Do You Agree That Students Can Bring Hanphones to School or Not?

The relationship between teens and drugs has been around for decades; however, this is not what you would call positive. Substance abusing (which is using drugs or alcohol in ways than can cause physical harm) is often associated with crime. But why do youths take drugs† Youth take drugs for the following reasons: social disorganization, peer pressure, family factors, emotional, or rational choice. Social disorganization deals with drug abuse to poverty and disorganized urban environment. Drug use by youth minority group members has been tied to factors such as racial prejudice, low-esteem, social status, and stress produced from environment.The National Youth Survey found that drug use tends to be higher among urban youths. Peer pressure is the most well-known reason for teens to partake in substance abuse. Some may argue that teen drug abuse is highly correlated with the behavior of close friends especially when family supervision is weak. This relationship, in fact, is recip rocal: substance abusers seek out friends who engage in similar activities. Associating with drug abusers leads to increased levels of drug abuse. Another explanation is that drug users have a poor family life.Studies show that majority of drug users have had an unhappy childhood which included harsh punishment and parental neglect females and Caucasians who were abused as children are more likely to have alcohol and drug arrests as adults. Youths who learn that dugs provide pleasurable sensations may be most likely to experiment with illegal substances; a habit may develop if the user experience anxiety and fear. Other family factors associations with teen drug abuse include parental conflict over child-rearing, practices, failures, to set rules, and unrealistic demands followed by hard punishments.Low parental attachment, rejection, and excessive family conflict have all been linked to adolescent substance abuse. Psychodynamic explanations of substance abuse suggest that drugs hel p youths control or express unconscious needs thus come in taking drugs for emotional reasons. They may use drugs as an escape from real or imagined feelings of inferiority. Substance abuse is one of the many problems that begin early in life and remain throughout the life course. Youth who abuse drugs lack commitment to religious values, disdain education, and spend most of their time in peer activities.Rational choice is when they choose to drugs because they want to: some use them to get high, relax, improve creativity, or increase their sexual responsiveness. Most teens say â€Å"it's my life; I can do what I want. † However, some teens may use to this cover up the fact they do have problems or want to fit in. They don't want to be portrayed a follower rather than someone who can make their own decisions. The top two substances abuse is marijuana and alcohol; alcohol is the number one drug abused respectively.A survey from the Washington Post showcased that: out of 10, 61 6 8th graders: thirty-six percent had tried alcohol and thirteen percent admits to drinking regularly. Out of the 10, 484 seniors interviewed, seventy-two percent had tried and twenty-nine percent still use it. Fourteen percent of them sold drugs at one point while twenty-nine percent said they have came to school drunk or high. A direct relationship has been established between drug use and delinquency. Drug users may commit crimes to pay their habits. A study conducted in Miami found that 563 users annually committed more than 200, 000 crimes to obtain cash.Drug users may be more willing to take risks because of their inhibitions is lowered by substance abuse. Cities with high rates of cocaine are more likely to experience higher levels of armed robbery. Basically they are trying to say that teens who take drugs contributed greatly to the crime rate. With all the reasons for teen to take drugs like social disorganization, for example, I believe that the main reason is because of e motional problems and rational choice. I believe that drug abusers do contribute to the crime rate but not as much as they try to say it does.Studies have shown that the rates of teens that partake in drugs have dropped. Most teens drink and smoke with friends or alone. Some don't go out and commit crimes; they associate getting high as a regular part of hanging out with friends. With several programs like D. A. R. E. , the consequence of doing drugs is being spread out. I believe that's why most teens tend to smoke marijuana since the dangers aren't as high as cocaine and heroin users. However, some will do it out of rebellion and not recognize the link of their actions of today and the consequences they may have tomorrow.

