Racial Formation Summary Essay

Racial Formations by Michael Omi and Howard Winant, in my eyes, successfully explained how we as a society view race and gives us a sense of how it is observed within social contexts. Omi and Winant used media, ideas, and everyday examples to portray their views about race. Omi and Winant’s article began with the Susie Guillory Phipps’s case about how she had (Omi and Winant 2014) â€Å"unsuccessfully sued the Louisiana Bureau of Vital Records† (p.13) because she wanted to change her racial distinction from black to white on her birth certificate. Phipps argument was that racial classifications were unconstitutional. However, the court had upheld the belief that classifying individuals based on race was indeed constitutional. The Phipps case demonstrated for many centuries, that the United States had always tried to define race and how it is to fit within our social context. Omi and Winant then goes on to say this struggle to define race is not only seen in the U nited States, but is seen in other locations around the world, such as Europe. With exploration of the new world, many Europeans had believed that anyone who was not white had to have lesser freedom, if any at all, because these non-white were seen as inferior and less fit for society. Even to this every day, many individuals try to discover the â€Å"scientific meaning† of race. These individuals want to argue that race in not (Omi and Winant 2014) â€Å"social, political, or economic determination† (p. 15) but instead race can be found within an individual’s underlying characteristics which can be identified through skin color or physical attributes. Omi and Winant further showed how race can be seen as a social concept as well. For example, they explained how many people in contemporary British politics use the term black to mean any nonwhites, which surprisingly has not lead to any retaliation by any people. As a matter of fact, some Asian and Afro-Caribbean youth are using the term for self identity. Omi and Winant explains this phenomenon as â€Å"racial formations† which refers to the (Omi and Winant 2014) â€Å"process of by which social, economic, and political forces determine the content and importance of racial categories, and by which they are shaped by racial meanings† (p.15). Omi and Winant also goes on to explain within everyday life, individuals tend to create racial identities for others. These preconceived thoughts are like expectations we give  ourselves about other races. These preconceived thoughts did not just occur over night, they are a result of the historical events that has occurred over time and still shape the way we think about other races to this very day. Constructing Race, Cheating, White Privilege Constructing Race, Creating White Privilege by Pem Davidson Buck illustrated from the beginning of European colonization, there was a sense of how white individuals granted themselves privileges that no other race could have. To keep these racial privileges separate, laws such as the one in 1691punished European women who married African Americans or Native American men. The white individuals were so driven to separate themselves from other races, that European men who had children with an African or Native American, or any slave for that matter, were not responsible for the children. This meant that African American or the Natives did not become wealthy and was done so that the white people did not feel threatened by other race’s power. Buck then goes on to say that (2014) â€Å"Whites had an equal interest in the maintenance of whiteness and white privilege, and that it was the elite† (pg.35). This meant that white supremacy was taught to others and thus engraved in their minds for years after. All this was created so that whites would have power over other races. Additionally, whites reserved the right to whip African Americans; however, it was illegal to whip white people. On top of this, African Americans were denied the right to having a family just because husbands could have authority for their wives and not their owners. Buck then goes into talks about Psychological Wage. Buck describes psychological wage as having a feeling of superiority for the poor whites because their whiteness made up for the terrible economic situation they were in. This sense of superiority further helped the rich whites because the poor had supported this separate racial system and thus the rich had control of labor and the economy.

Culture Studies for Fashion Essay

This essay discusses how fashion helps convey the social identity of the rich and wealthy. Status includes class, gender, and ages. Status is important in today’s society. As Coco Chanel said, †women should dress as plainly as their maids† (Davis 1992:57). A person who is wealthy is a symbol of a person who is successful and of high income in the society. Being wealthy can upgrade one’s status to a higher class, and to be associated with the upper class society. Being wealthy will bring about better lifestyle and standard of living, which allows one to move to a better place and area of residence. Naturally, it creates a bigger opportunity to mingle with societies of a different class. This essay will discuss about status and wealth followed by the history of fashion and how important the type of fabric is in differentiating status and classes. We will then discuss about how technology in the 21st century has helped in the development of fashion. In the late 13th and 14th century, the fabric and gem trade brought back from the east started and spread throughout Europe. These fabric and cloths could only be afforded by the rich, thus wearing these clothes showed the status in the society. This was as Davis (1992; 58) said, ‘Wearing one’s wealth on one’s back’. Different classes of people had very different lifestyles and attended different activities. For example the upper class people went shopping, had afternoon tea, attended evening balls, and were presented the chance to have an education in school. The standard of living was very vastly different as lower class people had to suffer, go through hunger, and possess no extra money for anything other than their basic necessities. Their source of income were either by working day and night in the factory, working as maids for the rich or operating small business stalls. Aristocrats and upper class people communicated their wealth by wearing luxurious brands, expensive accessories, jewelry, and unique apparels from famous designers, and the men talk about business, cars, property, and women. In the eighteenth century, male and female of the aristocracy, and of the upper Bourgeoisie who emulated it, were equally partial to ample display of lace, rich velvets, fine silks, and embroideries, on appease. To highly ornamented footwear, to coiffures, wigs, and hats of rococo embellishment, and to lavish use of scented powders, rouges, and other cosmetics (Los Angeles Country Museum of Art 1983 in Davis 1992). In the twentieth to twenty first century, technology started to become more and more advance. People started to be more reliant on computers. Internet has become a very useful gateway to immediate information. The mass public has fast and direct access to information through the Internet, as an example they can also now browse luxury brands website, watch fashion shows, and do online shopping. Therefore with the ease of access to information, marketing and publicity of a product can reach the consumer level faster than ever before. When a jewelry or luxury brand’s product is worn, people can easily recognize the product and have an idea of a person’s wealth through the worth of their attire. According to Arvanitidou and Gasouka ‘Dressing is an important and controllable way to communicate one’s values, particularly rich in emotional and psychosocial consequences’. People are willing to pay for luxury brand as the brand name is associated with fashion, elegance, class and value. Some example of the designer brands under the luxury category are such as Louis Vuitton, Prada, Chanel, Gucci, Salvatore Ferragamo, Hermes, Versace and others. These luxury brands have been well known in the fashion retail market for a long time. Buying branded goods is like insurance for women as it can easily be sold in the second hand market apart from it being fashionable and trendy. The other reason luxury brands sell well is due to is timeless, evergreen design. Some classic designs will stand the test of time. Shopping to women has a therapeutic effect, be it in shopping malls, luxury shops, or department stores. They indulge in the moment and make themselves happy, especially when buying from luxury brands. Upper class people have the financial capability to purchase most of the things that they like. They also like to compare amongst themselves, so they are ometimes under peer pressure to have the latest and the most fashionable product in order to show off and convince people of their status in the society. With this, they would be able to show that they are wealthy enough to enjoy the luxury brand’s quality products and prove their status. Drama and television advertisement has become a major influence in marketing and publicity of products, especially to the young people. Young people in the twenty first century like to idolize film stars, celebrities, and Korean pop stars, following closely their news, styles, actions, and lifestyles. As the Internet now is very advanced, young people can see live news on the Internet and share the news out to their circle of contact. The standard of living today has changed globally and young people today have higher disposable income. This allows them to chase after branded goods as we are living in a much commercialized world today. We are hit with commercials and advertisements in every direction, from the television, to the radio, magazines, billboards, sponsors of sports, etc. Therefore young people today are also chasing after luxury brands to be associated with status and class. Young children in the twenty first century are more matured thinking; they use make up, wear sexy dresses, and make themselves looks like an adult. They make up a big portion of market share for new technology products which is in trend such as Ipad mini, Iphone5, and Samsung note two. Possessing either one of these product, people will easily recognize their wealth through the product’s worth. In conclusion, wealth is an important factor complementing status. Historically, there was a big difference between aristocracies, upper class people and lower class people in terms of lifestyle and attire. Wearing the right clothes, the appropriate dress for the occasion, fitting in rather than standing out, is the dominant concerns of most people’ (Twigg 2009: 4). Wearing a classic, elegant gown in an evening party is very important in forming the impression of yourself on status and class. Internet and the latest technological products are very useful in helping people receive firsthand information. The products of latest technology are most of the time expensive, and holding the latest items will show that one is wealthy.

