Thailand Culture

FULBRIGHTER’S INTRODUCTION TO THAILAND: ? ADVICE AND COMMENTARY Text: Scott McNabb, College of Education, The University of Iowa ? Commentary: Porntip Kanjananiyot, Executive Director,? Thailand-U. S. Educational Foundation (Fulbright) The following essay has been written to provide orientation thoughts for American scholars who are embarking on a Fulbright assignment in Thailand. I hope that it will provide insights that will help Fulbrighters to understand, appreciate, and engage fully with their academic colleagues and other Thais they will encounter.It is not meant only as a â€Å"survival† guide; our hopes are far greater than that. It is written to help individuals maximize the cross-cultural gift that they have been given—to live and work among the Thai people for a significant period of time. This essay is based on my 19 trips to Thailand which span the period 1968 to 2011, from Peace Corps teaching at Thammasat University through two Fulbrights and multi ple other teaching, evaluation and research trips.I have taught International Education and qualitative research classes at The University of Iowa since 1979. In this essay, I will indulge in the kind of generalizations I never allow my students to make. In my classes, I encourage my students to think tentatively and carefully about cross-cultural issues, and make few if any broad conclusions. Here, in the interests of encouraging discussion and giving usable advice, I will risk making general comments about Thai culture. This essay, then, is written less as an academic piece than as a kind of user’s manual. I have asked my colleague and friend Porntip Kanjananiyot to provide commentary from her perspective of being deeply engaged in Thai-American educational exchange work for a number of years. Porntip is currently the Executive Director of the Fulbright program in Thailand. We hope that our discussion back and forth will provide additional insights. ?This article includes a dvice on language learning, behavior to help you engage in Thai culture, and some responses to issues that you may well encounter with your Thai colleagues and other Thais whom you get to know. ?Opening Advice and Questions?In general, the more â€Å"out there† you can be—learning the language, trying all kinds of food, engaging with all kinds of people (monks, market people, academics, and so on), learning to joke Thai-style (including making jokes about yourself), taking unwarranted compliments without resisting them too much, and so on—the more you will learn about and appreciate various aspects of the â€Å"Thai view of the world. † The â€Å"authentic† Thailand is surprisingly close physically to the â€Å"tourist† Thailand—it’s just under a bridge or around a corner or down an alley where tourists typically don’ venture. . . r it’s on full display before most tourists typically wake up, like watching the mon ks make their early morning rounds. Within a relatively short walk from Khaosan Road, the backpacker mecca in Bangkok, there are amulet markets near Thammasat University that are rarely visited by foreigners, where one can venture deeply into the spiritual beliefs of the Thai people. Don’t be afraid to wander (within reason) wherever your curiosity takes you. If you are actively searching for something, cultivating the â€Å"treasure hunt mind,† you may well find what you are searching for, or something equally interesting.Or your quest may bring additional questions about the initial â€Å"treasure† you were seeking. For example, if you go to the amulet market in search of a small statue of the Hindu deity Hanuman, you will certainly find many other intriguing deities along the way—all of whom demonstrate incorporation of the Hindu religious figures, and Mahayana Buddhism, in Thai Buddhism. Why is Ganesh so popular in Thailand? Or Kwan Yin (Yao Mae Kuan Im)? With whom are the various deities popular? In many ways, Fulbrighters can benefit from the outlook and skills that qualitative researchers develop; that of the participant observer. You are taking part in the culture that you are trying to understand. PORNTIP COMMENTS: Go out to meet people and you will find that Thai people generally welcome foreigners. Smile with them and show your interest in what they are doing, they will be even friendlier! Learning Thai ?Learn certain basic Thai phrases. Now! Your colleagues may well speak excellent English, but once you are out in the markets, you will need to speak some Thai.Plus, it’s fun. Develop a specific working vocabulary in Thai. Figure out what phrases you will need on a daily basis and ask a Thai friend to drill you on the pronunciation and tones until they are second nature. This vocabulary should include greetings, directions, numbers, and foods, among other things. ?Yes, clear pronunciation and tones are important. But they can be overemphasized. Speak with conviction. If you speak tentatively, your phrases will tend to go up at the end, like the inflection we use in English, which will confuse your Thai listener.Speak with your limited vocabulary with an air of confidence and the receiver will have a far better chance of understanding you. They will think that you know more than you actually do, but that’s O. K. You can learn to accept their over-the-top compliments gracefully. Also, your Thai need not be perfect to be understood. We have much to learn from the Thais as â€Å"reviewers† of our mispronunciations and tonal goof-ups, patience we could use in similar interactions at home. The Thais go way past half-way to try to figure out what you are trying to communicate.The fact that you are trying to speak their language is also a clear indication of your cross-cultural sincerity. Thais will often be impressed with your progress because they spend years studying English in scho ol without a great deal of success. Acting things out helps, too. This also works on the cultural level of â€Å"sanuk†Ã¢â‚¬â€you are having fun (and the joke is sort of on you) trying to communicate a specific idea. And when you succeed, it is a cause for joint celebration! Learn these phrases right now:? Kaw bia song kuat (Please bring me two beers) Kaw cowpot moo jon nung (Please bring me a plate of fried rice with pork)? Kaw cowneo maamuang song jon (Please bring me two plates of mango with sticky rice) Some basic food to order: guy young (friend chicken) cowpat moo (fried rice with pork) tom ka guy (coconut soup with chicken) pat thai guy (fried noodles with bean sprouts and chicken) kwitdeo sen yai nua sot (beef noodle soup) kow naa bed (duck with sauce over rice) ky jiow (Thai-style omelet) kao moo dang (pork with red sauce over rice) dom young gung (spicy shrimp soup). PORNTIP COMMENTS: One way to learn the Thai language could be through food as Thai people love to o ffer food. When observing that their foreign guests enjoy it, the Thais could feel even more comfortable to talk with them†¦ and naturally, urge the foreigners to have more food! ?Thais also enjoy listening to foreigners speaking Thai†¦. even just a few words because they think the Thai language is very difficult so they feel really impressed. Don't feel embarrassed if you make mistakes and your Thai friends start laughing. They know the challenges you have to face with the tones.Their laughs simply mean your pronunciation is ‘narak' (cute). Thai people have patience to listen and try to understand Americans when speaking Thai. American Fulbrighters being in Thailand will be more aware how difficult it is for Thais when they are in the US as quite a number of Americans may not have similar patience. Engaging Thais ?If you want to get below the surface with your Thai friends, engage them on their own terms; choose topics where they can teach you about aspects of Thai culture. Pursue whatever aspects of Thai culture, religion, history (spirit houses?The Sukhothai period? Some aspects of Buddhism like meditation? ). The point is that you will be in their cultural ballpark. They will appreciate your genuine interest, and this will give you an entree into the Thais’ enormous cultural generosity. They will help you meet interesting people, plan field trips, and so on. Just give them the chance. On one of my Fulbright assignments, I was teaching in Nakorn Prathom. I mentioned to a teacher that I would like to visit Praviharn—the controversial Cambodian wat located on the Thai-Cambodian border—on my last weekend with them.My Thai friend had never been there before, either. Despite the initial negative reactions from some of the other faculty (It’s too far—the trip will take too long; it’s too hot. . . ), she organized what was a memorable venture to the famous temple. It was a wonderful culminating event for m y time with my Thai colleagues—many of whom wound up going and enjoying the trip despite their initial protestations. PORNTIP COMMENTS: ?Thai people are really hospitable so they could go out of their way to please you. Ask to see their reaction first and wait to see their next move.If they are quiet, it could mean they can't accommodate your request. Inconsistencies in Thai Culture ?When you are operating in someone else’s culture, inconsistencies seem to abound. This is partly due to the fact that in our own culture, we are too close to things to see what â€Å"don’t make sense,† and our initial observations are relatively superficial in Thailand (you know the most during your first two weeks here; then it starts getting much more complicated), and that, at least in my view, there ARE things that don’t seem consistent here. But of course, that is true in all cultures. Take Thai Massage ?Thai culture in general steers around confrontations; in the ir view the key in human relations is harmony. The focus is on working things out without anger and keeping a cool heart† (Jai Yen) in all social situations. Thais are raised to make others feel welcome, relaxed, and â€Å"sanuk† (happy). In the West, of course, our fundamental goal is to make OURSELVES satisfied. Simply put, we are more individually oriented, the Thais more communally oriented. So you might think that when it came to massage, the Thais would offer massage that is soothing, relaxing, comforting. Ha!Thai massage aggressively confronts the muscles that are stiff or bunched up with elbows and knuckles and knees—boring in on them until they give up their tightness and relax. Sometimes it hurts. O. K. , often it hurts. Where is all this Thai non-confrontation, avoidance of pain and making the other guy feel good? It goes out the window, as far as I can tell. This feels more like American no pain-no gain to me. Of course, it works. But along the way, t he attacks on muscle bundles and the stretches are not all that sanuk (fun, in this context). Of course, the pain is meted out with typical Thai humor and grace. Jep Mai? † (they ask with a chortle). â€Å"Jep Maack† (It hurts a lot) I respond, to more chortles. Yes, no pain no gain. ?The Case of Luang Paw Koon? In general, Thai Buddhist monks live a highly disciplined life. They must live by a total of 224 precepts, which provide strict behavioral rules. Like religious groups in all cultures, a few stray in terms of relationships with women and other sins and are tossed out of their temples. But for the most part scandals are rare and monks are respected for their discipline, dignity and wisdom.? Luang Paw Koon is one of the most popular monks in the country.You often see his picture in the northeast part of Thailand, and frequently in the taxis in Bangkok, many of whose drivers are from the northeast. ?What the pictures show is a smiling monk deliberately flaunting Bu ddhist conventions, puffing on a cheroot or overtly handling money. He is seated in a squatting position like a northeastern farmer, not cross-legged like a monk. He speaks in the common language of farmers, not in â€Å"proper† Thai.? Why is he so popular? Some Thais respect his rebellion, while still demonstrating the key Buddhist tenets of poverty, integrity, honesty and generosity.Funds given to him are known to go directly to the projects they are given for, most often schools and hospitals. No middlemen. No corruption. I think that is the message of the picture with Luang Paw Koon handling money—â€Å"Your donations are safe with me. I will get your donations to their proper destinations. † Consistency with the principals of a monk’s life? Yes and no. Unconventional? Absolutely. Effective in terms of charity work? This certainly seems to be the case. And a great case for bending the social rules to serve a higher cause. Maybe we all love rebels.PORN TIP COMMENTS:? Treat the inconsistencies as surprises and enjoy the learning experiences! Short Takes– ? Watch Thai TV Watch the soap operas, the variety shows, the shows on the monarchy. Ask lots of questions. Before you criticize, think about The Bachelor and Fox News and Two and a Half Men and other stellar representations of our own culture. Thai soap operas present cultural melodramas where actors confront each other and act in ways one would never see in polite Thai society with its emphasis on decorum and harmony. Is it just entertainment?Cultural wish fulfillment? Ask your friends. ?In general, when things don’t seem to make sense, ask. Find good friends who are absolutely â€Å"culturally-insult proof,† who know that your questions may be clumsy and politically incorrect but that your intentions—to understand things a bit better—are pure. These are the people to ask potentially sensitive questions about the â€Å"Red Shirts† and the â€Å"Yellow Shirts†, and about the monarchy. PORNTIP COMMENTS: ?Soap operas could better your Thai while helping you understand that many times, they don't reflect the ‘real' Thai culture.It could be misleading if viewers take it literally to think that Thai women always go after guys, love screaming and yelling plus slapping others' faces. The way they dress to work is far from being professional either†¦.. as if they went to an evening party even. It may be good to understand that the Thais value ‘riab roi' and being very proper (far too formal at times). Perhaps Thai soap is something Thais quietly think the society could loosen up a bit. Be discreet when discussing or asking questions about Monarchy as there are lese majeste charges which could be complicated for you to understand fully.The conflicts that seem to separate ‘yellow shirts' and ‘red shirts' are not easy to understand either. The suggestion to find a ‘culturally-insult pro of' friend sounds great to get to know more about the monarchy and political conflicts. Small Bits of Advice? Take a zillion showers and guzzle water by the gallon. Keep your body temperature down and your internal system happy. When you feel culture shock coming on, retreat. Take some down time. Listen to your iPod. Watch a favorite movie (it is undoubtedly pirated here). No one should try to tackle a foreign culture 24/7.You will burn out. It’s hot here. And humid. Incredibly humid. And you are constantly on stage. I can’t do one more impromptu speech, explaining who I am and why I am here. It can be exhausting. O. K. , it will be exhausting. Every moment you spend working on your Thai is a move in the right direction culturally. Even the process of learning Thai with your Thai friends has all kinds of cultural learning possibilities.? Take notes of your observations—not for Facebook or to Tweet about so much as for your own record of cultural discovery.Youâ €™ll be able to see how far you have come by the end of your Thai adventure.? Remember that part of your job as a Fulbrighter is to play the role of cultural ambassador, representing your country with integrity here and portraying Thailand with fairness and accuracy to your friends back home. ?Learn to bargain. Again, it’s not so much about the result, which is pretty much predetermined, as it is about your participation in the process, and HOW you participate (with a smile and acting out things—â€Å"Oh, man, you’re killing me here! †). Be a good sport Accept the Thais’ overwhelming generosity.They are happy to have you here. We are conditioned to be suspicious of others’ generosity, and it’s a tough assumption to get over.? Sometimes conversations are just exercises in enjoyable social banter, without a â€Å"punch line. † You talk about the weather, family, where you are going. . . just for the sake of the pleasant conve rsation. In our culture, we are used to seeking the â€Å"point. † ? Develop a short introduction in Thai that explains who you are and why you are here in Thailand. Saying that you are an â€Å"achjan† (a teacher/professor) explains a lot.This will be very helpful, so that people know who you are, how long you will be here, and so on. It puts everyone at ease. ?Never divide up the bill at the restaurant. The most senior person will â€Å"liang. † It’s the Thai cultural law. Hierarchies define the nature of power in relationships in Thailand; royalty over commoners, men over women (women cannot be ordained as monks in Thailand), and age over youth. By the way, the best way to reciprocate in terms of food is to buy candy or fruit to share with your Thai colleagues on your trips together. This is perfectly acceptable, and appreciated.Never assume that your English is being understood by your students. Slow down. Ask them lots of questions. Be patient; Thai students are used to lecture-style classrooms. Tell stories. Keep them with you (on topic). Try to relate your topics to Thailand, Thai applications of things, even if it is a stretch. Joke around a bit. Show that you can â€Å"take† a joke—tell one on yourself. Lighten up and the Thais will appreciate it and your communication will be far better. Over-serious classrooms are over-rated. Always share what you are eating. (That can’t be over-emphasized. Wherever you are living, establish your own little village; people you see and fuss over every day, like the noodle folks, the flower lady, the 7-11 folks, and your favorite night market vendors. The substance of the conversation is not the issue, it’s the attention. Simply remarking on the sweetness of the oranges (waan maach! ) or commenting on the heat (always safe) is fine. With just a bit of friendly banter it becomes â€Å"your neighborhood,† a little like Norm walking into â€Å"Cheers. † I have found these simple, smiling conversations are a source of â€Å"friendly energy† I can enjoy every day.Banter begets banter which makes you feel more at home. Get in shape! Many Thai temples are located on the top of hills. And just maintaining your energy levels in this heat takes some oomph. You don’t have to be a Buddhist to appreciate and learn from various aspects of this religion. Remember, the Buddha said that you should only apply the aspects of Buddhism to your life until after you have experimented with them and they seem to make sense to you personally. There is no pressure to believe in an overarching philosophy; just a big, broad display of spiritual and practical ideas to experiment with and learn from.Sort of like the experience of living in Thailand itself. PORNTIP COMMENTS:? Even though the more senior Thais will buy you meals almost every time, you may wish to offer to do it in return once in a while. It might not work but that generous offer will be appreciated. Buying some kanoms or some little gifts to give to the more senior and friends would be a nice gesture to show your thoughtfulness. Thai students love learning by listening so storytelling is the good way to attract their attention and it's fun while keeping them focused and remember what they've heard.It could be difficult to have some deep discussions with quite a number of Thais but don't lose hope. Sometimes, it's just because of the language. Other times it could be because Thai people aren't used to expressing their ideas extensively unless they feel very close to the persons. Having discussions with Thais regularly will also help Thais think and interact faster too. Enjoy learning about Buddhism in a practical way†¦.. by understanding ‘the middle path’, it helps you ponder upon ways to balance your life. Learning how to meditate would simply lead you to have some peaceful moments.