Scm at Cathay Pacific

â€Å"AVIATION SPARE PART SUPPLY CHAIN MANAGEMENT OPTIMISATION AT CATHAY PASIFIC AIRWAYS LIMITED† CASE STUDY GLOBAL LOGISTIC COURSE ASSIGNMENT Prof. Hiroshi Hoshino Umurbek Osorkhan 2EC12056R QBS 10th 5 November 2012 1 Company Overview Cathay Pacific Airways is an airline company founded on September 24th, 1946 by Roy Farrell and Sydney de Kantzow. Starting with a very limited schedule service, the company grew larger through multiple product innovations, technological investments such as the computerized reservation system and successful acquisitions.In 1986, Cathay Pacific went public and further expanded in Europe, North America, and China. The company employed over 25000 people worldwide, serviced over 43 destinations throughout Asia, Europe and North America, and carried more than 16. 7 million passengers in 2006. 1. Why is good supply chain management of spare parts so critical for an airline? Supply chain management has become one of the crucial competitive advantage in today`s organizations. Finding opportunities in supply chain can make companies unique and different from competition.Today more and more companies are trying to manage their supply chain in an effective and efficient manner in order to provide better services at lower cost. Unlike other industries, the aviation industry known as highly regulated1 industry and the aviation spare parts 2 are very complex3, large amounts of money are invested in spare parts inventory and this has increased over the years. Because of these large amounts of money involved, there is great interest in cost savings, and even savings of a few percents only constitute large cost savings in absolute terms.This case study shows us how Cathay Pacific Airways successfully manage their supply chain in an optimal manner, despite some circumstances. According to the case study there were several points that good supply chain management of spare parts so critical for commercial airline operators. We can briefly des cribe them as stringent industry regulations, turnaround time and lead time, large number and expensive parts. Firstly, managing supply chain in aviation industry was so complex and challenging for all operators, andCathay Pacific is no exception as reflected in the huge inventory carrying costs of US$350 million as of December 2005. In addition, dead and inactive stock made up 20% of Cathay Pacific’s annual supply chain expenses of US$250 million. Moreover, substantial resources are consumed with over 100 personnel in the inventory management department overseeing over 230,000 line items of aviation spare parts and over 600 supplier relationships. As I mentioned earlier aviation spare parts themselves were very complex and expensive.For instance in a single airplane there are over 1 million parts and components and the average cost of engine was $12 million. Another critical issue for the supply chain management in aviation industry was the tight regulation of the aviation i ndustry, which is regulated by international and local authorities such as the US Federal Aviation Administration (FAA), the European Aviation Safety Agency (EASA) and the Civil Aviation Department of the Government of the Hong Kong (CAD). Airlines operators have to comply with different statutory regulations.For instance, they have to complete the deferrable repairs within the stipulated timeframe, suppliers of aeroplane spare parts are required to possess special legal certifications and formal protocols, as well as issues of reliability and safety. 1 Because of safety issues the Aviation industry was regulated by international and local authorities such as FAA, EASA or some local regulatory bodies. 2 Spare parts are defined as components, assemblies, and equipment that are completely interchangeable with like items installed or in use, which are used, or can be used, to replace items removed during maintenance and overhaul. Joseph D. Patton, 1984) 3 There were over 1,000,000 part s in a single airplane. 2 Initially safety issues are crucial for all operators and supplier. It`s true that strict rules and tight regulations are necessary-they protect consumers, customer safety, environment and other things. However sometimes it causes some burdens on businesses. It always increases the cost of operations. Also turnaround time for repairs was highly critical and cost for flight delay was extremely huge. Customers might be upset or even shift to other airlines if delays caused them lose the connecting flights.Thus, the cost of aircraft delays was crucial element in engineering. Bargaining power of supplier, difficulty to forecast demand and harsh competitions were other important issues in aviation industry. As a result of tight aviation regulations airline companies, as a customer, were constrained in supplier selection. Spare parts solely supplied by only single dominated supplier as called OEM (original equipment supplier). The limited choice and high concentr ation of OEM`s limited airline operators` negotiation power.According to the M. Porter`s five force analysis aviation industry has low entrance barrier and it cause very intensive competition between airlines operators. A few decades ago flying with airline was very expensive for ordinary people but today everyone can benefit from this because airline ticket prices have constantly and significantly fallen. Finally, demand forecasting was very difficult. The forecast for spare parts is made based on maintenance information, scheduled maintenance plans and past usage patterns.Even so, the usage pattern of spare parts remained highly unpredictable because of the irregular behavior and the high level of demand variability of airplane spare parts for aircraft maintenance repair parts, which make the demand forecasting very challenging and tough to deal with. 2. Explain the financial impact of having higher inventory level of spare parts. It`s obvious successful supply chain management is focuses in an inventory and inventory control management.A common perception and experience is that supply chain management leads to cost savings, largely through minimizing inventory holding costs. As I mentioned before certain risks (delaying aircraft can lead huge cost) airline operators was needed to hold certain level of spare parts that could satisfy all possible demand of its aircraft. However, this was both financially and operationally impossible. Thus, managing balance between most effective inventory levels to hold onto relative to the responding service level is very important.According to the case study spare parts constituted a significant expense (total inventory value was $350 million in BS) in Cathay Pacific`s financial statement. Followings are several financial drawbacks of having higher inventory level of spare parts. ? It could increase the carrying inventory cost. High inventory increases the warehousing cost (facility, handling, etc. ), the investment cost (b orrowing and opportunity, etc. ) and holding cost (insurance, tax, obsolescence, etc. ) directly linked to the increase of inventory. It could also increase the labor cost.High inventory level conducts to inventory discrepancies, so lots of counting and recounting, tracking and tracing costs associated. It had negative impact on cash flow. More buy spare parts, components and assembles or any goods mean more consume cash only holding inventory. Moreover, holding high inventory levels always hide process inefficacies where inventory is made to cover malfunctions such as breakdowns, quality issue, long die exchange time even risks of mistakes. ? ? ? 3 3. How do you evaluate Cathay Pacific's logistics management?I was very impressed and fascinated with Cathay Pacific’s logistics management. Despite of existing challenges such as heavy regulations, dependence on OEM`s, large numbers and complexity of spare parts and supplier relations and so on Cathay Pacific was successfully man age their supply chain and made themselves different other airlines. As a result she has become a leading airline company in the world. Cathay Pacific handles all procurement and inventory management in-house whilst third party logistics service providers are employed for repair and logistics management.Through following successful procurement, inventory management, repair management, and logistics management Cathay Pacific could optimize their supply chain management of spare parts operation. ? Despite large scale of operations with thousands of suppliers and distributors cross functional teams at Cathay Pacific helped in gaining leverage on purchasing by applying a systematic process of reducing the cost of spare parts purchased from different vendors. The procurement process gave an edge to Cathay Pacific in monitoring, evaluating and managing relationships with suppliers to ensure operational effectiveness.With its implementation, the airline was able to leverage purchasing powe r across different divisions and negotiate favorable prices with the suppliers. Strategic sourcing also focused to consolidate the supplier’s database and chose the preferred ones. Through the finding following options Cathay Pacific successfully was handled the shortage. – Express Shipping: This situation happens when aircraft is grounded and could not take off due to the nonavailability of certain part. The system at Cathay Pacific generates an urgent AOG (Aircraft on Ground) order request and the parts are expressed shipped for same day delivery.The express shipping situation clearly shows the shortcomings of current purchasing practices and inventory management of Cathay Pacific. – Borrowing: The other method Cathay Pacific uses is of borrowing form other Airlines. Borrowing seems to be a good idea however Cathay Pacific cannot depend on this method as it cannot ensure the availability of parts as the parts required might not be available with other airline. Also borrowing might even be not possible as different airlines uses different aircraft models. Again it will be costly option for Cathay Pacific because other airline might charge a premium. Airline Technical Pool: The third option Cathay Pacific has for meeting shortage is by pool loan, Cathay Pacific has signed a contract with International technical pool which maintain network of 100 Airlines. With this use of this network Cathay Pacific can share spare parts when in need without a surcharge. Collaborating through this network is a good option for Cathay Pacific, however still it cannot ensure the availability of required parts. Cathay Pacific cannot rely completely on this option. Also it might me time consuming and costly to ship the part form different regions.Being part of this network Cathay Pacific also need to share their inventory with other Airlines which could create instability in their own system. – Internal Borrowing: The final option Cathay Pacific has is o f internal procurement, whenever a part is needed Cathay Pacific can borrow it form their Aircraft. This solution might make the part available in short term but it does not necessary solve the actual problem as they will still be requiring the part in future. Similar to the other options Cathay Pacific cannot rely on this option because it does not ensure the part availability when needed.In addition improving and introducing Ultramain information system, which enables Cathay Pacific`s technical log process and support the maintenance management afterwards was clearly helped to optimize their supply chain management of spare parts. Another successful supply chain optimization at Cathay Pacific was implementation of Aerochange system Development of a collaborated supply chain system to expand the sharing and exchange of information (Spare parts availability and suppliers list) with different airlines gave an advantage to Cathay Pacific to select a supplier from the huge database.Aft er its launch in 2000, technological advancement in Aeroxhange made this system capable of doing numerous tasks which helped the airlines to be more effective in their procurement. ? ? ? 4 ? E. g. : In 2001, Aeroxchange launched its e-procurement platform to integrate the partners for quote management and also it incorporated the service order management in 2005. Finally, Cathay Pacific was successfully outsourced to third-party logistics (3PL) companies to transport their parts to various repair houses across the globe.This outsourcing approach allowed Cathay Pacific to save costs and hence reduce financial risks. Assets required establish distribution centers and networks normally need a huge amount of money that encompasses financial risks and hence by outsourcing, this risk can be spread to 3PL partners. Also the perform of repair and logistics management activities Cathay Pacific pays millions of dollars. However outsourcing these activities will result in saving the capital wh ich can be spent on further expansion of the airline. . Any suggestion for the company to reduce the inventory cost while maintaining safe operation of aircrafts? Although Cathay pacific invested a lot of time and money to improve their procurement, there are still many rooms for the advancement in their processes. The history of Cathay pacific says that they have always tried to lock the deals with the airlines and individual suppliers to enhance their procurement process.On the other hand, one point that should have been taken into account was establishing strategic alliances with the suppliers or manufacturers (Boeing and Airbus) for the procurement activities. (According to the case study Cathay Pacific ) An alliance where manufacturers should focus on the materials management and help Cathay pacific to focus on core business activities. The integrated alliance with Boeing and airbus services will help to achieve greater transparency and efficiency in the resource operations.The se services are acquired by most of the big players in the market like Delta airlines and Singapore airlines where they succeeded in generating good revenues by focusing on their core activities. The other alternative for improvement is to reward the suppliers to suggest the cost saving ideas. This will help the airline to develop a sense of competition among suppliers for developing a sustainable and cost effective model for procurement which will eventually result in increasing the productivity of the fleet.Despite the Cathay Pacific`s efforts to manage their spare parts inventory in an optimal manner, they still encountered several circumstances. Dealing with spare part shortage they have offered express shipping. Definitely express shipping is a very costly option for Cathay Pacific and should be avoided by keeping the AOG parts in inventory. Finally outsourcing whole engineering division can be another suggestion to improve inventory cost. By this it could save enormous costs a nd risks. 5