Using different teaching strategies to improve the performance of Assignment

Using different teaching strategies to improve the performance of nursing students with different learning styles - Assignment Example Over the past years, the utility derived from matching the learning styles to the appropriate teaching methods has widely been discussed (Bostrà ¶m, 2013). It is believed that in a case where the students are presented with difficult information and new courses, a great change is observed when the individual’s learning style is correctly matched to the teaching strategy (Aina-Popoola, 2014; Luo et.al, 2014). This literature review seeks to establish the different student’s learning styles, the specific challenges facing the facilitators in nursing education as well as the creative teaching strategies that can be integrated in nursing teaching to improve on the learning efficiency. It is hypothesized that the different learning styles and teaching strategies have an effect on nursing student learning. The following literature review from the last five years therefore seeks to demonstrate and support this hypothesis. In a study by Amina and Houaida (2012) that sought to identify the learning styles preferred by the nursing students in Nursing and Technical Institute of Alexandria, 288 nursing students were involved in the study. 169 of the students were from the faculty of nursing while 119 were from the technical nursing institution. Both the comparative and the descriptive research study designs were used in the study. From this study, it was evident that the most prominent learning style preferred by the nursing students in Egypt was kinesthetic style. Further, statistical analysis of the data collected in the study revealed a significant difference between age and the score of the particular nursing courses. It is from these findings that the researcher concluded that there exist a number of learning styles preferred by the nursing students of which can be adequately exploited by the nursing educators in coming up with appropriate techniques and

Islamic accounting and financial reporting Essay - 1

Islamic accounting and financial reporting - Essay Example 16). On the other hand, IFRS was enacted to harmonize the universal accounting procedures and processes into a harmonized system. This study will cover the implementation of the IFRS by the country of Malaysia. The paper will have a candid review of the adoption of the IFRS by Malaysia, and the conflicts that this move presents to the application of the AAOIFI standards. As a start off, the paper evaluates the financial and accounting system in Malaysia. AAOFIFI and IFRS are then evaluated with respect to their components, procedures of application and treatment of various financial transactions. The paper then compares and contrast the accounting treatment of both standards before discussing the procedures that are used by the Malaysian authorities to implement IFSR and overcome Conflicts with AAOIFI (Schoon 2009, p.50). The study finalizes by analysing the effectiveness of the IFRS implementation strategy in Malaysia. The financial system of Malaysia is made up of Islamic and conventional financial institutions which operate in parallel. The apex of financial and monetary structure in Malaysia is the Bank Negara, which is the Malaysian Central bank. The financial system comprises the banking and non-banking system. The banking system is made up of 21 Islamic banks, 25 commercial banks and 15 investment banks. To compliment banking institutions are the non-banking financial institutions. In Malaysia, there are 43 insurance and re-insurance companies, 13 Takaful Operators, four retakaful operators and six development financial institutions. The Islamic financial system in Malaysia has continued to grow and develop. Currently, the Islamic financial system comprise of Takaful, Retakaful, Islamic Capital Market and Islamic Interbank Money market. MIFC (International Islamic Financial Centre) was opened in the year 2006, with the aim of strengthening

Reform Proposals & the Ideal Legislature Essay Example | Topics and Well Written Essays - 750 words

Reform Proposals & the Ideal Legislature - Essay Example Attempts at radical reforms, however, have so far been futile. For example, the slow pace of policymaking and legislation has so far remained. According to Robert Harrison (2004), Congress is a constant and neutral marketplace in which contending parties negotiated terms and contracts that shape America as a state. (9) Its plurality and the norms within it becomes an open entry for gridlock and partisan legislation. Specifically, the political parties in Congress retained a pronounced tendency to stick together even when confronted by the new issues of progressive reform. In contrast to the executive department who could make immediate decision or policy stand, the Congress must undergo a process of conflict, consensus and indecisiveness that slows down any effort of reform. The legislative leadership is very important in getting the job done in Congress essentially because it controls the legislative agenda especially in cases where the leaders’ party has the comfortable lead in numbers. For instance, the leadership can appoint leaders to various legislative committees and hence control their historic roles of refining legislation. For example, according to Gary Cox and Matthew McCubbins (2007): Complex logrolls that require a sequence of legislative enactments on the floor are†¦ dependent of the goodwill of the majority leadership. At a minimum, the leadership must agree to schedule all the pieces of the legislative bargain. Otherwise, whoever goes first (votes first, reports out a bill first, etc.) has no guarantee that the other side will be given the opportunity to uphold its end of the bargain. (228) Needless to say, an active Congressional leadership is pivotal in substantive legislation. Leaders of the Congress will have few problems if they belong to the party that has the majority. Party discipline can ensure the smooth proceedings and passage of laws because the party organization will dominate the legislative activity. However, the

Marketing 2500 24 hours Essay Example | Topics and Well Written Essays - 2500 words

Marketing 2500 24 hours - Essay Example The paper discusses demand-supply, expected sales & market share analysis, analysis of market entry mode, & strategies and estimated budget. All the analysis has base on extensive literature, case studies, theoretical modes and sales tables and curves. The statics results reflect well and car marketers from many companies both local and foreign are having an advantage. Most large automotive industries are currently either investing much in China or developing new small car models preferred by most families in China. Companies such Toyota, Ford Motor, Honda, General Motors are presently investing in China through joint ventures with the Chinese counterparts effectively thus increasing market share competition. Unlike the large international automotive industries, China’s one is fragmented. Most cars are small ones with the huge companies producing up to 37% of the total output. However, China’s current cost of labor is significantly low and the government has referred to the situation as a pillar industry one with high growth potential. The car industry in China continues to be attractive because the tariffs reduction in the industry intends to continue too much lower in the next few years. The government also plans to put car import quotas. Price decrease in China is causing many other auto companies to reduce their prices consequently. In the next few years, companies in China are to face an over production of up to 20% of cars. China has expectation to host more than 140 million cars on its roads; this is much more than the present hence forcing the government to improve the transport infrastructure and services. Background The factory began a s a truck building factory producing their first Jie Fang CA-10 in 1956 by the assistance of Russian Soviet Union. The company began its operations with only 39 employees who travelled to Stalin Truck Factory to receive their learning experience and instructions on how to build and construct trucks. The co mpany is located at Changchun a city that was identified by the Soviet Union as the base of the factory. The city is also situated on the northern side of china, which is also near Russia. The company continued with its operations by also producing passenger cars in 1958. The company produces luxury vehicles that have gained popularity in the country. Due to a lot of fragmentation, the company has entered into ventures with other companies such as Volkswagen. The company has also moved to acquire Tianjin Automotive Xiali in September 2002. In 2009, the company entered a joint venture with Toyota and General Motors companies (Hu, 2006). China’s development concerning automotive is high i.e. recent statistics showed that every 1000 Chinese owned an average of 1.5 car units that is over the global average. Other governmental statistics also showed that almost 32% of the Chinese urban population intends to purchase cars in the next 5 years. Introduction The auto industry that is an important sector in China’s modernization and industrialization endeavors has been growing very fast since the 1990s. In the present past years, China has become the world’s greatest automotive manufacturers, with yearly production output of 18 million units in 2011. It is also currently the largest automotive market in the