Analysis of Bullet in the Brain

The short story â€Å"Bullet in the Brain† is written by Tobias Wolff. The story takes place in a bank, where we meet the main character Anders. We see the incident from an omniscient narrator’s point of view. The short story is told in chronological order with flashback.We meet Anders in the beginning of the text as a rude and sarcastic man, who has the need to be sarcastic towards a strange woman. When Anders gets shot in the head, the first thing the narrator tells the reader is the things, which did not pass before his eyes.What we hear about here is things he has experienced in his adult life. The narrator returns to Anders real thoughts, and takes the reader back in time to his childhood. In the last part we once again return to the present moment. Anders critiques the bank robbers, as he would criticize one of the books.For example you can tell he is criticizing them, when he says: â€Å"(†¦) Great script, eh? The stern, brass-knuckled poetry of the dangero us classes† He finds these bank robbers to be predictable in their actions, and he cannot take them seriously.â€Å"Did you hear that? † Anders said. â€Å"Bright boy† Right out of â€Å"The Killers†. Tobias Wolff introduces flashbacks, when Anders gets shot in the head, to show the reader his highlights in his, now ending, life.Wolff accentuate the fact that, what Anders did not remember, is just as important and telling about his personality, as what he did remember. The narrator is introducing Anders’ flashbacks by list, what the reader would assume.

Implications of Space and Time for Distributed Work Essay

The study conducted by Suprateek Sarker and Sundeep Sahay aims to understand the effects of differences in terms of space and time based on observations done on an information systems development (ISD) project conducted by a virtual team. To accomplish the task, the researchers and coordinators observed several US-Norwegian systems development teams and gathered communication logs from the teams observed, from which they identified both the associated problems and strategies in terms of time and space related issues involved in the function of virtual teams (Sarker and Sahay 7). In terms of space, the problems identified were difficulties in communication, connection, trust, culture adaptation, and issues related to technology (Sarker and Sahay 8, 11, 13). Of course, there were also various methods identified which were utilized by the members of the virtual teams to compensate for such problems. For one, problems in terms of communication, connection, and trust were minimized through the proper use of a chat program as well as work documentation shown by members (Sarker and Sahay 11). In terms of cultural differences, the members were able to minimize the conflicts by being culturally sensitive and building rapport (Sarker and Sahay 12). Lastly, problems based on technology related aspects such as differences in skills, language, and infrastructure were dealt with through compromises, alternative methods of representation, and positively taking diversity into context (Sarker and Sahay 14). As mentioned, not only was space taken into consideration in the study but time as well. In this sense, two general problems associated with time were identified. The first one was that differences in time zones resulted in confusion as well as varying levels of activity and productivity due to the differences in the biological clock of the members; this was addressed through time conversion methods, deciding upon a more efficient time for work, and task allocation (Sarker and Sahay 16). The second obstacle associated with time was that there were conflicts in archiving message logs. In response to these conflicts, the members utilized a common method of messaging, and some teams even used a single terminal for communication purposes (Sarker and Sahay 17). In general, the study conducted was successful in identifying several challenges and solutions utilized by virtual teams. The researchers, however, have pointed out that the members of the virtual teams in the studies were mainly students. Hence, they may not be a good representation of virtual teams in a corporate sense (Sarker and Sahay 18). Even so, given the lack of information regarding such details about the functional processes of a virtual team even with a generally praised concept (Sarker and Sahay 3), the findings derived in the study are definitely of importance especially for the further understanding of virtual teams. Work Cited Sarker, Suprateek and Sundeep Sahay. â€Å"Implications of Space and Time for Distributed Work: an Interpretative Study of US-Norwegian Systems Development Teams. † European Journal of Information Systems 13 (2004): 3–20.