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College drop-outs Essay Example | Topics and Well Written Essays - 750 words

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Medical Records and Privacy of the Famous Essay Example for Free

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Celebrities should have the right to keep things like medical records private, because not only is it a violation of the Health Insurance Portability and Accountability Act (HIPPA), it is unethical to release medical information about someone to the public, even celebrities. In recent years, there have been a number of break-ins of celebrity medical records that have been leaked to the tabloids. In 2006 one of the country’s leading medical institutions discovered that the security of their medical records had been breached when The National Enquirer printed a story about Farrah Faucet’s cancer relapse, before the actress even told any of her family members† (Steinhaurer, 2008). Ms. Faucet is not the only celebrity who has had this happen. In 2007, George Clooney was informed that his medical records were accessed by people who didn’t have the right to look at them, following a motorcycle crash that left the actor with broken ribs and scrapes. Britney Spears was also a victim when the media reported that she was involuntarily hospitalized in 2008 and put in the psych ward under the thought she could be a danger to others or herself. Gossip outlets and other news media reported on her interactions with staff and visitors throughout her hospitalization (Techweb, 2008). These are incidents that have occurred for many years, as tabloids are always interested in the medical issues celebrities deal with, and keeping it under wraps is more difficult with technology making it easier for anyone to gain instant access to health secrets. â€Å"With the advent of networked computers, the problem has increased exponentially, and celebrities are constantly surrounded by people who are willing to trade in medical information for profit or their own 15 minutes† (Blankstein, 2008). While the people who accessed the records of these celebrities and leaked the stories are definitely at fault, I think that much of the blame also lies with the reporters and journalists who actually print and air the stories. The press is violating privacy by releasing these stories in two ways, legally and ethically. â€Å"Medical privacy rules apply to everybody, including celebrities,† Alicia Mitchell, spokesperson for the American Hospital Association said. â€Å"Everybody is entitled to confidentiality of what is often very personal information† (Rhea, 2007). By printing the very private medical information, there was a violation of HIPPA. HIPPA is an act that went into effect in 1996 and it set a national standard for securing and protecting patient health information. Hospitals have strict policies against leaking information, with the exceptions of insurance and law enforcement investigations. Because of this law, many health care providers won’t even admit to treating some patients (Techweb, 2008). While the people who leaked the stories to the press have been reprimanded by either suspension or termination, there wasn’t any type of consequences for the press for reporting this illegal material. That brings me to the ethical violation. â€Å"Depriving people of their privacy is a cruel and immoral act, which could destroy their lives. The sole objective of tabloids is to make money, so they’ll go to any extreme to satisfy their readers and increase circulation figures† (Heng, 2006). It is obvious that celebrity news is an outlet that sells, as seen by the numerous tabloids and entertainment shows. The public has an interest in what is going on in the lives of these rich and glamorous people. This brings on a form of mediated voyeurism, which can be defined as, â€Å"the consumption of revealing images and information about others’ real and unguarded lives, not always for the purpose of entertainment but frequently at the expense of privacy and discourse, through the means of the mass media† (Calvert, 2000). Basically saying that the public has a need to see these famous people and learn about their lives, even at the risk of invading their privacy. The tabloids simply exploit the public’s desire to learn these things, regardless of the ethical issues of invading a human being’s privacy. They know people will buy it and that they will make money. I think that to be an ethical journalist it is important to empathize with the person whose life is about to be splashed on the papers. Of course there is the matter of getting the story and pleasing the readers and the editor, but it should take into account the public’s real right to know. A story about the health of someone like the President of the United States might be something worth printing, because knowing how he is medically is of public interest because this is a man that is running the country. However, that is a different scenario with someone like Britney Spears. She is simply an entertainer and it isn’t important for the public to know her health because it will not affect the daily lives of people. It is simply news that the public likes to learn about. If I were a journalist, I would like to think to myself how I would feel if someone had released my medical records for the public to read. I would feel very violated. As Lance Morrow states, â€Å"Good journalistic standards are not difficult to state, just tough sometimes when applied case by case. Journalists function best when they are mature, experienced, and intelligent; when they keep their work as clear and simple as possible; when they fall back upon decency and common sense if questions arise about whether to run a piece† (Morrow, 2002). If these people were true journalists, they would think ethically about whether or not to release this type of information, and whether or not it is simply the decent thing to do. I would think that it would be an easy answer because, just because someone is famous, doesn’t mean that all of their privacy rights should be violated.

