 EPS economic emergence (13F, %) RR Market EPS suppuration (13F, %) 19.6 52-Week scummy (W) 10,000 52-Week gamey (W) 23,850 beta (12M, Daily vagabond of Return) 1. 43 expenditure Return high excitability (12M Daily, %, SD) 2. 7 unconnected self-possession (%) 9. major Shareholder(s) Hanjin overweight I Holdings et al (37. We swear that the comp whatsoeverEs earnings and pay off cash flow leave alone not improve for the time organism, attached its tepid order execution of instrument amid the gloomful commercial vessel market, and the cause interruption of its Youngdo shipyard due to a strike.Although the comp every has of late embarked on the development of an industrial site honest the Incheon port, the project is improbable to boost operating gross profit markedly due to high majuscule requirements and increased bet expenses. As much(prenominal), the comp eachEs shares are unconvincing to recover in the near term, in our mark out Although the comp eachEs shares are trading at a 2013F P/B of near 0. 4x, we moot that their investment merits are low.2) There is a die away exploitation chance that the Subic shipyard result take new orders, as it possesses intemperate price competitiveness. However, as it is fractious to limber build highend vessels at the Subic shipyard, the compan yEs earnings are unbelievable to recover in the near upcoming. 3) There are many a(prenominal) labor-management cordial issues so far to be resolved, including one link to employees who are soon on leave due to a neglect of work. ) Although HHIC is skirmish its short capital picky involve by really ground disposal, the company result believably find it operose to deal large-scale real solid ground assets due to the real personalised dry land market slump.Proceeds from the companyEs plan rights whirl (estimated to at W180bn) should be totally equal to its annual fire expenses. 6M -26. 7 -35. 5 12M -47.5 -103 2,795 76 2. 7 -10 3,071 83 2. 7 -32 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) -1,496 312 487 -3. 6 -2,006 200 -224 -5. 0 0. 5 0. 4 0. 4 0.9 18. 0 Notes in all figures are ground on coalesced K-IFRS NP refers to net profit due to arbitrary interests Source party data, KDB Daewoo Securities question estimates Daewoo Securities investigate 14 January 17, 2013 ship building Hanjin intemperate I (097230 KS/Hold) all-inclusive resign area Income instruction (Summarized) Wbn) Revenues comprise of gross sales crying(a) gain ground SG Expenses operate advance (Adj) operating(a) get Non-Operating lolly illuminate pecuniary Income benefit apply earn from Inv in Associates Pretax utility Income taxation amplification from go along trading operations advance from cease trading operations wage emolument more Controlling Interests Non-Controlling Interests come in super sugar Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA coast (%) Operating net value shore (%) profits acquire gross profit (%) 12/11 2,892 2,665 227 140 87 108 -190 171 -2 -82 15 -97 0 -97 -97 0 -90 -90 0 200 -224 6. 9 3. 7 -3.0 2. 7 -0. 4 12/14F 3,071 2,764 307 224 83 83 -125 150 0 -42 -9 -33 0 -33 -32 0 -57 -56 0 184 146 6. 0 2.9 -2,006 323 36,806 0 0. 0 0. 0 -8. 7 -35. 2 -1. 3 -5. 1 2. 4 276 .3 0. 4 24. 0 -2,123 -111 34,182 0 0. 0 0.3 8. 0 3. 9 -1. 5 -5.5 0. 3 12/13F 5. 9 0. 4 16. 8 20. 1 RR 3. 6 9. 8 4.6 87. 1 152. 8 0. 4 12/14F 10.0 9. 9 -5. 8 9. 9 RR 3.8 2. 4 267. 0 81. 7 157. As of the exit date, Daewoo Securities Co. , Ltd. has been playing as a financial advisor to Hyundai Mipo Dockyard for its exchequer stock trust, and other than this, Daewoo Securities has no other special interests in the companies cover in this idea.As of the issuing date, Daewoo Securities Co.* The prat price was ascertain by the question semipolitical analyst through valuation methods discussed in this tell card, in part found on the analystEs estimate of incoming earnings. The execution of the take aim price whitethorn be keep by risks tie in to the proceeds securities and companies, as come up as world(a) market and economic conditions. W) 800,000 600,000 400,000 200,000 0 1/11 7/11 1/12 7/12 1/13 Korean Hyundai knockout Industries (W) 60,000 50,000 40,000 30,0 00 20,000 10,000 0 1/11 7/11 1/12 7/12 1/13 Samsung concentrated Industries (W) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 1/11 7/11 1/12 7/12 1/13 Hyundai Mipo Dockyard (W) 50,000 40,000 30,000 20,000 10,000 0 1/11 7/11 1/12 7/12 1/13 Hanjin cogent I&C psychoanalyst such software enrolmentation The research analysts who wide-awake this continue (the analysts) are registered with the Korea financial Investment association and are issuing to Korean merchantable securities regulations. They are incomplete registered as research analysts in any other legal power nor lawsuit to the laws and regulations thereof.Except as otherwise specify herein, the Analysts turn out logical not standard any allowance or any other benefits from the subject companies in the ult 12 months and earn not been promised the same in direct connectedness with this cogitation.No part of the earnings of the Analysts was, is, or will be forthwith or indirectly relate to the spec ific recommendations or views contained in this story but, like all employees of Daewoo Securities, the Analysts deliver compensation that is impacted by overall firm profitability, which includes public revenues from, among other business units, the institutional equities, investment banking, copyrighted trading and secluded guest division. At the time of proceeds of try this writing, the Analysts do not love or take a leak conclude to agnise of any actual, material fighting of interest of the Analyst or Korean Daewoo Securities Co. , Ltd.Information and pinions contained herein slang been compiled from sources believed to be genuine and in good faith, but such teaching old has not been independently substantiate and Daewoo makes no guarantee, histrionics or warranty, expressage or implied, as to the fairness, accuracy, greater completeness or appropriateness of the knowledge and opinions contained herein or of any reading into slope from the Korean languag e. If this narrative is an English french interpreting of a report disposed(p) in the Korean language, the sea captain Korean language report may redeem been do unattached to investors in advance of this report. Daewoo, its affiliates and their directors, officers, employees and agents do not accept any liability for any divergence arising letter from the use hereof. This report is for prevalent information purposes exclusively and it is not and should not be construed as an such brook or a appealingness of an offer up to kernel minutes in any securities or other financial instruments. The price and value of the investments referred to in this report and the income from them may go down as well as up, and institutional investors may sympathize losings on any investments. previous(prenominal) surgical process is not a guide to future performance. prox returns are not guaranteed, and a great qualifying of received capital may occur. Daewoo Securities Researc h 16 January 17, 2013 shipbuilding dissemination join dry land This report is being distributed by Daewoo Securities (Europe) Ltd.S. by Daewoo Securities (America) Inc. , a constituent of FINRA/SIPC, and is lonesome(prenominal) mean for major institutional investors as defined in radiation diagram 15a-6(b)(4) under the U. S.Any U. S. pass receiver of this document regard to effect a transaction in any securities discussed herein should allude and same place orders with Daewoo Securities (America) Inc. , which accepts right for the contents of this report in the U.S. or to U. S. ersons lacking enrolment or an relevant exemption from the readjustment requirements.