My Experience as a Writer Essay Example | Topics and Well Written Essays - 500 words

My Experience as a Writer - Essay Example I do not know much about writing. Bringing out thoughts through writing is never as easy as speaking ideas freely. What you say may be of the same content as to what you will write but making it come through professional write-ups takes practice and sufficient training. And, I took the opportunity and gave all of my best ability to grow as a writer. Learning the skills and equip a person to become a writer requires patients because you have to learn the basic processes in writing. While writing involves processes, this means that there are certain techniques that a writer can apply to do the writing approach. Actually, there are no specific or general processes that I follow. I write freely, yet considering the format and use of grammar of course. I know that professional writers do not write without effort and getting perfect output from their first draft. Revisions are always welcome with the drafts. After learning the processes in writing, we also come to know about different styles of essay writing. What I personally like to write are autobiographical essays. This is a writing style which the life of an individual is narrated in the essay. It is always based on the writer's memory about the details of what to write and no pressure to do much research. On the other hand, I find a concept essay to be difficult for a writer to write because it requires extensive research.

Mahatma Gandhi Coursework Example | Topics and Well Written Essays - 3000 words

Mahatma Gandhi - Coursework Example Mohandas Karamchand Gandhi is usually addressed as Mahatma Gandhi, "Mahatma" meaning "Great soul". He led India through its struggle to independence and has been rightfully called the "Father of the nation" or "Bapu, meaning Father" in India. He was a great visionary and in his thoughts and actions were far ahead of his times. He lived his life for his principles of simple living and high thinking. He wanted to follow "satya" or truth and ahimsa or non-violence. In a world of crimes and death rows, he showed that spirituality and a deep concern for his fellow beings a can achieve a lot through the toughest of odds. In the Times Magazine, year 2000 Johanna McGreary, writes that, "In an age of empire and military might, he proved that the powerless had power and that force of arms would not forever prevail against force of spirit." Times magazine had nominated him as the runner up for the "Person of the Century". Gandhiji's autobiography, "The Story of My Experiments with Truth" makes gripping reading and one cannot but be amazed at the humble beginnings and simple circumstances which has led to the shaping of this great soul who served as a documented inspiration for celebrities like Martin Luther King, Nelson Mandela, Lech Walesa, and Aung San Suu Kyi. Set in the time frame of the mid 1800's to the mid 1900's it targets multiple audiences, which are riveted towards it for the different facets it presents. It walks us through his innocence childhood, youthful discrepancies and an emerging maturity as he sees the world and takes in the sufferings and the steeled principles, which eventually sees him, triumph. He is never at a loss for words because it's just a narration of the happenings in his life, his inspirations, both people and events, and a will to impart his education and knowledge to the readers. His autobiography is very simply written and starts honest account of what how his life began. He was born in Porbunder in 1869 on October 2nd. He was the youngest of three brothers. He was born in to a traditional, religious "Vaishnavite " family meaning a particular caste bound by specific religious beliefs and cultural codes. His father was a strict but very well respected "Divan" or official in the administration and was young Gandhi's role model. His mom is portrayed as a very religious person who put herself through fasts and saintly austerities and accepted every hardship as a will of god and did not flinch when things didn't go according to plan. Young Gandhi states that two of the most inspiring events in his life happened during his childhood.One of his first memories is the reading of a book about 'Sharvan", a son who stuck to taking care of his parents with unerring devotion and care. He was enamored by this fact and the proof that he imbibed it well is that when his father is bed ridden later in his life he was one of the prime nursing aides: even in his young age, he is supposed to have forgone time at the gym in order that he rushes home to be at his father's side. But at the same time, he also feels very badly when he spends time with his

The Global Economy Essay Example | Topics and Well Written Essays - 2500 words

The Global Economy - Essay Example They demonstrate average volatility shifts of many prices of agricultural commodities and finds further support in implied volatility evidence. This happens against a backdrop of shifts towards global markets and market liberalization, as well as dramatic alterations within the energy sector with regard to bio-fuel production. One factor that affects the volatility of these agricultural commodity prices is trends (Cooke & Robles, 2011: 56). Long run decreases or increases in series volatility may occur. These can be accounted for by the inclusion of time trends in variables explaining volatility. Another factor is stock levels. As stock levels of various commodities drop, there is an expectation that volatility in prices of these commodities will also increase. Low stocks will lead to dependence, on current production, to meet consumption demands in the short term also increasing. Further yield shocks could portend an increasingly dramatic effect on the commodity prices. The yields f or particular crops will also drive a commodity’s price up or down. In relation to expectations, a large yield may cause prices to drop while a particularly low yield may result in an increase, in the price (FAO, 2011: p123). If the prices respond in a symmetrical manner to the yields, then no impact will be expected on the series volatility. If, however, a bigger yield impacts more on the prices, then volatilities will be positively related to yields while, conversely if lower yields have more impact on the prices than higher yields, then the volatilities will have a negative correlation to the yields. Another factor has to do with the transmission across prices. Positive transmission of price volatilities is expected across agricultural commodities. Global markets do experience international shocks that could influence the world demand for agricultural commodities with these markets also adjusting to policy movements, which may impact simultaneously on a number of commoditi es (FAO, 2011: p124). In addition, Volatility in a particular market may have a direct impact on another’s volatility where stocks are speculatively held. Exchange rate volatility is another factor that affects volatility of agricultural commodity prices (Hill, 2011: p33). Prices received by producers on deflation into the domestic producer currency may impact significantly on commodity prices at which the producers are prepared to sell. This is also extended to stockholders. Volatile rates of exchange significantly increase the risk inherent in returns. Therefore, it is expected that a positive volatility of exchange rate transmission could result in agricultural commodity price volatility. Oil price volatility is another factor with perhaps the biggest agricultural production shifts in the past decade, and one that is expected to continue, being the move towards the use of bio-fuels (Hill, 2012: p56). Recent empirical studies have suggested the transmission of prices betwee n sugar prices and oil. A likely link also exists between the costs of input and that of output. Freight costs, mechanized agriculture, and fertilizer prices all depend on the price of oil, which are transmitted to agricultural commodity prices. In light of the recent unprecedented volatility of oil prices, this volatility shows a potential to spill over into agricultural commodity volatility. For example, the sudden interruption of fuel availability during the Iraq war in 2002

American Trade and Imperialism Research Paper Example | Topics and Well Written Essays - 2500 words

American Trade and Imperialism - Research Paper Example ing this period, America started to influence the cultural, military, social, political, and economic nature of other nations that enabled America to expand its power and influence to foreign territories. Various factors led to the emergence and adoption of the American imperialism policy. These factors include the Spanish-American war where America sought the independence of Cuba by compelling Spain to withdraw from Cuba. The American need to annex Hawaii due to its immense natural resources and arable lands also fostered American imperialism. The American push for an "Open Door" trading policy in China that allowed America to have equal trading rights in China and the American quest to participate in international trade also led to American trade and imperialism. American imperialism led to various effects on America, its colonies, and other European nations. Such effects have been consistent and significant throughout the centuries. This paper addresses the political, economic, mi litary, cultural, and social influence of American trade and imperialism on America and other foreign nations. Since the early 1990s, the American economic interest had been superseding the American belief in democracy. Before the early 1990s, America had been opposing imperialism for many years. In simple terms, American imperialism relates to the political, economic, social, or cultural influence of the U.S on other foreign nations (Hobson 1). The influence emanating from this policy enabled America to participate in international trade and expand its power into powerless nations like Cuba. It is worth noting that the American need to become a dominant force in international trade and global affairs prompted America to disregard its democratic capitalism system of governance and focus on its economic interests (Hawkins 1). It is clear that the American imperialism began between 1870 and 1916 subject to distinct factors that equally led to the successful adoption of this policy. For

Is it important for society to try to save languages that are in Essay

Is it important for society to try to save languages that are in danger of disappearing Should governments create laws to encourage the protection of endangered languages - Essay Example It is very important for the society to preserve their languages. This is because it encourages the growth of culture and social progress. The steps taken to promote the propagation of native languages to encourage the linguistic diversity and the cultural traditions in the world, which inspires solidarity based on understanding, indulgence, and discourse. Most of these languages under threat of extinction are due to powerful languages such as English, French, Spanish, and German. Languages are the most important tools of communication. They help reflect the view of the world according to the different communities that speak marginalized languages. They are also tools of value systems and of cultural expressions. Languages contribute as the dominant factor that gives identity to various communities, groups, and individuals (Zrioka, 2012). Despite the increased importance of technology, it has also contributed to extinction of language. The age of cyberspace and digitalization has con tributed a lot towards the extension of these languages. This is because the use of powerful language like English has dominated the education system in many countries. It has made the young people to try to learn it for a better career (Council of Europe, 2010). The governments should create laws to encourage the protection of endangered languages. This can be done by setting up of a native language day. This will encourage the societies to maintain their cultures and traditions and strengthen the unity and cohesion of societies. Secondly, the government can protect the use of this language through the enacting Minority Language Protection laws. Protection laws will encourage the use of minority languages in various departments of the government. The Minority Language Protection laws should aim at encouraging training of interested people to use their native languages. This can be done by encouraging the training of native languages in government schools