Nature Of The Airline Industry Tourism Essay

Nature Of The Airline Industry Tourism Essay This report identifies the business environment and draws comparisons of the airline industry pertaining to countries, India and China. An attempt has been made to put forth the analyses of the broad macro-environment factors of the industry in terms of Political, Economic, Social, Technological, Environmental and Legal factors (PESTEL). Apart from the above, the Five Forces analysis has been carried in order to assess the attractiveness of the industries and understand their potential for change. The Airline industry with relevance to this report comprises of air transportation which includes both scheduled and chartered flights but excludes air freight transportation. The Focus of this report is to provide an outline of the present environmental conditions in terms of the nature of the airline industry, its structure, outlining the strategies employed by the players in the airline industry to sustain in tough economic environment and make an attempt to forecast the future environmental conditions. Our prime justification to compare the industry from India and China lies in our belief that the two countries would and probably are transforming the global economy in the 21st Century. India and China have achieved growth which fared twice as much as the global economy growth. A huge and demanding consumer class is also pushing the economy northwards and it is essential for the countries to meet the aspirations of a demanding economy. Overview of the Global Airlines Industry For the past two years, 2008 and 2009, Airline Industry was negatively affected by the economic downturn and the oil price hike. Now that the global economy is showing signs of recovery, demand for air travel is increasing from the previous years depressed levels. Combating the recessionary effect has not been easy as various measures like cutting costs; slashing capacity and increasing load factor were adopted by the airline companies globally. Global Airline industry reported revenues of USD 380.5 Billion in 2009, achieving a Compounded Annual Growth Rate (CAGR) of 2.5% for the period 2005-2009 (Datamonitor, Global Airlines Industry). The total number of passengers in the Airline Industry for the year numbered 2002.7 million and the numbers are expected to grow at a CAGR of 5% to 2551.5 million passengers by end of 2014. Strong rivalry and supplier power characterizes the global airlines industry. Even though there are large number of buyers, Product differentiation is minimal and involves negligible switching costs. It also leaves the carrier vulnerable to reduction in demand in the industry which is sensitive to the wider economy. Supplier power in the global airlines industry is strong as reliability and safety of the flights are critical. Entrances to the airlines industry are restricted due to economic barriers. The up-front costs are huge and substantial financial backing is required to cover the initial costs and ex penses henceforth from there. Airline companies today are forming alliance with other companies with the intention to achieve diversified network of operations, scale economies in terms of purchase of fuel, and even sharing of aircraft to reduce the power of the supplier. Code sharing has risen as a phenomenon catching up in the Asia Pacific region of the world where companies are forming alliances with other carriers around the world. Consolidation is a major opportunity for the players in the airline industry to increase their revenues, cost savings and enhance competitive position. The global airlines industry is projected to benefit the service providers as there is a new customer base in the present arising from the emerging economies which will fuel the growth of the industry and would see emergence of new players giving more competition to the existing ones. With continued and sustainable demand for air travel, Airline companies would see opportunities which would be coherent with the rising aspirations of people. The Indian Aviation Story In the year 2003, the whole world celebrated the centenary year of the powered flight. Indians had to wait for more than a decade to see the first aircraft airborne from the Indian soil. In the early December of the year 1910, a group of people from Belgium and England came to India with several airplanes. The idea was to showcase the marvel of a flying object and to explore business opportunities from it. Planes were showcased after assembling its parts. The groups were able to have a successful trip as their products were well received and were brought in by the royalties in India. It was December 15th 1932 when the first flight in India taken off under the name of Tata Aviation, which later went on to become Air India. Tata Aviation was started by JRD Tata after much protracted negotiations with the government of India. Eventually, during 1953, an act of nationalizing all the airlines was passed in the parliament and Tata Aviation went on to become Air India which then served the international traffic. The Indian Airline industry has come a long way today. In the year 2009, Indian Airline industry grew by 9% to reach the value of USD 7 billion. It grew by 35.5% to reach a volume of 73.8 million passengers. By 2014, it is forecasted to have a value of USD 17.9 billion and volumes of 156.2 million passengers. The Indian Airline industry experience growth even after seeing a period of decline in 2008. While the growth rate of Indian Airlines industry was far better than that of China, The airline industry in India could achieve merely one thirds of revenue when compared to the Chinese Airline industry. Like the global airlines industry, Indian airlines industry is characterized by strong rivalry and supply power, the buyers being leisure travelers and business travelers while fuel suppliers, aircraft manufacturers and skilled employees as the key suppliers. High Price sensitivity due to product differentiation being minimal strengthens the power of the buyers. Supplier power is strong as airlines enter into contracts with the suppliers and the industry lacks alternatives or substitutes. Price sensitivity is high and availability of alternative strengthens the buyer power. The entrance into the market poses economic barriers as there needs to be solid financial back up to enter into this industry. Distributions and establishing networks and booking presence regionally are of critical importance for the success of a company. Rivalry in the Indian Airline industry is strong and has increased since the presence of the low cost carriers. Costs are the determining factor for airlines as the Indian consumer today is more price conscious than ever. Over the past two decades, the Indian Airline industry has experienced both stagnation and unprecedented growth. The potential for growth in the Indian Airline industry remains strong as with massive population with growing incomes only adds to the fact that the Airline Industry has a long way to go. Currently, only 2% of the Indian population prefers to fly by air. Between the year 2003 and 2006, Indian Airlines industrys open sky policy opened the floodgates for the arrival of new start up carriers which changed the face of the industry beyond recognition. Liberalization in terms of allowing the domestic carriers to go international and allowing the international carriers greater access to the domestic market spurned the industry to achieve double digit growth. However, the increase in traffic increased the top line of the players in the industry, but due to low margins, lower yields, inadequate airport infrastructure and lack of trained pilots and engineers saw many of the compani es bleeding with negative bottom lines. As rising oil prices in the year 2008 hurt airlines all over the world, Indian tax systems made the matters even worse as it added 60% of total costs. Carriers were left with no other