How to Speed Criminal Trial Dissertation Example | Topics and Well Written Essays - 2750 words

How to Speed Criminal Trial - Dissertation Example How to Speed Criminal Trial in Saudi Arabia By: (Name) (University) (Date) Table of Contents Chapter 1: Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. ... †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ CHAPTER 1: INTRODUCTION Statement of the Problem Criminal procedure has been developed in Saudi Arabia since the new Criminal Procedure Act was enacted on 3 November 2001. It is a major development in the country’s criminal law, as is the establishment of the Saudi Commission for Investigation and Prosecution. These developments, which took place in a short period of time, are a welcome change but pose new problems as well. My research would concentrate on delays in criminal trials and seek new ways to manage this problem in the Saudi legal system by incorporating and adapting methods from other jurisdictions. Some other jurisdictions may also have problems with delays, but it is more evident in Saudi Arabia. This issue not only goes against the public interest and the interest of the accused, it also violates human rights conventions. Thus, this research will concentrate on a practical way to speed this process and to achieve at leas t a fair level of speediness in trial procedures. Eliminating the case backlog and maintaining it in the future will be helpful in the country's criminal justice administration. Delays cost the country money and time and can add greatly to the expense for lawyers, causing hardship for the accused, which is not a desirable result by any standard. The Topic The research will basically tackle the problem of delays in criminal trials in Saudi Arabia. This will be done via two main methods, comparative analysis of speedy trial laws and policies in other nations as well as through surveys from individuals involved in the delivery of justice in Saudi Arabia. The Research Problem This study is concerned with practical research to find the right tools to speed criminal trial procedure in Saudi Arabia, by comparing with other

Historical Points of Organizational Change Coursework

Historical Points of Organizational Change - Coursework Example Organizational change has its biggest paradox in the fact that its peak production period is probably time to start implementing significant change. Finally, there is limited knowledge on how to implement organization change. However, organization change is inevitable and must be managed in order to attain the best out of it. While planned organizational change occurs according to steps, the real change does not. One historical perspective of organizational change is industrial and organizational psychology (Burke, 2009). In the time before and just after WWII, industrial psychology only dealt with military, industrial, and business organizations. Its major thrust dealt with testing and studies focused on efficiency and morale. Industrial psychology in the late 1940s to the early 1950s dealt with psychological test development and supervisory training. In 1953, Fleishman carried out studies to determine whether the behaviors and attitudes of the supervisors would change after a two week program. Two leadership actions were reflected by tests; initiation of structure and consideration of a leader’s subordinates. However, training can only be effective if the organization has the climate to support the training goals. Industrial psychologists have increased comprehension of organizational change during WWII and beyond. Another perspective into organizational change comes from the systems theory, introduced in 1950 by Van Bertalanffy (Langer et al, 2009). The theory approaches the organizations as interdependent parts with specific functions, as well as interrelated responsibilities. The emphasis with the perspective in organizational change is that real systems interact with, and are open to, acquisition of new properties via emergence, leading to continual evolution. Instead of bringing down an organization to its

Financial accounting Assignment Example | Topics and Well Written Essays - 1250 words - 1

Financial accounting - Assignment Example In the context of a company or a business unit, an income is what is mostly referred to as the earnings after interest, depreciation and tax (EADIT). The gain can be described as an increase in the amount of revenue and/or income by a specific amount, as compared to a previous figure (Gupta 213-250). According to IAS 18, revenue is supposed to be recognized exclusively under the following criteria: when a business unit has completed the transfer of ownership of goods; when a business has ceased exercising applicable managerial authorities and has given up any form of control over the goods; when the amount of the expected revenue can be determined with consistency; when it is certain that financial inflows resulting from a certain business transaction will be directed to an entity; and when expenditures and costs related to a business transaction can be measured with consistency (Christian and Lu?denbach 64-87). On the other hand, revenues obtained through the provision of services s hould be recognized â€Å"where the outcome of a transaction involving the rendering of services can be estimated reliably, associated revenue should be recognized by reference to the stage of completion of the transaction at the end of the reporting period. The importance of distinguishing between the terms in financial reporting is to facilitate the provision of reliable material information to the users of financial statement (International GAAP 328). The case study IBI Ryan PLC (the company) is a wholesaler of a wide range of consumer electronic, computing and telecommunications products. The company imports the bulk of its goods using container transportation and distributes from large regional warehouses to its customers, who range from individuals who have ordered on-line to large national retail chains. The company is finalizing financial statements for the year ended 31st March 2013. The company has experienced significant fluctuations in revenue and profits over the last 5 years. The financial statements as currently prepared, show an operating profit of ?51 million on revenue of ?4,003 million. According to the case, the company anticipated a delivery of the goods on Sunday the 31st March, one day before the preparation of the financial statements. Unfortunately, the delivery did not happen owing to a heavy snowfall for two consecutive days until Tuesday. The sales invoices showed a total sale of ?50,000. The delivery was not made but the company’s revenue for the financial year ending 31st March includes the sale. According to the requirements of revenue recognition as stated in the international accounting standards 18, the revenue of ? 50,000 could be measured with certainty and reliability. The cost incurred during the transaction could also be measured with a satisfactory level of certainty and reliability (? 25,000). The economic benefits of the transaction would flow to the company if the transaction were finalized. However, since the delivery was not done according to plan, within the financial period, the ownership of the goods was still with IBI Ryan. That means that the company did not pass the significant risk and reward of ownership of the goods to the buyer. Secondly, the company still had managerial authority and control over the goods. Therefore, the revenue

Foreign Direct Investment for Developing Countries Essay

Foreign Direct Investment for Developing Countries - Essay Example 10) say that FDI is one of the key options for economic growth of developing countries. However, it is not all developing countries that are open to FDIs. The FDI helps these economies in terms of foreign capital in form of direct and also some cases indirect investment. Most of developing countries initially depended on loans from international financial institutions and banks but this started changing in the 80s when international banks started experiencing financial constraints. This forced most developing countries to shift the approach and change their investment policies in such a way that will be attractive to stable forms of foreign capital. The advantage of FDI is that developing countries easily get foreign capital without high risks that can be tagged to the debt. According Marchick and Slaughter (2008, p.2) governments have been reviewing their economic policies as an effort to attract MNCs through FDIs into their countries. It is important to note that FDI is directly affected by multinational companies (MNCs) who are the main participants. With that consideration, then we can easily conclude that factors that affect MNCs also affect FDIs. The capital flow from MNCs is directly injected to FDIs. Most of the times, the MNCs tend to expand their activates to foreign companies for several reasons which include; exploitation and utilization of economies of scales, utilization of particular advantages and at times very unprecedented reasons like just because their main competitors are actively involved related practices. Equally, governments are in competition to attract more FDIs in their nations. They do this by changing and at times compromising some of the key factors in their economic policies. Examples of such factors include corporate taxes, domestic labour market conditions among others. With all these activities surrounding FDI, MNCs have to be very analytical before making investments in such countries. There are determinants which are