Barefoot Running vs Traditional Running, The Pros and Cons Research Paper

Barefoot Running vs Traditional Running, The Pros and Cons - Research Paper Example While some dismiss the growing trend of barefoot running as a mere fad, some believe it will be a new wave in the history of sports. Innumerable debates have ensued in popular media over which one, barefoot running or shod running, is better, more beneficial and safer. However, scientific evidence is not yet enough to settle the debate. A lot of research has gone into analyzing the biomechanics, impact characteristics, etc of traditional and barefoot running and based on the findings of these studies, the pros and cons of both types of running have been weighed. The use of cushioned and protective footwear for running began in the 1970s with the invention of modern running shoes (Lieberman et al. 531). Prior to this invention, humans ran with none or minimal footwear. Human ancestors used simple and minimal foot coverings such as moccasins made of leather (Jenkins and Cauthon 231). Earlier dogmas claim that human feet are â€Å"evolutionarily unsuccessful† and that they are fr agile because of which protective cushioning for the feet is vital (Jenkins and Cauthon 231). However, this dogma was refuted by a study in Nature, which argues that human ancestors, who practiced barefoot running, were remarkably good at endurance running and that it may have been â€Å"instrumental in the evolution of the human body form† (Bramble and Lieberman 345). ... As most of the present research on this subject is yet inconclusive and is still in progress, it cannot be ascertained as to whether barefoot running is better than shod running, but the pros and cons can however be weighed based on currently available evidence. I. Pros of Barefoot Running vs. Traditional Running A. Less susceptibility to injury in barefoot running The surging interest in barefoot running has been largely because the rates of running-related injuries are high amongst shod runners as compared to barefoot runners (Robillard 13; Edwards, Foster and Wallack 150). Kerrigan et al. (2009) have shown that the hip, knee and ankle joints are more prone to injury in shod runners than in barefoot runners, making them more susceptible to disorders such as knee osteoarthritis. In another study, Hamill et al. (2011) found that the footfall patterns in shod running and barefoot running are different, and therefore, the impact patterns of the two types of running vary from one anothe r. The differences in impact patterns are responsible for varying extents of injury caused by both types of running. Robbins and Hanna have also shown that barefoot running populations report an extremely low frequency of running related injury (148). They further state that the human foot has developed adaptations that result in shock absorption and these adaptations are non-functional in traditional running. Many other studies such as those by Warburton have found that barefoot running is associated with a significantly low rate of acute ankle injuries and chronic lower leg injuries. Scientific data as to the level of protection of athletic

Contruction & analysis Exercises Essay Example | Topics and Well Written Essays - 1250 words

Contruction & analysis Exercises - Essay Example The curtains flapped about in the draught caused by a carelessly half-closed window. And on the floor, to the left of the chairs lay Jerry Pinto, very, very quiet.in fact, very, very dead Mary Pinto entered the room. She had a tranquil air about her; her skin looked translucent, her mouth was soft, and her eyes large and dark, giving her an appealing wide-eyed look. She was six months into her pregnancy-a fact barely discernible on her slight figure. Mary deposited her shopping bag on the sideboard next to the half empty glasses, humming a tune, and smiling to herself. "Jerry, how are you, darling" she said with genuine affection, in the direction of where she expected him to be sitting Not hearing his reply she turned around, and stood stupefied for a momentonly for a momentthen she ran to where he lay fallen on the floor. She seemed somehow to understand, as soon as she saw him, that he was dead. Perhaps it was the way he lay. In that strange and stiff fashion She ran over to him and sat down by his side, gently lifting up his head, cradling it in her lap. The sobs came hesitant and rasping at first, but louder and more abandoned as the moments passed. She must have sat thus, for what seemed like an age to her. But it must have been no more than five minutes Mary suddenly stopped crying, and wiped her eyes. ... The voice at the other end was familiar " Quick! Come quick! I think Jerry's dead!" said Mary into the receiver " Mrs. Pinto yes Mrs. Mary Pinto here. I think so. He's lying on the floor, and I think he's dead" she said, as her voice caught on another sob. The call over, she busied herself in the room, moving here and there, straightening up the furniture, trying not to look where it layItHe was it now. No longer Jerry. Before long, Mary heard the sound of a car. Even before the knock, she was at the door to open it. Two plains clothes men stood there. She knew them wellthey were Jerry's colleagues after all. On seeing them, Mary suddenly felt the tears start again. James Hendricks, the young officer who had joined the force only recently was plainly moved. He helped Mary gently to a chair. Aneez Afzal, the other cop, a veteran, kept his face expressionless. But as he moved towards Jerry, it crumbled for a moment in an expression of grief and despair. Jerry was his colleague and friend, and they'd been working together for the last five years "Is he dead " Mary managed to ask. "I'm afraid so", replied Afzal. "Tell us what happened, Mrs. Pinto. Where were you, and how long back did this happen" "You know, how punctual Jerry is", said Mary. "He had just returned from the police station by 5.30, as usual. I was sitting here with my sewingI hadn't cooked any dinner today. You know, every Wednesday we go out for dinner. But Jerry was so tired"Her breath caught on a sob again, and she took some time to compose herself. "I thought it better to have dinner at home. I put a leg of lamb in the oven, and nipped across to Vipul's, you know, Vipul's the Indian store down the road I didn't have any vegetables at home. I left Jerry to unwind over a drink. I was hardly away

The World is Being Globalized Essay Example | Topics and Well Written Essays - 750 words - 1

The World is Being Globalized - Essay Example d with liberalization of trade among different states as well as culture exchange given that various countries have immensely benefited from other cultures as a result of globalization. As such, I believe that the world is not being Americanized but it is being globalized given that different countries are presented with the opportunity to contribute towards the global development. Thus, according to Anthony Giddens, â€Å"The level of world trade today is much higher than it ever was before, and involves a much wider range of goods and services (16).† It can be seen that the Americans have come to realize the existence of different cultures in the world than the people from other countries passively adopting American cultural values. Therefore, Americanization is nothing but an overstated expression used by other people to show how America has influenced the political processes in other countries through revolutions which should not be confused with globalization. Some countries have not adopted America’s world views with regards to their political processes. However, the influence of American culture on the other nations as a result of globalization forces cannot be ignored. Richard Pells, in his article entitled â€Å"Does the world still care about American culture† posits to the effect that â€Å"the most striking about attitudes toward the United States in other countries is not the anti-Americanism they reflect or the disdain for former President George W. Bush, or the opposition to American foreign policies.† Of notable concern is the fact that globalization does not entail Americanization of the globe since the culture of this country is not readily adopted by different countries. People from different parts of the globe are increasingly indifferent to Americas culture given that they have not been directly influenced or manipulated by it. Whilst the power of America cannot be disputed, it however does not control the political processes of all the

Mathematics and ESL Students Essay Example for Free

Mathematics and ESL Students Essay With the changing demographic in schools and cities, there should be a growing focus on the method of teaching to be sensitive to the needs of ESL learners. In the article Supporting ESL Students among the key insights was the need to build foundations. As in any curriculum or area of learning, it is necessary to build on a strong base and establish fundamental concepts for learning to be fluid as knowledge areas expand. Consider how mathematics was first introduced or taught to students. To be able to fully grasp mathematics, one must first learn addition and subtraction. From there one can learn multiplication and division then fractions. This method of teaching and learning emphasizes the need to build on a strong base. For ESL students the case is similar, in that first they must build a strong foundation of language, meaning develop a knowledge of basic or fundamental words, and from there move on to abstractions and conjugations. By first understanding root words and key structural and grammatical rules, they are able to build on a solid foundation and thus better understand more complicated concepts. A sensitivity to language, grammatical structure and word usage is necessary because for ESL learners, understanding of mathematical concepts only come after successful communication. In Reforming Mathematics Instruction for ESL Literacy Students, authors Buchanan and Helman (1997) concur with the initiative to engage learners in collaborative learning. In this case, students are challenged cognitively by encouraging them to investigate, formulate and comprehend mathematical concepts through classroom activities. By engaging learners in activities that will require them to formulate their own questions, engage in classroom discussion or interact with others in an attempt to communicate their learning, then students are stirred clear of becoming passive learners. By engaging their understanding, then learners have a better chance of fully grasping concepts as well as remembering them. As the old adage goes, â€Å"Practice makes perfect,† in the case of mathematics and the English language, nothing can be more appropriate. By encouraging students to practice their language skills as well as their understanding of the mathematics, they hone their knowledge and skills set. Encouraging and helping develop fluency helps students in many different ways. First they are better able to understand instruction later on, second they are better to communicate their own thoughts and insights and third, they build a knowledge foundation of which they can build upon later on. Learning mathematics is often like building a pyramid. For one to be able to successfully learn mathematics, one must begin with a strong foundation of basic mathematics concepts and only from there can one progress. In teaching mathematics, strong foundations should always be the point of reference. As such, linking mathematical concepts with prior knowledge and experiences make it easier for the student to relate the topics and then connect it to their own lives. In this sense, learning becomes more of a personal and integral experience rather than a passive encounter. By being able to successfully relate mathematical concepts to more familiar terms and experiences the fatigue or fear associated with the technical aspects of mathematics can be reduced as well. Learning mathematics in itself is a challenging task on its own. For ESL learners the challenge of learning mathematics is only compounded by the task of having to negotiate an unfamiliar language. As such in the instruction of mathematics to ESL students it becomes necessary for the instructor to be sensitive to these needs. A focus on providing instructions that would build good foundations in language, grammar and understanding of mathematics is integral. Similarly, positive reinforcement of learning through the encouragement of continued communication between students and classroom activities that promote practical utilization of concepts learned, promotes the better understanding of math as well as language. Reference List Buchanan, K. and Helman, M. (1997). Reforming Mathematics Instruction for ESL Literacy Students. Center for Applied Linguistics. Retrieved 10 March 2009 from http://www. cal. org/resources/digest/buchan01. html