alternative but to pass on the burden to the customers who in turn chose alternative forms of transportation leading to 10-12 percent drop in traffic. A more positive environment is starting to emerge as the Centre for Asia pacific Aviation (CAPA) report suggests. According to CAPA, the airline industry is India is on the path of recovery as figures from the mid year 2010 have suggested. Better operating environment, with gradual upgrade of airspace and ground access development, would only help carriers achieve faster turnaround and higher aircraft utilization. The potential lies in the Indian Airlines Industry with CAPA predicting the industry having 1000 planes from 400 in the present and 4 times increase in traffic from the current trends. The performance of the industry is forecasted to accelerate and drive the industry to create positive value for the service providers as well as the customers. Environmental Analysis An assessment of external macro environment can be carried out by analyzing the Political, Economic, Social Technological factors. These factors are beyond a company or an industrys controls and sometimes can pose as threats. Following are the PEST analysis for the Indian Airline Industry. Political Factor In India, Political interference has effects of all the major industries. The airline industry in general is very susceptible to the political environment of a country. A country with unstable political environment can cause doubts in the minds of the traveler to travel to that particular country. India in particular has had to go through a lot in the recent years with mounting tensions with its western neighbours. The 26/11 terrorist attack on the financial capital of India has a profound impact on the airlines industry. Another example of political factor causing problems for the Airlines Industry in India lies in the corrupt state of affairs that lies in the administration. Bribes have to be paid to obtain licenses and permits. Even recently, one of the most respectable businessmen in the world, Mr. Ratan Tata complained about the corruption problem which discouraged him to start his own Airline Company. It was alleged that the civil aviation minister had asked Mr. Tata a sum of I NR 1.5 million as a bribe to give permit to start air services. State owned airline companies suffer the most because of this problem as due to political pressure, the government companies have to give special consideration with respect to route selection, offering free seats to the ministers etc. The state owned airline companies cannot stand up to the archaic laws, regulations and trade unions which in past have held the state owned enterprises on ransom. Currently, In terms of Investment FDI of 100% is allowed in the Airline Sector under the automatic route for Greenfield projects. Economic Factors Airline Industry is greatly impacted by the business cycles. It is considered a luxury to fly during the recession which then leads to cuts in spending eventually leading to reduction in the air fares. During prosperity, People spend more and that leads to increase in air fares. Recent global recession has had a deep impact on all the major industries in the world. Aviation Industry too had its own share of set backs. Corporate travelers were cutting back on travel which would save costs and leisure travelers had deferred their travel plans. Even a company like Citibank in India had to cut down its costs to increase its profits for which even the top managers were allowed only to travel by train. The loss of income due to economic factors forced the airline companies to execute the corporate restructuring program which resulted in several employees being laid off. Turnaround time, maintenance costs, jet fuels costs, staff costs, benefits costs etc. are some of the expenses which the airline companies have to take into consideration while pricing their air tickets. Anything below these costs the company losses which makes the company unsustainable in the industry/ Social Factors India, being a diverse country has people coming from different parts of the country with different culture, language, food and preferences. Airline industry need to understand this along with the fact that there are people with varied income group and their needs should be served accordingly. India is a land of extremes with people coming from different walks of life. For example, a person subscribing to Jain religion needs to be served a special Jain food and it could be kept in mind that the person sitting next to him can be a vegetarian. One of the finer examples can be drawn from South West Airlines which is a low frills airlines which has created a niche for itself in that segment. It has also successfully augmented its marketing mix strategy which has done wonders for it. Technological Factors Internet has opened avenues for the airlines industry in a way which could never have been comprehended. For Example, Jet Lite has introduced a service on its website where it auctions few unreserved seat on the flight one week prior to the departure date. Almost all airline companies offer their services through the internet. Right from booking the ticket to choosing the seat where one would prefer to sit on the flight. Apart from this, choosing the food from the menu can also be selected through the internet. Another good example of the impact of technology would be that of the Airport Authority of India, which with the help of technology was able to lease out its obsolete and unused hangers to international airlines thereby making huge profits out of the same. Technology development helps reduce costs, saves time and enhances service performance which is critical in a competitive industry like the Airlines industry. Porters Five Forces Michael Porter introduced a framework that models a sector or an industry as being influenced by five forces. This analysis has five-core element. These are 1. Bargaining Power of Suppliers 2. New Entrants 3. Threat of Substitutes 4. Competitive Rivalry 5. Bargaining Power of Customers Bargaining Power of Suppliers Suppliers for the Indian Airlines industry like other locations around the world as far as flight manufacturers are concerned are very limited. Globally, Airbus and Boeing are the only suppliers of aircraft which suit the industry requirements. There is limited bargaining opportunity for the Airline Industry in India hence is a threat for the industry. New Entrants It was difficult for a new player to enter the Airline Industry in India. There were lots of barriers to entry. Capital Investment to enter this industry is very high but banks have increased the possibilities to avail short term or long term loans with less interest rate thereby increasing the threat of new entrants in the present markets. Threat of Substitutes International routes do not have any threats as there is hardly any other form of feasible transportation available. However, Domestic travel can be competitive as high airfares encourage customers to look for alternatives ways to get to their destinations. Rail Road are probably the only feasible option available as they are only economical for shorter distances. A customer would prefer to travel long distance via road or rail only if the time factor allows the customer to take the alternative options. Competition Rivalry Rivalry within the industry is pretty intense at the moment as all the airlines are vying for attract customer by offering lower fares, membership privileges, free meals on board and other additional benefits to grab the customer from the competitors. Bargaining Power of Customer Indian travelers are highly price sensitive. With availability of many airlines to choose, cheaper price difference might just switch the customer to choose from one airline to another. Customers have some chance of bargaining in the domestic market as competition is intense in it whereas International routes gives less operations to bargain.