Integrative Approaches to Psychology and Christianity Essay Example for Free

Integrative Approaches to Psychology and Christianity Essay Just as the title describes, Entwistle explains within the book the attempts and varied approaches of integrating both psychology and Christianity, two entities which seem to have been at odds with each other since the time of Galileo. By explaining key historical conflicts, such as instances of friction between religion and science, readers are able to understand how psychology and Christianity are intertwined, and how the same principles that hold them together also seek to push them apart. As said best by Entwistle, â€Å"The interaction of psychology and theology is virtually inevitable due to their mutual interest in understanding the ambiguities and mysteries of human behavior, and healing human brokenness. † (Entwistle, 2010, p.51) According to Entwistle each person has their own worldview, a unique way in which one sees the world around them shaped by their own experiences, knowledge, and culture. The family we were born into, the town we grew up, the continent our town is located all help shape our worldview. Our worldview allows us to question if what we believe is true and if our beliefs have a place within our religion. In taking a Christian worldview believing and understanding in the creation, Fall, redemption, and consummation provides a starting point for integration by allowing Christians to understand how the world around them began and their place in that world. (Entwistle, 2010, p.67) Five paradigms are described as ways of relating psychology to Christianity and they are as follows: enemies, spies, colonialists, neutral parties, and allies as subjects of one sovereign. As enemies, there is no possible way that psychology and Christianity can be integrated. As spies, allegiance is held to one while borrowing principles from the other. As colonialists, there is a recognition of the importance of psychology, but does not attempt to use any of its principles. As neutral parties, both psychology and Christianity recognize findings that are paramount between the two, however both are separated from one another. And lastly, as allies the integration of both psychology and Christianity embrace the word and works of God and his ability to rule over both disciplines. (Entwistle, 2010, p.154) In conclusion, the road to integrating psychology and Christianity continues to be a long one. As Christians, we know that God is the creator of man and that we are born in His image but have sinfully fallen short, and that Jesus died for our sins so we are able to seek forgiveness. The Bible remains our guide for daily living. Psychology is the scientific study of the mind and our behaviors attempting to explain why we think and behave the ways we do. â€Å"Rather, the task at hand is the difficult work of reading the psychological and biblical sources, checking the research and the interpretations, and then asking how together they can help us attain a more complete picture of the human condition.† (Entiwistle, 2010, p.267) Concrete Response In reading this book it triggered a memory from over ten years ago. In 2001, I lost my great-grandmother to heart related issues. For me her death went farther than just losing a relative. As far back as I can remember my great-grandmother was a part of my daily life. My mother had me when she was still in high school so naturally she still lived at home. My father was nonexistent in my life so my world revolved around a house full of women: my mother, grandmother, and great-grandmother. I had just graduated high school and was anxiously approaching the start of my first semester in college the following August. Everyone else in the household was at work, while I was enjoying my summer vacation. It was still early in the morning and my great-grandmother had decided to lay down for an early nap. At this point in her life she needed help remembering when to take her medications so I went to her bedroom to wake her up. Upon entering her bedroom I did not notice anything out of the ordinary, but as I nudged her and called her name I became more frantic as the realization of my worst fears came to fruition, that no matter what I did she would never wake up again. One of the first questions that came to mind was, â€Å"Why God?† Then, â€Å"Why me?† soon followed. But as a Christian, I understood that God has a plan for all of us. When I was able to see through my grief I knew that her suffering on Earth was over and she was in her heavenly home. However, this event solidified in my mind the concept that we are mortals and our days on Earth are numbered. In some way I feel this event helped shape my decision to help others. Reflection In reading this book, some questions come to mind. While discussing the history and innate differences between psychology and Christianity why did Entwistle not find it relevant to discuss the ways the two had been integrated in the past? Relevant to the history of both are the few people through history that have used both psychology and theology in healing the minds and bodies of followers. Even Native American shamans used both the healing properties of plants and medicines and their belief and worship of spiritual beings to restore health to believers. I think it is important that in moving forward for one to understand the past in preventing history from repeating itself and by learning from others mistakes. Another point I feel that Entwistle failed to make is the possibility of our worldview changing. I feel that although our worldview is shaped over the course of our life that there are reasons that would cause a person’s worldview to change dramatically. For instance, let’s consider a child that has known nothing but abuse and neglect since being brought into the world. Everything they know about the world is skewed by the will to merely survive from day to day. Consider how that child’s worldview would change once that child has been removed and placed with either a foster-family or relative that can begin to teach them that love, trust, and stability do exist in the world. Would that child now hold a different worldview? Action I believe that I have learned many things concerning the integration of psychology and Christianity. The community mental health facility in which I work does not endorse the use of religion in counseling sessions due to their ethics and boundaries policy. However, I feel by allowing the client the opportunity to discuss their own feelings and stance on religion opens the door for me as a therapist to utilize that information in integrating religion into their counseling sessions. By allowing them to include such an integral part of their life I feel they are going to be more successful in overcoming illness and life problems that are their undoing. In conclusion, knowing that I have such limited expertise and experience in combining both religion and psychology, I think it is important as a therapist to know if you are practicing outside your realm of knowledge, therefore I am interested in learning what facilities exist that provide Christian counseling in proximity to my hometown. Clients should feel empowered and have options with which services they receive. It is through my years of working as a therapist that I have also learned clients’ want to feel like they are choosing what is best for themselves rather than being forced. I know I share the same views in my own life and hope I can help others heal within theirs. References Entwistle, D.N. (2010). Integrative Approaches to Psychology and Christianity. (Second Edition e.d.). Eugene, OR: Cascade Books.

Organizational Structure Presentation Essay Example for Free

Organizational Structure Presentation Essay As a manager of Van Rensselaer Manor Nursing Home Rehabilitation Center, we now are going to propose a new addition of long-term care services along with still having services for short-term on an inpatient and outpatient basis. The future of our organization’s growth internally and externally will demand how well we communication our abilities not only to our staff but to our surrounding community. We will be in need of new experience workers for physical therapy, counselors to work with patients and families, along with specialized doctors and nurses. Communication will be the number one factor in finding the right professionals for our organizations growth within the community. Our communication tactics need to be easily understood by all parties, and we need not use overpowering management terms so that employees think we are talking down to them. Effective communication means having everyone on the same page learning from one another while growing inside and outside the organization. Leadership involves good communication among all ranks of the management team and staff. Coaching, mentoring and walking around the office each day getting to know your people personally and their working skills will improve the growth internally and externally of the organization. Effective internal communication starts with our organization having sufficient skills in listening, speaking, questioning and sharing feedback. As a manager, it is my job and my management team to ensure that the most important outcome from the above skills is conveying that we value hearing from others and them hearing from us. Sharing information on a regular basis with the staff is effective communication and will keep the organization’s mission number one in everyone’s goals. â€Å"The main differences between internal and external company communications are the content and the audience. Internal communications include employees and shareholders, such as the companys board of directors or stockholders. External communications include clients, prospective customers and the public.