The Different Sources Of Finance And There Implications Finance Essay

The Different Sources Of Finance And There Implications Finance Essay The assignment attempts to explore the different sources of finance and its implicationIt describes how different structures and cultures affect the business performance of the organization. It identifies the cost of finance as a resource, budgeting and financing adequately. The application of investment appraisal technique and long term decisions. Shows the understanding of basis business and accounting terminology. Research Methods. Theoretical studies from different books and Handouts from our tutor. Personal academic knowledge about business finance.ACCA background. JS AND Co. medium sized retailer scenario. Sources of Finance Js and Co. must be very aware of the importance to use the appropriate sources of financing meeting the needs of your company. Sources of finance to business There are different sources of finance,namely : Short term finance- Trade credit Commercial banks -overdraft Fixed deposits for a period of 1 year or less Advances received from customers Various short-term provisions Operating lease. Medium term finance- Debentures/bonds Public deposits/fixed deposits for duration of three years Commercial banks Short term loans

‘Reasonably Foreseeable’ Victim Evidence

‘Reasonably Foreseeable’ Victim Evidence 1.  Davina Davina must prove that her depression is medically-recognised (McLoughlin v. O’Brian (1983)) caused by the accident and that she was a ‘reasonably foreseeable’ victim. She must also show that her injury would be foreseeable in a person of reasonable fortitude (Page v. Smith (1996)). Davina is a secondary victim (Alcock v. Chief Constable of South Yorkshire Police (1992)) so must establish a close relationship between herself and Bertram, proximity to the accident and that her injury came through sight or hearing of it. Bertram is Davina’s brother; Davina heard the accident and attended immediately afterwards thus her claim should succeed, Whitchester District Council The pothole may constitute a breach of the Council’s duty under section 41 of the Highways Act 1980 to maintain ‘highways maintainable at public expense’. However, section 58 provides a defence if the Council took reasonable care to ‘secure that the part of the highway†¦ was not dangerous to traffic’. Therefore, if the Council carries out regular inspection and makes timely repairs it will have fulfilled its duty. Ethelred Ethelred may be vicariously liable for Conrad’s negligence, since Conrad is an employee (Ready Mixed Concrete (South East) Ltd v. Minister of Pensions and National Insurance (1968)) acting in the course of employment; although Conrad had finished his deliveries, he was going back to the depot and thus not ‘on a frolic of his own’ (Joel v. Morrison (1834)). Conrad Conrad owed Bertram the recognised duty between road users (Caparo v. Dickman (1990)) and must reach the standard of a reasonably competent driver (Nettleship v. Weston (1971)). Conrad was ‘hurrying’ back to the depot suggesting he was speeding or driving carelessly particularly since he was unable to stop in time. In a case involving multiple causes of injury, Bertram only needs to show that a breach materially contributed to the damage (Bonnington Castings Ltd v. Wardlaw (1956)). Running Bertram over with his lorry would cause a reasonably foreseeable (The Wagon Mound (No 1) (1961)) material contribution to his injuries which would not have occurred ‘but for’ Conrad’s negligence (Barnett v. Chelsea and Kensington Hospital Management (1969)). Alphonse Alphonse owed Bertram the recognised legal duty of care between road users (Caparo) and must show the same standard of care as a reasonably competent and experienced driver (Nettleship v. Weston). There is nothing to suggest that Alphonse was driving carelessly before hitting the pothole. It is unlikely that he will be liable to Bertram. It is likely that his broken wrist would be too remote for liability to arise (Wagon Mound). Alphonse should have been aware of the difficulties walking whilst wearing a neck collar and taken extra care on stairs. Bertram By stepping into the road without looking, Bertram could be considered to be contributorily negligent. The existence of a duty of care is irrelevant (Jones v. Livox (1952). If Bertram is found to be contributorily negligent any damages will be reduced to the extent that his carelessness caused his injuries, considering the relative blameworthiness of the parties. (500 words) 2. Private nuisance Private nuisance can be defined as unlawful interference with use or enjoyment of land. The claimant must be the landowner (Hunter v. Canary Wharf Ltd (1997)) and the interference must be an unreasonable state of affairs causing damage or personal discomfort as a result. Lordly is the landowner. Frequent bonfires will constitute a state of affairs. In considering whether this is unreasonable, the character of the neighbourhood will be considered (St Helens Smelting Co v. Tipping (1865)) in relation to the degree and type of interference that could be expected in that locality. It is likely that frequent burning of tyres on village outskirts would be unreasonable. Lordly has been unable to enjoy his garden because of the smell; smell is recognised as a recognised category of nuisance (Wheeler v. JJ Saunders Ltd (1996)). Sumpoil would be liable as the creator of the nuisance. Chip will not be able to bring a claim for disruption to his mobile phone as he is not the landowner. Public nuisance Public nuisance can be defined as nuisance which materially affects the reasonable comfort and convenience of a class of Her Majesty’s subjects (A-G v. PYA Quarries Ltd (1957)). Road users have been held to constitute a class (Castle v. St Augustine’s Links (1922)). Moreover, the claimant must have suffered special (particular) damage, which must be different in nature or extent from that suffered by the rest of the class. The smoke has adversely affected visibility for drivers and thus affects their convenience Lordly has suffered further damage and could therefore bring a claim in public nuisance against Sumpoil. Harassment Section 3 of the Protection from Harassment Act 1997 creates a statutory tort of harassment, satisfied if the defendant pursues a course of conduct (on at least two occasions (section 7(3)) that causes another to experience harassment. Such conduct can include words (section 7(4)). Therefore, Chip’s frequent swearing at Sumpoil may give rise to liability for harassment if it caused Sumpoil to feel harassed, alarmed or distressed. Assault and battery Battery is defined as the intentional direct application of force to another person. An assault is an act which causes the reasonable apprehension of infliction of a battery. Sumpoil walked up to Chip carrying a large wrench.. If Chip reasonably apprehended that Sumpoil was going to hit him, then Sumpoil would be liable for assault. Chip punching Sumpoil on the nose would constitute a battery, and, if Sumpoil apprehended the punch, would also give rise to an assault. Interference with business Lordly interfered with the supply of goods to Sumpoil’s business and may be liable for the tort of interfering with business if he knew of the existence of the contract and intend to interfere with its performance (Merkur Island Shipping Corp v. Laughten(1983)) without sufficient justification, leading to an actual breach of contract, causing damage. However, it is not clear whether the delays in delivery constituted a breach of contract or whether Sumpoil suffered resulting loss. (500 words) List of cases A-G v. PYA Quarries Ltd [1957] 1 All ER 894 Alcock v. Chief Constable of South Yorkshire Police [1992] 1 AC 310 Barnett v. Chelsea and Kensington Hospital Management [1969] 1 QB 428 Bonnington Castings Ltd v. Wardlaw [1956] AC 613 Caparo v. Dickman [1990] 1 All ER 568 Castle v. St Augustine’s Links (1922) 38 TLR 615 Hunter v. Canary Wharf Ltd [1997] AC 655 Joel v. Morrison (1834) 6 C P 501 Jones v. Livox Quarries [1952] 2 QB 608 McLoughlin v. O’Brian [1983] AC 410 Merkur Island Shipping Corp v. Laughten[1983] 2 AC 570 Nettleship v. Weston [1971] 2 QB 691 Page v. Smith [1996] 1 AC 155 Ready Mixed Concrete (South East) Ltd v. Minister of Pensions and National Insurance [1968] 1 All ER 433 St Helens Smelting Co v. Tipping (1865) 11 HLC 642 The Wagon Mound (No 1) [1961] 1 All ER 404 Wheeler v. JJ Saunders Ltd [1996] Ch 19 Bibliography Howarth, DR and O’Sullivan, JA (2003) Heppel Howarth Matthews Tort Cases Materials (5th edition), LexisNexis Butterworths, London Mullis A and Oliphant K (2003) Torts (3rd edition), Palgrave Macmillan, Basingstoke Rogers WVH (2002) Winfield Jolowicz on Tort (16th edition), Sweet and Maxwell, London

Esek vs Hopkins :: essays research papers

The birth of the United States Navy on 13 October 1775 formed a defensive measure in response to the growing need to protect the commerce of a developing nation from the then largest navy in the world, the British fleet. Esek Hopkins, the brother of a powerful Rhode Island politician found himself selected as the first Commander in Chief of the Continental Navy. During the French and Indian War, Hopkins quickly emerged as an experienced merchantman as well as a participant in the profitable privateering of British commerce vessels. On Hopkins’ first mission as Commander in Chief, he found himself in a bind and resorts to his skills as a privateer rather than a Continental naval officer. Years later the United States continued to have problems with commerce raiders, this time with the Barbary Pirates of the Mediterranean Sea. A young man, the son of a Revolutionary privateer, became the answer to this problem; he was known as Stephen Decatur. Decatur led many successful missio ns in the Mediterranean and became famous for his leadership and heroism. A comparison of the careers of Hopkins and Decatur proves that the success of naval leaders depends not only upon their skill as mariners, but also upon experience, judgment, and luck.   Ã‚  Ã‚  Ã‚  Ã‚  Both Hopkins and Decatur came from seafaring families and were skilled sailors, but Decatur’s experience as a naval officer gave him an advantage over Hopkins. After ten years as a shipmaster on the West Indies Route, Hopkins proved his naval prowess as a successful privateer during the French and Indian War, indicating that he was â€Å"as good a warrior as a trader.† However, his lack of experience showed in his battle with the Glasgow, where he exercised little control over the ships within his command, operating as privateers rather than as a fleet. While Decatur had fewer years at sea, he had more military skill than Hopkins primarily because he garnered his experience within an organized navy rather than as a privateer operating independently. As a result, one could expect Decatur to be more successful in organized naval battles than Hopkins.   Ã‚  Ã‚  Ã‚  Ã‚  Decatur did not necessarily show better judgment than Hopkins, but his lapses of judgment seemed more popularly acceptable. Hopkins did not adequately consider political context in his decision-making. His actions in leaving the southern colonies unprotected in order to capture a fort in the Bahamas and his offering of the spoils to the northern colonies without consulting Congress showed his insensitivity to the need of the new nation to overcome separatism.