Godlessness And Ethics God Is Dead Philosophy Essay

Godlessness And Ethics God Is Dead Philosophy Essay Simon Blackburns Ethics, A Very Short Introduction identifies seven threats to the field of philosophical inquiry know as Ethics. First among these threats is the death of God. What is meant by this term is that for a considerable portion of human history, the question of what was considered ethical or moral was answered by turning to religious scripture. It follows then, that for those who turn to God or the gods for answers to dilemmas of an ethical nature, the death of such an entity would present a most vexing problem. Without this divine keystone, the entire arch of their morality would crumble under the compounding pressures of everyday life. But not for Blackburn, and certainly not for me. As it was mentioned previously, Blackburn placed the death of God as the first of seven threats to ethics. But to read beyond what a moron in a hurry would interpret as his true meaning reveals that the death of god was placed as the first threat to underscore the argument he makes that while superficially, godlessness may be seen as undermining ethics, in actuality it does much to act as a catalyst for a new beginning in the field of ethics. Blackburn sees the death of god as a positive thing, buttressing his claim by saying that Plato tells us that the ethical laws cannot be arbitrary whims of personalized gods. Â  Maybe instead we can make our own laws (Blackburn 16). Â   Blackburn proposes that humanity would be better served making our own ethics rather than following the booming edicts of a capricious, anthropomorphized, invisible sky-daddy. Thusly, it follows that Gods death is in fact cause for celebration and represents a false threat to ethical inquiry. However, this cele bration may have to be postponed, for if Gods death is the false threat, what then is the real one? The real threat that ethics face from this front is not Shivas wrath, Zeuss lightning or Yahwehs Judgment. Rather it comes from those who believe in the reality of the aforementioned. It was Voltaire who said it best, when he wrote that those who can make you believe absurdities, can make you commit atrocities. This threat, the threat religion poses to not only ethics, but humanity as a whole, is best defeated by claiming and defending the assertion that atheism offers a human basis of ethics and morality with greater potential to satisfy those who it was designed to serve, namely us. This position is not without precedent, and it was Socrates who first applied logic to the religious convictions of his fellow Greeks (particularly the ethical conviction that morals must be followed because it is what the religious figure commands) and showed them to be not only conceptually confused but built on a shifting foundation. While avoiding his fate, his footsteps are ones that many have followed. I would like to mention at this point that I am not merely making use of God of popular, modern, Western Judeo-Christian tradition (Though any religious references will most likely be to this conception of God, as it is most familiar to both author and audience). Rather, I mean to say that moral atheism offers a superior alternative to (among countless others) Jesus, Anubis, Baal, Izanami, Zeus, Vishnu, and Quetzalcoatl. As mentioned previously by Socrates, the rejection of divine command lies at the heart of moral atheism. Here I argue that following a command to behave ethically is not in itself ethical behavior, but rather obedience that results in a pantomime of true ethical behavior. Secular humanism in turn, offers a morality that is thought out, argued and reasoned. By having a moral basis in secular humanism, atheism possesses a distinct advantage. Â  This is because, this ethical base, standing as it is, outside whatever religion it happens to find itself near, can look at what is being commanded by divine authority in a way that allows it to more easily evaluate the command itself. This superiority then allows atheists the ability to look at the command, say perhaps, the arbitrary violence of Ezekiel 9:4-7 where the God of that religion commands his (as George Carlin once said, God must be a man, no woman could or would ever screw things up so badly) followers: Slay utterly old and young, both maids, and little children, and women: but come not near any man upon whom is the mark fill the courts with the slain: go ye forth. And they went forth, and slew in the city. Once the command is looked at, presumably with horror, it is the moral atheist who is more inclined to reject the actions as unethical because they have already been able to find the command immoral. I would like to draw to a close by offering a quick concession to the theists out there. Many of the worlds religions hold out the promise of redemption, the hope that if a human being has violated morality in such a way that no amends are possible, many of the worlds gods have the ability of mercy or forgiveness (often conflated, they are similar put not the same). This is something that atheism does not afford. The logical consequence of this is that an individual is forced to make choices with the knowledge that each and every single one of those choices is adding up to the only value they can ever hope to have in their life. To write this, does not, as the theist may assume, fill the author with a sense of crushing insignificance and nihilism. Rather, it is a great feeling of importance, the weight of each choice is not that of a burden. It is finding the human condition from the moral atheist position to be one were decency, morality and ethics arise without the expectation of p unishment or rewards. With one life to live, what choice do we as a species have but accept that and exult in it. God is dead. Long live us.