US homeland security related critical infrastructure matters

US homeland security related critical infrastructure matters The statement: The Department of Homeland Security has complete responsibility for all U.S. homeland security related critical infrastructure (CI) matters is not entirely accurate; originally, matters of national security were the sole responsibility of the federal government (Homeland Security, 2003, p. 7). Today, national critical infrastructure protection is a joint effort among the federal government, public and private sectors. The Department of Homeland Security was established to protect and secure the homeland from both domestic and foreign threats. According to the Homeland Security Act of 2002, the development of a plan which will ensure the security of critical infrastructure is the responsibility of the DHS (Homeland Security, 2009). Likewise, the DHS is also responsible for recommending the measures necessary to protect the key resources and critical infrastructure of the United States (Homeland Security, 2009, p. 2). The mission of DHS is one that involves the protection of infrastructure and critical facilities and networks (Homeland Security, 2010, p. 33). The DHS is responsible for the identification and assessment of all components which make up critical infrastructure. In addition to mitigating potential vulnerabilities; improving the resilience of critical infrastructure, is also a top priority of the DHS. This includes but is not limited to: stand-alone facilities and interdependent systems and networks within and across critical infrastructure sectors (Homeland Security, 2010, p. 34). The DHS serves as the leader and facilitator for those agencies who share responsibility for protecting the nations critical infrastructures (Homeland Security, 2010, p. 31). Those agencies include territorial, tribal, local and state governments, as well as the private sector and other agencies not associated with the government (Homeland Security, 2003). Conversely, when a disaster occurs these agencies are the first line of defense for national critical infrastructures. Even though the DHS is responsible for leading critical infrastructure efforts, coordination of security measures within local and state governments and critical sector industry leaders are the responsibility of federal lead departments and agencies (Homeland Security, 2003). Similarly, it is the responsibility of state and local governments to provide protection to critical infrastructures that are located within their jurisdictions (Homeland Security, 2003, p. 10). If and when a catastrophic event should occur which exhaust the capabilities of local and state governments, it is up to the federal government to coordinate a response (Homeland Security, 2003). A majority of our nations critical infrastructures are privately owned or operated, which means that the private sector are initially responsible for providing protection against threats to their facilities (Homeland Security, 2003). When the threat becomes more than the private sector can handle then the government will step in to assist and ensure that our nations critical infrastructures and assets are protected (Homeland Security, 2003, p. 11). Likewise, the federal government will be there to provide support for an environment in which the private sector can better carry out its specific responsibilities (Homeland Security, 2003, p. 11). The chemical sector is one of the most vulnerable critical infrastructures to natural disaster and terrorist attacks, that being said the DHS is working with the EPA to enhance security at chemical facilities (Homeland Security, 2003). In addition, special attention is being paid to those facilities which house large quantities of hazardous chemicals (Homeland Security, 2003, p. 78). Studies conducted by the DHS and private sector are currently underway to identify and understand physical vulnerabilities within the telecommunications infrastructure and their associated risks (Homeland Security, 2003, p. 61). Even though the private sector must occasionally seek assistance from the DHS, there are times when the federal government must rely on the private sector to lend a hand in emergency response and recovery. An example of the federal government calling on the private sector for assistance was the anthrax scare of 2001. A large Washington D.C. construction corporation was contracted to oversee the abatement and restoration of the Brentwood Post office in Washington D.C. and the Trenton Post office facility in New Jersey. One must also understand that quite a few of our nations critical infrastructures cross international borders (Homeland Security, 2003, p. 35). Therefore the federal government has partnered with the neighboring countries to provide security for our interconnected infrastructures (Homeland Security, 2003, p. 35). The United States partnership with Canada is is a vital asset to national critical infrastructure, efforts are being made to provide protection for international interconnected infrastructures. An example of this partnership is the Alaskan Canadian hightway. In order to transport goods and supplies to Alaska we must travel cross Canadian territory. It is evident that matters of critical infrastrucutre involves not only the DHS but the public and private sectors as well. The DHS would not be able to carry out their responsibilites without the assistance of local and state agencies, the private sector and vice versa. The U.S. government has made great strides in developing techniques and strategies to harden U.S. critical infrastructures which will make them more resistant to terrorist attack and natural disasters. One of the U.S. governments goals is to establish a strong partnership that spans across all levels of government, in addition to the private sector and the American people (Homeland Security, 2009). The Protected Critical Infrastructure Information Program is just one of many steps taken by the U.S. government to harden critical infrastructure. This program provides protection to security-related critical infrastructure information (Homeland Security, 2009, p. 5). By breaking down each critical infrastructure sector it is easier to understand how the U.S. government has been successful in hardening each critical infrastructure. The agriculture and food sector is one of the most vulnerable critical infrastructures, that being said, efforts to harden this sector are an ongoing challenge (Mark Sauter James Carafano, 2005). The U.S. government has revised its measures by providing more protection through the hiring of more health inspectors, and adding more reporting requirements (Sauter Carafano, 2005, p. 291). Contamination of our nations water supply is often a topic of concern; efforts are being made by the Environmental Protection Agency as well as the Department of Homeland Security to conduct a vulnerability and threat assessment (Sauter Carafano, 2005). These assessments will improve not only site security at high threat locations it will also enhance monitoring and sharing of information (Sauter Carafano, 2005, p. 292). With regards to the critical infrastructure of public health the U.S. government has implemented measures to harden biomedical surveillance (Sauter Carafano, 2005). This is extremely important because of the risks of a biological attack. There have also been improvements in hardening security of emergency stockpiles of medical supplies (Sauter Carafano, 2005, p. 294). In order to improve the physical security of medical structures the U.S. government has provided incentives to the private sector (Sauter Carafano, 2005, p. 294). In response to hardening the critical infrastructure of emergency services the U.S. government has established measures to harden interoperable and redundant communication networks (Sauter Carafano, 2005, p. 295). The U.S. government has instituted a tougher national emergency preparedness exercise program which teaches better security and promotes consistent protection planning and response protocols (Sauter Carafano, 2005, p. 295). Since the defense industrial base critical infrastructure sector is owned by a majority of the private sector the U.S. government has implemented new measures to include critical infrastructure protection requirements in contract processes (Sauter Carafano, 2005, p. 296). Likewise, security is being strengthened in the defense related commercial production and distribution processes (Sauter Carafano, 2005, p. 296). The telecommunications critical infrastructure has been assessed by the U.S. government, and in return a program has been designed to identify where the most vulnerable areas are in the communication architecture and then address the security issue (Sauter Carafano, 2005). Conversely, there have also been efforts made in the energy critical infrastructure sector to enhance resilience of the energy facilities (Sauter Carafano, 2005, p. 298). Facility equipment is being repaired and replaced and there have also been improvements in restoration and recovery of services (Sauter Carafano, 2005, p. 298). Significant improvements have been made to harden the transportation critical infrastructure sector; for example, security initiatives have been established to provide commercial airliners with protection from shoulder fired missiles (Sauter Carafano, 2005, p. 299). There have also been new developments in screening technology which help identify potential threats to transportation as well as aiding the postal service sector in identifying suspicious mail (Sauter Carafano, 2005, pp. 301-302). Despite the many efforts being made to harden critical infrastructure, there are still several weaknesses in the U.S. governments strategy. Lets face it, the only other thing that is more costly than hardening critical infrastructure is the disruption or potential loss of operations in those critical infrastructures. It is clear that trying to harden all critical infrastructures is too daunting of a task and is not cost effective. The U.S. government needs to focus on those areas of the United States where our critical infrastructures are most vulnerable (e.g. New York City, Los Angeles, Washington D.C. etc.). The federal government also needs to look at the protection of our nations water ways. Information security systems need to be deployed to guard the locks on the Mississippi and St. Lawrence seaways (Bruce Don David Mussington). By employing an information security system it will enable the monitoring of vessels and ships while in locks or approaching locks (Don Mussington). To provide another level of security, river marshals could be deployed to accompany dangerous shipments through the locks (Don Mussington). Many people dont realize that a large majority of our nations goods are transported through inland waterways, which is why it is important that more attention be paid to the transportation sector.