The Many Benefits of Hunting Essay -- Sport Hunting

When a Minnesota dentist killed a prized African lion named "Cecil" he received an onslaught of criticism and reignited the debate concerning hunting. To many people, hunting is a cruel and inhuman act. For others, hunting is a sport and a way of life. Is hunting ethical? Should hunting be allowed to continue? First off, what is hunting? According to the Encyclopedia Britannica, hunting is a â€Å"sport that involves the seeking, pursuing, and killing of wild animals and birds, called game and game birds, primarily in modern times with firearms but also with bow and arrow† (â€Å"hunting†). It is my firm belief that most hunting should most definitely be allowed to continue and they should also be supported. My first reason for being pro-hunting is population control. Hunting is a legitimate and ethical method to stop wildlife populations from overpopulating and inevitably dying off. According to the Department of Natural Resources, â€Å"deer/vehicle accidents declined by more than fifty percent as a result of managed hunting programs in sections of Montgomery County, Virginia, and the United States† (Hotton). The anti-hunting group P.E.T.A proposes that there are alternate methods such as sterilization. According to an article by PETA, â€Å"if females are captured, marked, and counted, sterilization reduces herd size† (PETA). There are two methods of sterilization that may be used. The first method is surgical sterilization. The way this is done is by removing parts of the reproductive system. The problem is that â€Å"this method is extremely costly, ranging up to $1000 per deer† (â€Å"Deer Control†). The second method is the â€Å"ligation of t he oviduct† (â€Å"Deer Control†). â€Å"This method is effective, but very expensive and puts a lot of stress ... ...laughterhouse." PBS. PBS, 31 Mar. 2002. Web. 23 Feb. 2012. PVCI. "PVCI." Bobcat. Web. 03 May 2012. . Ramsey, P. S. "Poaching." Encyclopedia of Environmental Issues, Revised Edition. Ed. Craig W. Allin, 2nd ed. 3 vols. Salem Press, 2011. Salem Science Web. 06 Oct. 2011. "Tradition." Dictionary.com. Dictionary.com. Web. 03 May 2012. . Staff, CBS News. "Pink Slime in Ground Beef: What's the Big Deal?" CBSNews. CBS Interactive, 14 Mar. 2012. Web. 02 May 2012. "Subsistence." Dictionary.com. Dictionary.com. Web. 02 May 2012. . "Subsistence Hunting in a Global Economy." The Arctic and the Global Economy. Making Waves: A Newstetter for Community Economic Development [CED] Practitioners in Canada,vol 4, No 3. Web. 02 May 2012. The Many Benefits of Hunting Essay -- Sport Hunting When a Minnesota dentist killed a prized African lion named "Cecil" he received an onslaught of criticism and reignited the debate concerning hunting. To many people, hunting is a cruel and inhuman act. For others, hunting is a sport and a way of life. Is hunting ethical? Should hunting be allowed to continue? First off, what is hunting? According to the Encyclopedia Britannica, hunting is a â€Å"sport that involves the seeking, pursuing, and killing of wild animals and birds, called game and game birds, primarily in modern times with firearms but also with bow and arrow† (â€Å"hunting†). It is my firm belief that most hunting should most definitely be allowed to continue and they should also be supported. My first reason for being pro-hunting is population control. Hunting is a legitimate and ethical method to stop wildlife populations from overpopulating and inevitably dying off. According to the Department of Natural Resources, â€Å"deer/vehicle accidents declined by more than fifty percent as a result of managed hunting programs in sections of Montgomery County, Virginia, and the United States† (Hotton). The anti-hunting group P.E.T.A proposes that there are alternate methods such as sterilization. According to an article by PETA, â€Å"if females are captured, marked, and counted, sterilization reduces herd size† (PETA). There are two methods of sterilization that may be used. The first method is surgical sterilization. The way this is done is by removing parts of the reproductive system. The problem is that â€Å"this method is extremely costly, ranging up to $1000 per deer† (â€Å"Deer Control†). The second method is the â€Å"ligation of t he oviduct† (â€Å"Deer Control†). â€Å"This method is effective, but very expensive and puts a lot of stress ... ...laughterhouse." PBS. PBS, 31 Mar. 2002. Web. 23 Feb. 2012. PVCI. "PVCI." Bobcat. Web. 03 May 2012. . Ramsey, P. S. "Poaching." Encyclopedia of Environmental Issues, Revised Edition. Ed. Craig W. Allin, 2nd ed. 3 vols. Salem Press, 2011. Salem Science Web. 06 Oct. 2011. "Tradition." Dictionary.com. Dictionary.com. Web. 03 May 2012. . Staff, CBS News. "Pink Slime in Ground Beef: What's the Big Deal?" CBSNews. CBS Interactive, 14 Mar. 2012. Web. 02 May 2012. "Subsistence." Dictionary.com. Dictionary.com. Web. 02 May 2012. . "Subsistence Hunting in a Global Economy." The Arctic and the Global Economy. Making Waves: A Newstetter for Community Economic Development [CED] Practitioners in Canada,vol 4, No 3. Web. 02 May 2012.