Hispanic Girls Growing up on the Border Essay -- Essays Papers

Hispanic Girls Growing up on the Border The Southwest United States is an area of great diversity. It is located on the border between the US and Mexico. In this region there are four main ethnicities represented: Hispanics, African Americans, Anglo Americans, and Native Americans. These groups interact daily working in the same offices and going to school together. Youth of each ethnicity face risks as they grow up. By focusing on the Hispanic adolescent girl the extent of the possible risks to one ethnicity can be explored. These risks will include motivation at school, the risk of dropping out of school, the at-risk classification, which includes gang involvement, and teen pregnancy. The results of studies focused on the risks to Hispanic girls will be compared to an interview with a Hispanic girl living in Tucson, Arizona and what she feels the actual risks are. Through the comparison a full view of the risks to adolescent Hispanic girls growing up in the border region will be seen. At-Risk girls is a term used over and over in order to describe girls that may be predisposed to problems such as dropping out of school or joining gangs. Girls classified as at risk share many of the same characteristics. Not having English as a native language is one of the risk factors attributed to the at risk girl classification. For first and, often, second generation Hispanics the language barrier is a problem leading to poor economic standing and poor education. In the border region this problem is evident in some schools since they may "consist primarily of Mexican American students, most of whom are considered at-risk based on language barriers, economic disadvantages, and poor family education"(Sonne... ...erimental Education 62.1 (1993): 60-71. Granleese, Jaqueline & Joseph, Stephen. "Self-Perception Profile of Adolescent Girls at a Single-Sex and Mixed Sex School." Journal of Genetic Psychology 154.4 (1993): 525-530. Jones, Randall M. & Lauver, Philip J. "Factors Associated With Perceived Career Options in American Indian, White, and Hispanic Rural High School Students." Journal of Counseling Psychology 38.2 (1991): 159-166. Menchaca, Velma D. "Achievement Motivation in Mexican-American Eighth Grade Students." Psychological Reports 72.3 (1993): 971-978. Osborne, Jason W. "Race and Academic Disidentification." Journal of Educational Psychology 89.4 (1997): 728-735. Sonnenblick, Melissa D. "The GALLS Club: Promoting Belonging Among At-Risk Adolescent Girls." The School Counselor 44 (1997): 243-245. Smith, Josie. Personal interview. 24 Mar. 1999.

gdp analysis :: essays research papers

U.S. Economic Outlook: 2005-06 GDP Analysis   Ã‚  Ã‚  Ã‚  Ã‚  In order to ensure competent and accurate forecasts for both 2005 and 2006, I obtained GDP information from a few different sources. Accessing the information without having to register at a â€Å"nominal† fee was a bit interesting at times, but nonetheless I found a couple of sites that all forecasted GDP and all of it’s components within a tenth of a percent of each other.   Ã‚  Ã‚  Ã‚  Ã‚  The one I found easiest to follow and analyze was the TD Quarterly Economic Forecast that I accessed at their website, www.td.com/economics. According to information provided here and enclosed information from Reuter’s and Comerica, Real GDP growth is expected to tail off from about 4.4% in 2004 to 3.2% by the end of 2006. All three of these articles identified 2004 as the best year for our economy growth wise in the current business cycle by far. Consumer spending and business investment growth are predicted to decline pretty sharply over the next two years, while the housing / residential construction sector is expected to show negative growth. This, in itself may be an indication that there may be a reverse trend in the property / real estate market, bringing prices down and keeping that market honest. All of these forecasts are contributing factors to the predicted dip in both final domestic demand as well as final sales. Good news though is that export growth is expected to increase, which will reduce the amount of growth in imports, directly correlating to a drop in the nation’s unemployment rate. Increasing the number of jobs will infiltrate more money on the domestic front and eventually serve as a shot in the arm to a parched economy. All in all the U.S. economy is in pretty good shape and here to stay. Optimally, we would like to see this year and next build upon last year’s incredible figures and shoot consumer spending further through the roof.

How Justified Were President Lincoln’s Wartime Decisions? Essay

How Justified Were President Lincoln’s Wartime Decisions? In a time of war, it is necessary for the President to enforce limits on the power of individuals. President Lincoln was entirely justified in limiting rights during the wartime situation to protect the nation. It was also necessary for him to increase the size of the federal army in order for the North to have any possibility of winning the war. Lincoln had to do all that he could to keep the Border States, each of which the Union could not afford to lose. Setting limits on the rights of individuals was unavoidable for President Lincoln, because Copperheads posed a significant threat to the Union. It is almost certain that the North would have lost the war if Lincoln did not improve the Union’s army. The South had superior military trained personnel because most of the U.S. military that had been professionally trained seceded with the South. A number of notable military institutions were located in the South. The North only had a small â€Å"standing army† before the war. Congress was not in session at the time of crisis, so Lincoln himself requested 75, 000 men, most of which had never even held a gun. This large army needed training and supplies. Had Lincoln waited for the $2 million needed for military services to be appropriated, it may have been too late to successfully train such a large army. It was crucial that the Union did not lose any of the Border States. Martial Law had to be ordered in ...