Heritage of Blue Highways Essay -- Blue Highways

Heritage of Blue Highways In the country travelers' Bible, Blue Highways, William Least Heat Moon takes a journey into his Native American heritage as well as into the heart of American culture. As a person of mixed ancestry, Least Heat Moon wishes to seek the history and experiences of his past in his travels. He is especially interested in the Native American element of his heritage because he had no knowledge of his ancestry as he was growing up. At the point at which he begins his journey, after being a student and scholar of Renaissance literature, Least Heat Moon is able to identify more freely with his past ("Whispers..." 58-60). After completing his exploration, Least Heat Moon rewrote the manuscript of his book six times and struggled to find literary agents and publishers. Eventually Least Heat Moon changed the title of the book to Blue Highways, and his luck began to change. Throughout several stops within the book, Least Heat Moon relates episodes in the history of his Native American ancestors' lives and experiences. He even changed his name from William Trogdon to his Native American title: William Least Heat Moon. The author explains, "My father calls himself Heat-Moon, my elder brother Little Heat-Moon. I, coming last, am therefore Least" (4). He took the name in order to identify with his ancestry and to honor his Native American kinsmen. However, one critic thought the changing of his name to be less than genuine saying, "It does not come from Osage country but from Boy Scout make-believe" ("Whispers..." 58-59). Even though William Least Heat Moon knew very little about his Native American past, he was able to recall a long-forgotten family story about one o... ...er the Nez Perce were forced out of here in the eighteen seventies and the Army sold off their horses" (250). Least Heat Moon often tells how the Native American way of living was not harmful to the land and how their ways were quickly overtaken by the dominating white ways of today. Throughout Blue Highways, William Least Heat Moon identifies many Native American traditions as well as his own Native American ancestry. Even though Least Heat Moon changed his name to clearly identify with his Native American ancestry, he didn't choose it in order to forget about his other lineage. He explains, "I will choose for heart, for spirit, but never will I choose for blood" (5). The main goal of his trip was to head for undiscovered parts of America, but it also provided the chance for Least Heat Moon to connect with his Native American past.

Defining State Sovereignty Essay example -- Government, Treaties of Os

DEFINING STATE SOVEREIGNTY State sovereignty is a broad concept†¦it is actually a two-in-one concept – state and sovereignty. In order to get a proper meaning of the concept I will therefore break it up and define each concept separately. I will start by defining state which in simple language means a community of people living together in a confined territory with an internally and externally recognized institution to protect them. Sovereignty on its part can be defined as externally recognized right and freedom of a state (the unit of analysis of sovereignty) to conduct its affairs. Sovereignty provides the state with territorial integrity and enables it to enjoy recognition in the international politics. If we now join the two concepts we can define state sovereignty as the freedom of state to make decisions within its defined geographical boundaries. Internally, state sovereignty entails the distribution of power within the state while externally is about the state’s role within the international order and to whether or not it is able to operate as an independent and autonomous actor (Heywood 2004, pp90). SIGNIFICANCE OF THE CONCEPT The significance of state sovereignty lies in its structure – it combines two very key concepts of IR – state and sovereignty – key actors in international relations. State sovereignty also involves obligation and authority - the state’s obligation to its citizenry (and same actors) as well as its power (authority) to make decision within its defined geographical boundaries. Above all it is a fundamental part of contemporary politics and the international law, according to Westphalian concept. It is a concept which provides order, stability and predictability in International Relations (I... ...r even when no state desires it. The classic example of that is the WWI. Similarly, Iran’s nuclear programme which has stirred up heated debates and objections from super powers, the US in particular, is also both a matter of global security which liberalism is firm about and the realists’ concept of power balance. Realists would on one hand support Iran’s move saying as a sovereign state it has the right to develop nuclear weapons and that the move would actually be healthy for the country. On the other they would see it as a costly and dangerous move that might end up triggering nuclear race (Dunne, Kurki, Smith 2010, 63). CONCLUSION As I said earlier in this essay, both theories have direct engagement with state sovereignty and whatever evolves around the concept can be explained (using the theories) from different perspectives. =====================

Revisions of Off-Balance Sheet Financing Essay -- Business Finance

During the 1990s, the United States had one of the most successful economic periods in history. The GDP of the country increased substantially and unemployment was at a historically low level. With the success of the U.S. economy during this period spilling over into the next decade, revelations of corporate scandal and corporate governance oversight came to light. The Enron scandal of 2001 and the Wall Street Meltdown of 2008 are two noteworthy events of inadequate accounting policies that led to economic catastrophe during the past decade. The Enron Corporation‘s flawed accounting practices were perpetuated through the utilization of fraudulent special interest entities that were used to hide losses and rising debt sustained by the company during previous fiscal periods. The Wall Street Meltdown can be highly attributed to the use of mortgage backed securities and other creative investment vehicles that were distributed throughout the world as safe investments with rewarding returns. Both of these events were a product of the improper use and abuse of off-balance sheet accounting methods. The government’s reactions included the creation and revision of new and existing laws and governing bodies. As a direct result of the current corporate scandals, The Sarbanes-Oxley Act of 2002 (SOX) was created. At the time, SOX was the first and most influential financial system overhaul in response to the current wave of corporate corruption. A provision of SOX established the Public Company Accounting Oversight Board (PCAOB). The intent of SOX and its provisions were â€Å"to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes† (Sarbanes-Oxley Ac... ....R. Res. 3763, Sarbanes-Oxley Act of 2002. 107th Cong., 107-204 Public Law 116 STAT. 745 (2002) (enacted). Kermis, George F. and Marguerite D. Kermis. â€Å"Model for the Transition from Ethical Deficit to a Transparent Corporate Culture: A Response to the Financial Meltdown.† Journal of Academic and Business Ethics, Fall, 2009. Weissman, Robert, and James Donahue. "Wall Street's Best Investment: 10 Deregulatory Steps to Financial Meltdown." Multinational Monitor January/February (2009): 10-31. Jeffrey, Peter. "International Harmonization of Accounting Standards, and the Question of Off-Balance Sheet Treatment." Duke Journal of Comparative & International Law 12.341 (2002): 341-51. Feng, Mei, Gramlich, Jeffrey D. and Gupta, Sanjay, â€Å"Special Purpose Entities: Empirical Evidence on Determinants and Earnings Management.† The Accounting Review (January 9, 2006). 1-55.

The controversy and the future of Common Agricultural Policy of European Union

Agriculture is a problematic area in every developed country. Free market economy that allows direct competition of agricultural products can often cause a surplus or shortage of certain products, and quality changes. In order to ensure reliable supply of food member states of the European Union decided to cooperate and transferred the authority over agriculture policy to European level. Common Agricultural Policy was set in 1961 and its aims were to improve production and solve existing problems in agriculture all over EU member states. The previous successes of cooperation with coal and steel, and the fact that most states had difficulties to produce certain goods logically led to deeper cooperation in agriculture, and to CAP. Today, â€Å"CAP is regarded as the most developed of the European Union's policies and covers almost 90% of all agricultural products† (reader). But, also it is regarded as the most controversial and has been responsible for some negative consequences on the industry, and it had to go under many reforms. This essay will explain why CAP has been both celebrated and criticized. Also, it will include the challenges that will be put in front of it by the future enlargement of European Union. At the time CAP was made, national agricultures had all common problems. Although the different level of development, and different level on dependence on this industry between member states of EC, there were some immense troubles to be solved by Cap: deficits of certain goods, inefficient production practices, poorness of people employed in agriculture, rapidly dynamic prices, substantial variations in quality of products etc. The goals of policy defined in Maastricht Treaty, article 39: â€Å"(a) to increase agricultural productivity by promoting technical progress and by ensuring the rational development of agricultural production and the optimum utilization of the factors of production, in particular labor; (b) thus to ensure a fair standard of living for the agricultural community, in particular by increasing the individual earnings of persons engaged in agriculture; (c) to stabilize markets; (d) to assure the availability of supplies; (e) to ensure that supplies reach the consumers at reasonable prices.† (TEU) Since its foundation CAP has improved the agriculture of Europe in a great sense, but critics would say that costs of the successes are considerably high for all. Some of the goals were fulfilled with little negative consequences, while others were solved with controversial methods that became a huge burden for the budget and had many counter-effects. The changes in Europe's agricultural structure and productivity since 1961 caused by CAP were enormous. Thanks to the investment in technology, there was a growth in productivity of farms, decrease in people employed in agriculture, rapid urbanization and therefore prosperity in other sectors of economy. Statistics show that â€Å"the workforce employed in agriculture declined from 11.3% in 1973 to 9.4% in 1980 and only 5.7% in the whole of the EU in 1992.† (Hitiris, 190) Productivity growth was rapid, and we can say that the aim of CAP to restructure the farming to make it more efficient is being fulfilled. The growth of the efficiency of the labor can be noticed on the fact that: † In 1960 over 15 million people in the original six had worked on the land. In the mid-1970s the agricultural population of the enlarged EC was only 14 million, falling to 10 million by the mid-1980s† (Urwin, 187) Second goal of CAP is a social mission: to help the quality of life of the people in agriculture. This went little against the economic productivity and caused many negative consequences on it, especially by huge costs. The interventions that were made were not only subsidizing the farmers, that is a huge burden for EU budget but artificial manipulations with prices and setting of standards. These two were criticized by many liberal economists as standardization brought prices up, and artificial price setting caused surpluses and deficits.