Organic food Essay

We asked Food Scientists a simple question: â€Å"What foods do you avoid? Experts from different areas of specialty explain why they won’t eat these eight foods. Food scientists are shedding light on items loaded with toxins and chemicals–and simple swaps for a cleaner diet and supersized health. Experts from different areas of specialty explain why they won’t eat these eight foods. Clean eating means choosing fruits, vegetables, and meats that are raised, grown, and sold with minimal processing. Often they’re organic, and rarely (if ever) should they contain additives. But in some cases, the methods of today’s food producers are neither clean nor sustainable. The result is damage to our health, the environment, or both. So we decided to take a fresh look at food through the eyes of the people who spend their lives uncovering what’s safe–or not–to eat. † Their answers don’t necessarily make up a â€Å"banned foods† list. But reaching for the suggested alternatives might bring you better health–and peace of mind. 1. The Endocrinologist Won’t Eat: Canned Tomatoes Fredrick Vom Saal, is an endocrinologist at the University of Missouri who studies bisphenol-A. The problem: The resin linings of tin cans contain bisphenol-A, a synthetic estrogen that has been linked to ailments ranging from reproductive problems to heart disease, diabetes, and obesity. Unfortunately, acidity (a prominent characteristic of tomatoes) causes BPA to leach into your food. Studies show that the BPA in most people’s body exceeds the amount that suppresses sperm production or causes chromosomal damage to the eggs of animals. â€Å"You can get 50 mcg of BPA per liter out of a tomato can, and that’s a level that is going to impact people, particularly the young,† says vom Saal. â€Å"I won’t go near canned tomatoes. † The solution: Choose tomatoes in glass bottles (which do not need resin linings), such as the brands Bionaturae and Coluccio. You can also get several types in Tetra Pak boxes, likeTrader Joe’s and Pomi. Exposure to BPA Causes Permanent Damage In OffSpring 2. The Farmer Won’t Eat: Corn-Fed Beef Joel Salatin is co-owner of Polyface Farms and author of half a dozen books on sustainable farming. The problem: Cattle evolved to eat grass, not grains. But farmers today feed their animals corn and soybeans, which fatten up the animals faster for slaughter. But more money for cattle farmers (and lower prices at the grocery store) means a lot less nutrition for us. A recent comprehensive study conducted by the USDA and researchers from Clemson University found that compared with corn-fed beef, grass-fed beef is higher in beta-carotene, vitamin E, omega-3s, conjugated linoleic acid (CLA), calcium, magnesium, and potassium; lower in inflammatory omega-6s; and lower in saturated fats that have been linked to heart disease. â€Å"We need to respect the fact that cows are herbivores, and that does not mean feeding them corn and chicken manure,† says Salatin. The solution: Buy grass-fed beef, which can be found at specialty grocers, farmers markets, and nationally at Whole Foods. It’s usually labeled because it demands a premium, but if you don’t see it, ask your butcher. 3. The Toxicologist Won’t Eat: Microwave Popcorn Olga Naidenko, is a senior scientist for the Environmental Working Group. The problem: Chemicals, including perfluorooctanoic acid (PFOA), in the lining of the bag, are part of a class of compounds that may be linked to infertility in humans, according to a recent study from UCLA. In animal testing, the chemicals cause liver, testicular, and pancreatic cancer. Studies show that microwaving causes the chemicals to vaporize–and migrate into your popcorn. â€Å"They stay in your body for years and accumulate there,† says Naidenko, which is why researchers worry that levels in humans could approach the amounts causing cancers in laboratory animals. DuPont and other manufacturers have promised to phase out PFOA by 2015 under a voluntary EPA plan, but millions of bags of popcorn will be sold between now and then. The solution: Pop organic kernels the old-fashioned way: in a skillet. For flavorings, you can add real butter or dried seasonings, such as dillweed, vegetable flakes, or soup mix. Make it organic and use coconut oil. If You’re Still Eating Microwave Popcorn, You’re Not Fully Grasping The Health Consequences 4. The Farm Director Won’t Eat: Nonorganic Potatoes Jeffrey Moyer is the chair of the National Organic Standards Board. The problem: Root vegetables absorb herbicides, pesticides, and fungicides that wind up in soil. In the case of potatoes–the nation’s most popular vegetable–they’re treated with fungicides during the growing season, then sprayed with herbicides to kill off the fibrous vines before harvesting. After they’re dug up, the potatoes are treated yet again to prevent them from sprouting. â€Å"Try this experiment: Buy a conventional potato in a store, and try to get it to sprout. It won’t,† says Moyer, who is also farm director of the Rodale Institute (also owned by Rodale Inc. , the publisher of Prevention). â€Å"I’ve talked with potato growers who say point-blank they would never eat the potatoes they sell. They have separate plots where they grow potatoes for themselves without all the chemicals. † The solution: Buy organic potatoes. Washing isn’t good enough if you’re trying to remove chemicals that have been absorbed into the flesh. Budget tip: Organic potatoes are only $1 to $2 a pound, slightly more expensive than conventional spuds. 5. The Fisheries Expert Won’t Eat: Farmed Salmon Dr. David Carpenter, director of the Institute for Health and the Environment at the University at Albany, published a major study in the journal Science on contamination in fish. The problem: Nature didn’t intend for salmon to be crammed into pens and fed soy, poultry litter, and hydrolyzed chicken feathers. As a result, farmed salmon is lower in vitamin D and higher in contaminants, including carcinogens, PCBs, brominated flame retardants, and pesticides such as dioxin and DDT. According to Carpenter, the most contaminated fish come from Northern Europe, which can be found on American menus. â€Å"You could eat one of these salmon dinners every 5 months without increasing your risk of cancer,† says Carpenter, whose 2004 fish contamination study got broad media attention. â€Å"It’s that bad. † Preliminary science has also linked DDT to diabetes and obesity, but some nutritionists believe the benefits of omega-3s outweigh the risks. There is also concern about the high level of antibiotics and pesticides used to treat these fish. When you eat farmed salmon, you get dosed with the same drugs and chemicals. The solution: Switch to wild-caught Alaska salmon. If the package says fresh Atlantic, it’s farmed. There are no commercial fisheries left for wild Atlantic salmon. Farmed Fish vs. Wild Fish: How Healthy Is The Fish At Your Favorite Grocery? 6. The Cancer Researcher Won’t Drink: Milk Produced With Artificial Hormones Rick North is project director of the Campaign for Safe Food at the Oregon Physicians for Social Responsibility and former CEO of the Oregon division of the American Cancer Society. The problem: Milk producers treat their dairy cattle with recombinant bovine growth hormone (rBGH or rBST, as it is also known) to boost milk production. But rBGH also increases udder infections and even pus in the milk. It also leads to higher levels of a hormone called insulin-like growth factor in milk. In people, high levels of IGF-1 may contribute to breast, prostate, and colon cancers. â€Å"When the government approved rBGH, it was thought that IGF-1 from milk would be broken down in the human digestive tract,† says North. â€Å"There’s not 100 percent proof that this is increasing cancer in humans,† admits North. â€Å"However, it’s banned in most industrialized countries. † The solution: Buy raw milk or check labels for rBGH-free, rBST-free, produced without artificial hormones, or organic milk. These phrases indicate rBGH-free products. Why Do Humans Still Drink Milk? 7. The Biotech Specialist Who Won’t Eat Conventional Soy: GMO Unfermented Soy Michael Harris is biotech specialist who has directed several projects within the biotech sector including those for genetically engineered food. He has been a consultant, manager and director for companies such as Xenon Pharmaceuticals and Genon Corporation. The problem: Genetically engineered food is a cause of great concern due to the manipulation of DNA and genetic code including transfers from one species to another. Fermented Soy Is The Only Soy Food Fit for Human Consumption and since almost 90% of soy in the world is genetically modified, if you are not ensuring sources are organic, long-term health problems are inevitable, especially since soy has been found to affect hormonal balance and even cause cancer. The solution: Check labels to ensure soy is Non-GMO or organic and never consume unfermented sources. If possible contact the company to find out exactly where the Non-GMO soy was obtained. 8. The Organic-Foods Expert Won’t Eat: Conventional Apples Mark Kastel, a former executive for agribusiness, is codirector of the Cornucopia Institute, a farm-policy research group that supports organic foods. The problem: If fall fruits held a â€Å"most doused in pesticides contest,† apples would win. Why? They are individually grafted (descended from a single tree) so that each variety maintains its distinctive flavor. As such, apples don’t develop resistance to pests and are sprayed frequently. The industry maintains that these residues are not harmful. But Kastel counters that it’s just common sense to minimize exposure by avoiding the most doused produce, like apples. â€Å"Farm workers have higher rates of many cancers,† he says. And increasing numbers of studies are starting to link a higher body burden of pesticides (from all sources) with Parkinson’s disease. The solution:Buy organic apples or apples from a farmer that you trust!

Individual Assignment Two Essay

The popularity of S revealhwestern Universitys footb altogether game program under its tonic coach, Bo Pitterno, surged in each(prenominal) of the 5 courses since his arriver at the musical notehenville, Texas, college. With a footb every last(predicate) in all orbit close to maxing out at 54,000 set and a vocal coach egg on for a untested stadium, SWU president Joel Wisner approach some difficult stopping points. After a phenomenal upset victory oer its archrival, the University of Texas, at the homecoming game in the fall, Dr. Wisner was non as happy as one would think. Instead of ecstatic alumni, students, and faculty, all Wisner heard were complaints. The lines at the concession stands were besides long Parking was harder to find and farther away than in the old years (that is, before the team won regularly) seating werent comfortable Traffic was approve up halfway to Dallas and on and on. A college president just whoremongert win, muttered Wisner to himself. At his staff conflict the following Monday, Wisner turned to his VP of administration, Leslie Gardner. I like you would take c are of these football complaints, Leslie, he said. See what the real problems are and let me know how youve resolved them. Gardner wasnt impress at the request. Ive already got a clench on it, Joel, she replied. Weve been randomly analyse 50 fans per game for the past year to see whats on their minds. Its all part of my campus-wide TQM effort. Let me correspond things up and Ill get clog to you in a week. When she returned to her office, Gardner pulled out the file her promoteant had compiled (see the following table). thithers a lot of tuition here, she thought. Questions1. Using at to the lowest degree two disparate quality tools, learn the data and present your conclusions.2.How could the survey relieve oneself been to a greater extent useful?3.What is the next tempo?Fan Satisfaction Survey Results (N = 250)Rochester Manufacturing bow windo w (RMC) is considering sorrowful some of its production from traditionally numerically control utensils to a tensile machining sy obeisance (FMS). Its numerical control machines receive been operating in a richly variety, low volume interminusittent manner. instrument utilization, as near as it can be determine, is roughly 10%. The machine tool sales persons and a consulting sign of the zodiac want to put the machines together in a FMS. They believe that a $3,000,000.00 wasting disease on machinery and the transfer machines result distribute about 30% of RMCs ladder. in that respect willing, of course, be a transition and clams up cost in gain to this.The firm has not yet entered all its parts into a comprehensive congregation technology system, plainly believes that the 30% is a good estimate of products suitable for the FMS. This 30% should fit very nicely a family. A reduction, because of higher utilization, should take stupefy in the fare of pieces of machine ry. The firm should be able to go from 15 to about 4 machines, and personnel should go from 15 to perhaps as low as 3. Similarly, floor space reduction will go from 20,000 square feet to about 6,000. Throughput of determine should also improve with this family of parts be routineed in 1 to 2 days rather than 7 to 10 days. Inventory reduction is estimated to stand a one-time $750,000 savings and annual delve savings should be in the neighborhood of $300,000.00. Although the imageions all look very positive, an abridgment of the projects return on investing showed it to be between 10% and 15% per year. The comp whatsoever has traditionally had an expectation that projects should yield well over 15% and see payback periods of substantially less than 5 years. Questions1.As the production manager for RMC, what would u recommend? And why?2.Prepare a typesetters encase by a unprogressive plant manager for maintaining the status quo until the returns are more obvious3.Prepare th e case for an optimistic sales manager that you should move ahead with the FMS now.ACM is an electronics serving manufacturer that has been primed(p) in capital of Singapore since 1991, supplying maestro equipment manufacturers (OEMs) with quality components. In the past some(prenominal)(prenominal) years, ACM has experienced increasing pressure from some other(prenominal) manufacturers located in other countries. In Singapore, while labor system kind of inexpensive, there has been a relatively blotto increase in labor be. In addition, utility costs most notably water and energy costs experience led the firm to contemplate moving operations elsewhere in Asia in an attempt to make the firm more competitive. ACM remains profitable, but margins have shrunk, and focal point is interested in ensuring that the firm remains competitive in the medium term to long term against other component manufacturers.A team of senior focus has formed a citizens perpetration to rack up a decision regarding possible move. The committee has identified two extra locations as possible candidates for relocation Hong Kong (Peoples res publica of China PRC) and Kuching (Malaysia). Hong Kongs main attractions stem from the fact that since 1997, when its sovereignty was transferred back to the PRC, labor costs have decreased as vex to labor has increased. Hong Kong enjoys a hulky sea air and very good shipping understructure, and this is im user interfaceant in moving in natural materials and moving out consummate componentsto customers. Senior management believes that an increasing enumerate of OEMs will move to the PRC in the next several years, as has been the case in the past decade. This will further increase the attractiveness of locating the manufacturing preparation in Hong Kong.Kuching is located in the Malaysian province of Sarawak, on the island of Borneo. It is the fourth-largest city in Malaysia and home to a population of roughly 650,000. Sever al points make Kuching attractive to the relocation committee. First, locating here would give access to natural resources and other production inputs. Second, the transferee infrastructure is good, and the city hosts a rich sea port for moving raw materials in and finished good out. That said, the port is not as large or accessible as those of Hong Kong or Singapore, and several committee members have expressed botheration about the frequency of ship visits to Kuching. If the port does not receive regular go from container ships, transportation costs to ship components to OEMs will doubtlessly stable and inexpensive in Malaysia.The committee has contracted the government of Singapore to take out possible incentives to not relocate to another country. Singapore is maintaining a five-year license on taxes for ACM if the plant remains in Singapore. The government will also assist by partially subsidizing labor, water, and energy costs for five years. Committee members realize t hat the Singapore plant, which has been operating for years, has already been amortized, and opening a new plant would require additional capital costs. That said, opening a new factory would also provide an hazard to upgrade production equipment to more copious and energy-efficient alternatives. Questions1.What advantages and disadvantages does each potential location offer?2.What other relevant factors that are not mentioned in this case study capacity play a role in this decision?3.Why is transportation infrastructure so important in this decision?4.This is a long-term, strategic decision what factors tycoon change in the next 10 to 20 years? How will this enamor the decision?5.Which alternative would you recommend, under which wad? heat content Coupe, the manager of a metropolitan branch office of the state plane section of get vehicles, attempted to perform an analysis of the drivers license rehabilitation operations. Several steps were to be performed in the demonstra te. After examining the license renewal process, he identified the steps and associated times infallible to perform each step as shown in the following table.State railroad car License Renewals Process Times footprint1. Review renewal application for rightness2. Process and record payment3. summate file for violations and restrictions4. Conduct eye leaven5. Photograph applicant6. Issue makeshift licenseAverage Time to commit (seconds)153060402030Coupe establish that each step was assigned to a different person. Each application was a crystallise process in the sequence shown below. Coupe determined that his office should be prepared to adjudge the upper limit demand of processing cxx renewal applicants per hour.He observed that the work was unevenly divided among the works, and the clerk who was responsible for checkouting violations tended to shortcut her task to keep up with the other clerks. Long lines built up during the maximum demand periods. Coupe also found tha t the measuring sticks 1 to 4 were handled by general clerks who were each paid $12 per hour. Step 5 was performed by a photographer paid $16 per hour. (Branch offices were charged $10 per hour for each camera to perform photography.) Step 6, issuing passing licenses, was required by state form _or_ system of government to be handled by uniformed motor vehicle officers. Officers were paid $18 per hour, but could be assigned to any suppose except photography.A review of the jobs indicated that Step 1, reviewing the application for correctness, had to be performed before any other step could be taken. Similarly, Step 6, issuing temporary licenses, could not be performed until all the other steps were completed. Henry Coupe was under severe pressure to increase productivity and reduce costs, but he was also told by the regional conductor of the Department of Motor Vehicles that he had ruin accommodate the demand for renewals. Otherwise heads would roll. Questions1.What is the ma ximum number of applications per hour that can be handled by the present configuration of the process?2.How many applications can be svelte per hour if a second clerk is added to check for violations?3.If the second clerk could be added anywhere (and not necessarily to check for violations, as in (2)), what is the maximum number of application the process can handle? What is the new configuration?4.How would you suggest modifying the process in order to accommodate cxx applications per hour? What is the cost per application of this new configuration?