Familiar with the phrase

I remember that as a child, I didn’t have difficulty making choices. My first vivid memory of a situation where I clearly had to make a conscious decision, something which was imprinted in my mind forever, came with a visit to a toy store at a mall.Familiar with the phrase, like a child in a candy store? It was the same thing- but obviously with toys in all shapes and sizes; some were mechanically animated with blinking lights, amusing music and sounds and moving parts. You would have expected a child of about 4 (I think I was four or five) to have simply sat there and insisted on living in the store if mom and dad didn’t buy everything in sight for them to take home.But things didn’t turn that way. I did spend a substantial amount of time browsing through the shelves, holding this, admiring that and generally wishing we could buy everything I wanted and fretting a little bit like any typical four-year old. But in the end, I knew what I really wanted from among t he bewildering array of choices. It was a choice that had been made with a combination of facts (I saw an ad on television), common sense (I knew it was a toy my other siblings wouldn’t be so interested in), and most importantly, it was an object that I was happiest with.The toy by the way was a Lego set- I was four and I was in a building phase plus the fact that the Lego pieces were nice to chew on when no one was watching. As years passed by and the Lego was replaced with various other toys, contraptions and amusements, choosing became more complicated and even tedious.Could it be possible that a four-year old be more adept and actually be more â€Å"matured† in making decisions and choices than a fifth-grader who was actually already taking high-school level Algebra, or an eighth-grader who suddenly showed an aptitude for music and was playing the piano like a pro?For some reason, that incident at the toy store became nothing more than a memory. The older I got, th e more I got confused and distracted even as my intellect had grown by leaps and bounds. In fifth-grade, I was the school nerd who took high-school Algebra lessons for the fun of it. But when it came to making choices about summer-camp, or something as trivial as what type of breakfast cereal to eat, I was a wreck; an annoying, back-tracking, undecided 11-year old. In eighth-grade, I could read sheet music as if they were comic books.But I caused my father agony when I hemmed and hawed at what high-school to go to; special music high school, regular high school? – I couldn’t make up my mind. My mother told me to my face quite bluntly; â€Å"you’re a genius at a lot of things, but it’s sad that you can’t even master the basics.†So when faced with college and what career path to take, I set aside the memory of last year’s fiasco of a vacation ( didn’t know whether backpacking to Europe, or Mexico, and ended up missing an importan t loved one’s birthday because of my indecisiveness) and focused on that lovely summer’s day at the toy store when I was four-years old.I closed my eyes and opened my heart and my mind. I shut out all distractions, biases, fears and pretensions. I was again a four-year old, innocent and guileless, a child who was at the edge of knowing what he wanted and knew that he had a family who would always support him. But more importantly, he knew what he truly wanted, what made him happy, and that never changes even if you were four or 90 years old.And so I made a choice that had been made with a combination of facts (I had an incredible aptitude in math and science), common sense (it was a hot-career and most in-demand), and most importantly, it was something that I was happiest with simply because having made that decision almost ten years ago, not a day passes that I don’t thank the fates, God and myself for having made that decision.That choice by the way, was decid ing to go to medical school and later joining the United Nations medical corps for special missions to places in the world where crucial medical and surgical procedures were urgently needed.Fifteen-hour work days, lack of equipment, threat of civil war, the pains and aches of the sick and a child’s smile thanking you for saving her life- yes, I am like a child again in a toy store.Work CitedCareerPlanning (2007) Career choice of change. Retrieved January 1, 2007 from http://careerplanning.about.com/od/careerchoicechan/Career_Choice_or_Change.htm

Barriers Essay

When attending college withers a new give lessons-age child or old, at that place will be barriers in the bureau. These highroadblocks nooky appear in various shipway during a scholarly persons life history in college. The barriers evict be anything from money, or attendance, and even time watchfulness. The key is to severalise the walls and pound them to succeed. First, issue for legion(predicate) savants is money. Its not cheap to attend college, nevertheless colleges vex many ways of fortune out their students. One way, is students commode fetch grants from various places.Grants are checks that students can employment and befoolt defend to stick out cover version the money. On the other hand, at that placere loans which is money a student can use, but has to net it back. Another, significant source of money is scholarships. Scholarships exertion manage grants but students have to brighten them and have to meet certain requirements to keep them. An a lternate way from student aid is to pay out of pocket for school, so desire work wages or maybe an allowance. Just keep in beware there are a people of options to help pay for college so gullt allow finances be a oadblock.Second, mountain in the road is attendance. Always show up for score and on time attendance is rattling important college as well as life. Students who attend class on steady bases have a better prognosis of passing the class than those who dont. Also, colleges have stipulations when it comes to attendance as well, if a student misses too many days of class than the college can kick the student out. This rule applies for tardiness as well show up to deep too many times and the students gone.Lastly, wake up to class helps becometing trusty grades which can lead to getting scholarships. Finally, a big barrier in the way to achiever in college is time management. If students dont learn how to balance a work load and a personal line of credit load then college is going to a rough time. Second, a student essential put some time back for studying without study time student wont pass classes. Besides, work and class time there in addition transportation that can hinder time. It is endlessly good to know when to get to ollege and how to get there by bus, a car, and possibly a friend.That ride it takes to get to school factors in as time management how long will take to catch at school. Before a student attends college learn some time management skills and it will be a cover easier to balance a schedule. One can deduce that there are many different roadblocks in the way to success in college. Dont let the barriers win Just recognize them and overcome the barriers. Stay focus on studies and earn the degree to become a knightly college graduate.

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.

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