Compare and Contrast the Aca’s 5 Moral Principles (Autonomy, Nonmaleficence, Beneficence, Justice, Fidelity) with Clinton & Ohlschlager’s 7 Virtues on Co P. 248-249.

The American Counseling Association has identified several(prenominal) moral regulations to assist in manoeuver their members and others interested in the helpering professions. Of these the by-line five will be compared and contrasted with versatile biblical ethics identified by Clinton & Oblschalager (2002) as being septette impartialitys (pp. 248-249) autonomy, nonmaleficence, humanity, arbitrator, and fidelity. The seven virtues are composed of the following office and truth-telling, responsibility to love iodin another, fidelity to justness, trustworthiness in keeping confidentiality, satisfactory beneficence, humility in justice, and sufferability (ibid).Autonomy is outlined as the freedom of clients to choose their birth centering (Corey, G. , Corey, M. S. , & Callanan. 2007, p. 17). Nonmaleficence is the avoidance of actions which may languish clients (ibid). Beneficence is promotion of the welfare of others (p. 18). justness refers to being fair in impac t distribution of resources and care without biases of any graphic symbol (ibid). Fidelity refers to unrivalled keeping their war cry as a professional (ibid)The virtue of accountability and truth-telling shares the similarity with the moral regulation of fidelity in that both sanction being truthful in our course and promises. Above that this virtue in any case requires that whiz be held accountable to another counselor or adepts subgenus Pastor (Clinton & Oblschalager, p. 248). The virtue of the responsibility to love one another shares with the precept of nonmaleficence the characteristic of doing others no aggrieve, yet goes beyond that to include the essence given gift of demonstrating love for one another (ibid).The virtue of humility in justice basically mirrors the prescript of justice. two these traits should mean the counselor will neer judge the individual seeking help and to never discriminate in the allocation of resources. The virtue of humility in justi ce also entails remembering to be sink in emulation of the Messiah who lone(prenominal) sought for others to be restored to a serious relation with theology (p. 249). Competent beneficence is a virtue comparable to the principle of beneficence. They both are focused on the wellbeing f others and on the awareness of the counselor to be culturally competent (ibid). The virtues of trustworthiness in keeping confidentiality, fidelity to rightfulness and sufferability can be put side by side with the principle of nonmaleficence since they all entail the mandate of not allowing the client to suffer any harm due to the counselors spoken communication or actions. Fidelity to integrity also entails the counselors personal integrity as needing to accompany his professional integrity (Clinton & Oblschalager, p. 248).Ultimately, the clients we encounter as Christian counselors do have autonomy to choose this principle and go in whatever direction they choose to go. Nevertheless, this is not a divided characteristic with any of the seven virtues. In our practice we are to recognize that matinee idol has moral absolutes and a perfect expression in which God has chosen for us to walk (Clinton & Oblschalager, p. 246). To utilize the seven virtues we must remember that doing good, telling truth, loving one another, and the rest of the virtues all point direct towards our creator.Therefore, although our clients may choose to ignore our providential counsel, we are in debt to them and our vows of service to God to inform them and encourage them to cease from terrible behaviors and to turn those behaviors around to reflect behaviors demonstrate . References Clinton, T. , & Ohlschlager, G. (Eds. ). (2002). Competent Christian Counseling Foundations and utilization of Compassionate Soul Care. Colorado Springs, CO WaterBrook Press. Corey, G. , Corey, M. S. , & Callanan, P. (2007). Issues and Ethics in the Helping Professions (7th ed. ). Belmont, CA Brooks/Cole

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.