A Soft Drink Tax According to John Stuart Mill Essay

The Coca-Cola brand has built itself into a staple of Ameri roll in the hay culture. This is a wondrous thought for public salutaryness advocates who behold Coke and other crackers crisps as being major culprits behind a growing national health crisis. empirical evidence shows that everywhere- ingestion of lenient draws cl primordial causes detriment to the man-to-mans who discombobulate down them, however, the waging battle over restorative water legislation will non be won on the grounds of health al peerless. The argument that Coca-Cola, Pepsi, and other daft drink firms present is deeply rooted in Ameri wad values and cannot easily be trumped. What they argue for is freedom of choice.In his phonograph record On Liberty, John Stuart wonk states, over himself, over his give body and mind, the individual is sovereign (9). If an individual chooses that he wants to drink soda startle, he should be allowed a high degree of improperness to set that decision. Such i s the foundation of a soft drink firms purported veracious to exist. If consumers remove it, Coca-Cola executives will get as red in the face as their soda cans stating that they play an innocent and vital role in fulfilling that demand. One flair through which public health advocates handle to regulate soft drinks is in the execution of instrument of a soda assess.Advocates for much(prenominal) a appraise whitethorn argue that individuals who ravish themselves by overindulging in soda should be limited in their consumption. Since supply and demand atomic number 18 sensitive to market conditions, a tax would undoubtedly lower the total of soda demanded, particularly in low-in line up families w here obesity and diabetes atomic number 18 most common. plodding claims that to tax stimulants for the sole purpose of making them much difficult to be obtained is a mensurate differing only in degree from their replete(p) prohibition, and would be justifiable only if tha t were justifiable. all increase of cost is a prohibition to those whose means do not come up to the augmented price and to those who do, it is a penalty laid on them for dulcet a particular taste (99). crackers drink firms would cite Mill here in their argument that individuals choice of pleasures and their mode of expending their income, after satisfying their legitimate and moral obligations to the State and to the individuals, are their give birth concern and moldiness rest with their own judgment (99).While Mills line of reasoning would appear to sing against a soft drink tax, he goes on to remind us that taxation for fiscal purposes is peremptoryly inevitable It is because the duty of the State to consider, in the fraud of taxes, what commodities the consumers can best spare and to select in preference those of which it deems the use, beyond a very moderate quantity, to be positively injurious (100).Being that over-consumption of soda pop is certainly injurious to th e consumer, and especially in light of the current economic downturn in this coun rise, Mill would approve of a soft drink tax as an effective means through which to let out revenue for the State. While a tax on soft drinks would be tolerable by Mills standards, virtually proponents of soft drink legislation would go so far as to banishment their sale altogether. However, even if the vast volume of the public were motivated to impose such(prenominal) a ban, Mill would hesitate to pardon such a severe motley of coercion.The basis for Mills misemploy prescript is that the only purpose for which powerfulness can be rightfully exercised over any members of a civilized community, against his will, is to go on harm to others (9). Although soft drink firms direct a clear interest in promoting intemperance (99) in evidence to puzzle profit, those firms will argue fervently that the consumption of soda is not such a gr release evil that the State would be justified in imposing restrictions and requiring guarantees which would be infringements of legitimate liberty (99).Therefore, in order to present a stronger argument for a ban on soft drinks, advocates would do intumesce to prove that in tipsiness soda pop, individuals cause harm not only to themselves, but also to others. To consume soft drinks to the loony toons of excess can lead to the deterioration of an individuals health. This may appear to be a self-regarding recreateion until one considers the cost such individuals impose on taxpayers. Citizens whose unhealthy lifestyles regularly land them in the hospital eat up government health cope, at which point their executeions cease to be self-regarding and mystify harmful to auberge at large.With this in mind, are we still to protect individuals liberty to drink soda pop? squishy drink firms may point to Mill in arguing that the accountpower for such harm lies not with soda, but with the society that raises gluttonous individuals. If grown wad are incapable of properly taking care of themselves, society must consider that it has had absolute power over them during all the early portion of their existence it has had the whole stop of childhood and nonage in which to try whether it could make them capable of keen pack in life (80).It is on this point that we must consider the role that can media plays in the world today. The pervasiveness of corporate ad in the U. S. manipulates childrens impressionable faculties of reason, subverting the ability of even responsible parents and educators to impart rational consumption habits on their adolescent ones.Mill writes that he could not see how people could witness an act of self-harm and think it more salutary than hurtful, since, if it displays the misconduct, it displays also the painful or degrading consequences which, if the conduct is justly censured, must be supposed to be in all or most cases serial on it (81). This argument is undermined by the hallucination o f soft drink advertising, which positively portrays the act of drinking soda without showing the wayward long-term effects of its consumption.When a initiatory athlete endorses soda pop, susceptible consumers, particularly children, are inclined to associate soft drinks with scoring goals and dunking basketballs rather than with cancer and bosom disease. In arguing against the proliferation of soft drinks, one should appeal to a fundamental circumstances of Mills doctrine, which states that his harm principle does not apply to children or of young persons below the age which the law may fix as that of manhood or womanhood. Those who are still in a state to require being taken care of by others must be protected against their own actions as well as against external injury (9).In other words children do not have the maturity to make rational, assured decisions that lead to actions that could potentially cause them harm, for instance, the act of guzzling down a 99 cent Coke. The A merican Beverage experience would echo John Stuart Mill in saying that human beings owe to for each one other help to distinguish the rectify from the worse, and encouragement to choose the former and void the latter (74). It is their argument that parents and educators, not government, are responsible for dissuading children to consume soft drinks.Indeed, parents and educators can form a partnership in banning the sale of soft drinks in schools, but it is beyond their power to keep on a non-responsible child from seeing a deviously enticing soda ad on TV and irrationally choosing to evanesce his or her allowance on soda pop. Therefore, the State would be justified in regulating childrens access to soft drinks by legally coercing soft drink firms to discontinue their advertisements geared toward children, as well as by imposing a minimum age requirement for the purchasing of soft drinks.

Only the Strong Survive

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

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

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

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

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

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

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

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

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

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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