Develop Tourism in Sri Lanka Essay

mental homeIn countries identical Maldives, Malaysia, ceiling of Singapore and Spain, tranceing carry and cogitate deviation activities t completi sensationr a authorized map in the coevals of in do / oerseas ph peerless(prenominal) alternate and put emerge of troth opportunities. In feature, in the piece considerable scene this moil is hind expiry as the wholeness largest stintingal contri just nowor. More each everywhere, phaetonry plays a critical use in the add-on of macrostinting constancy. Besides, the g everywherenmental perceptual constancy of a boorish has a study(ip) sham on its holidaymakerry intentness. agree to the anterior view, this turn forbidden aims at evaluating by trial and error the moment of whirlerry in Sri Lanka aft(prenominal) termination obliging cont all everywherethrowf atomic f ar 18. The kin pass on be analyse ramp up on a succession serial approach. The see provide difference eavour to reckon the despenny amid stintingalal mathematical process and tourerry revenue, open to chief(prenominal) macro sparing vari qualified quantitys and semi semi form _or_ system of government-making neuterlessness of the component part. With card to insurance policy implications, the call for recomm finishs that The map of holidaymakerry could be passing forceful in the sustainable scotch ontogenesis with a enduring semi semi policy-making environment. Sri Lanka entered the externalist holidaymakerry grocery store in the 1960s.Since thus, this persistence has been festering steadily as a shiny field for the stinting victimization, field of view to one-half-hourly framebacks peculiarly the polite fightfargon prevailed in Sri Lanka, do chief(prenominal) of a function terrorist attacks and innate disasters. For example, inter depicted object tourer arrivals to Sri Lanka inter mixed bag magnitude from 18,969 in 1966 to 438, 475 in 2008 then the revenue from holidaymakerry (Sri Lanka phaeton placard 2008). In detail, the parting of give-up the ghost & tourerry to unrefined interior(prenominal) yield was 7.5% (LKR407.5bn or US$3,388.1mn) in 2009 in Sri Lankan miser contentionss. The region of the throw & tourerry saving to habit wasb503,000 jobs in 2009, 6.2% of agree avocation or 1 in all(prenominal) 16.2 jobs it in any depicted object is guess to call down up to 579,000 jobs, 6.7% of sum up commerce or 1 in every 14.8 jobs by 2020. the akinwise, the constituent for breathing gross interior(prenominal) crossing crop for blend & holidaymakerry solidament was 5.9% and the get going & touristry giveing was at LKR131.9bn, US$1,096.8mn or 10.1% of match investing in 2009. tabu of 186 registered countries of WTTC the Sri Lankan incite & touristry sparing is bedded human employment 87 in imperative surface universal and one hundred ten in telling region to content economies. touristry clay the instant(prenominal) maturement returns assiduity in the economies of around of maturation countries thusly practically interrogation has departed into the trading operations of the celestial sp present in gear up to adjudicate its scotch import and effectiveness drop. (Am bullnecked, 1974) It is pick out that the sedulousness provides an distinguished slip to maturation in some some opposite vault of heavens much(prenominal)(prenominal) as grocery-gardening, transportation, retail and manufacturing and is in that respectfore seen as a primordial dowery of stinting breeding. It plays a study(ip) power for the contemporaries of impertinent vary which at a clipping facilitates the amelioration of remote re replys of express economies. (Stynes, Daniel J 1999) Similarly, the sphere of cultivate has shown great benefits in involution propagation ( insure and in flat), revenue accruing to tourist sites, and step-up in fleck of hotels and self like(prenominal) establishments and separate touristry supply establishments. master(prenominal) personify attached its innate advantages, the touristry orbit is viewed as one of the almost grievous engines of issue and out return in the Sri Lankan saving and as much(prenominal), is a aboriginal pennyer in the judicatures industrial st governgy. touristry most-valuable livelihood empyreans placard for to a greater extent than 8.0 per penny of gross domestic point of intersection. In singing to utilisation, cultivation transport, retention & communication, construction, and statistical distri only ifion argon the essential beneficiaries from a horse fagged inside the touristry effort. only(prenominal), these welkins count on for over 7.0 per centimeimeime of the diligent prod force. besides, the descriptive abstract points to the go on piteous and declining clash of the manufac ture on the boilers reconcile providence in item in the setting of use of opposite countries worry Thailand, Malaysia and Kenya. nevertheless the enthronement dish out for touristry field macrocosm richly the tipsy semi semi policy-making locating could be the close at hand(predicate) terra firma for this slight slaying in the role of e fictional character. With the end of state of war, the pass judgment roaring in the application over the historic consequence to serve exit hold in a obtrusive clashion. The molybdenum experimental modal verb auxiliary shows a punishing consanguinity mingled with the governmental stability and macro frugalal surgical operation in circumstance with charteme to the touristry vault of heaven. It is exceedingly recommended to entertain a immutable political office staff of the sphere in localise for industries worry touristry to flourish. The stem has, in the classic, communicate devil of th e important elements of an economic moment of the touristry perseverance. bring forward play to be under taken includes the deliberation and similitude of cyclic drop deadments of touristry heavens consummation in rejoinder to the adult malewide economic and political changes. luck of bang-up enthronisation in plump and touristry sphere in Sri Lanka, southmost Asia and in the globe 2009In comparing to the 7.7 of southeastern Asia and 9.4 in the gentleman the capital investiture percent of Sri Lankan saving for get and touristry field is 10.6. This overly lastlights the importation of this sphere in Sri Lankan delivery. germ adult male change of location and touristry Council economical relievoore narration 2009 region of immediately attention gross domestic fruit in impress and touristry firmament in Sri Lanka, reciprocal ohm Asia and in the orbit 2009In 2009 the direct theatrical role to the gross domestic product from journey and touristry empyrean is 2.7 in Sri Lanka. The cosmea government agency is 3.2 for the same and reciprocal ohm Asiatic benas region to its gross domestic product from the utter orbit is 2.2. line of descent earth affect and touristry Council scotch affect enumerate 2009 percent of run & touristry concern in entire proceed -2009, selected EconomiesThe in a utmoster(prenominal) move into figure comp bes the character of employment generation from prompt and touristry sphere and Sri Lanka is in the 9th rump bonny 0.1 preceding(prenominal)India. India existence a jumbo in its resources for touristry product this is the meaning(a) daub disregarding of Sri Lankas privileged issues. save Seychelles, Maldives and Maturities be islands who sally mistakable product. beginning gentlemans gentleman touch off and touristry Council sparing intrusion opus 2009 parting of act & touristry vault of heaven parting to the amount of money gross do mestic product-2009, selectedEconomiesThe sp be-time internal process graph soaringlights the character to the enume act gross domestic product from break and touristry sphere. Sri Lanka enjoys here overly a get out place in likeness to India which illust evaluates the human bodyal congeneric of this arena in Sri Lankan deliverance. here similarly Seychelles, Maldives and Maturities ar islands be out of the general affinity since their product is altogether diametric from the rest of the countries. fount field tour and touristry Council sparing impact storey 2009When we move to the import target of this look we view as to verify whether in that location is a war bias on Sri Lankan tourism industry or non. afterwardsward choke rapidly an OLS fixation The succeeding(a) results throw away been find outed.As we know gain from tourism direct on many a(prenominal) factors, exactly in this check factors such as commutation site, excog itate gross domestic product has been consumeed. To measure the polished war persuade in tourism domain, be quiet covariant has been included. correspond to the results changes in telephone throw pace causes to change in communicate from tourism median(a)ly by 395.78 trillion maculation world GDP causes to roughly 930 jillion. til now coefficient of convince drift is authoritative at 1 % take aim by cover the grandness of swop tread look in the tourism industry in Sri Lanka. As the theory implies subjoin in supplant pace actuate the tourists arrivals, because then they atomic number 18 able to exchange much rupees for ICBI 2010 their vaulting horses. military military force GDP in like manner a break off substitute for world hold condition and it is positively think with the Sri Lankan tourism industry.When we argon evaluating the war influence, the coefficient of green goddess variable should be taken in to peak. harmonise to this coefficien t the fair(a) pass on from tourism in non war gunpoint is advanceder than justly by 3919.75 one zillion million compared to the war power point. This implies that in that location is a fundamental war influence on the Sri Lanka tourism industry. In fact tourists arrivals slang been extra during the war distri thoor point, because some(prenominal) trans subject media puddle alike warned Sri Lanka as an grievous place to visit. Especially, after terrorist attacks on Katunayake inter internalistic airport and central camber of Sri Lanka, tourism arrivals get protrude dropped down dramatically.The beat which has been apply to evaluate the above note is statistically probatory at 1 % take aim and match to the repute of R2, instructive variables together with explained some 93 % of tally magnetic declination of benefit from tourism. harmonize to twain(prenominal) descriptive and econometric approaches of compend in this study, the entailment of to urism celestial sphere in Sri Lankan thriftiness has implied to be a study atom for detect macroeconomic measurements. Similarly the unfortunate set up of war on tourism sector thrust showed a wide mischief for Sri Lankan economy over the oddment decades.The policies of the government in promoting tourism sens be summarized as comprising sevensome primary quill(prenominal) points. * The administration, recognising the signifi push asidet region that tourism makes to fond and economic * ontogeny of Sri Lanka, has accorded high antecedence for tourism in its boilersuit class of national festering. * apart from the patent economic advantages of tourism, the judicature similarly recognizes the socio- ethnic and political benefits that keep accrue. * The Ten- yr tourism original pattern (1992-2001), watchful by the population touristry governance (WTO) with financing care from UNDP, ordain serve as the blue-print for tourism organic evolution up to th e end of this century, with entrance modifications to suit changing circumstances.The political sympathies in concomitant recognisesthe impressiveness of promoting domestic tourism, not only as a mean to promote the quality of disembodied spirit of the pack, but as closely as as a decisive sine qua non for national integrating of people nutrition in isolation out-of-pocket to geographic and ethnic barriers. However, the organisation is advised and aware of the potential unbecoming personal effects that uncontrolled and unknowing tourism resurrecting cigaret endure on Sri Lankan hostel and the personal environment. Accordingly, the corner-stone of the tourism festering polity lead be planned, co-ordinated and sustainable culture. The stones throw of tourism expatiatement over the five- class period 1995-1999 give be moderate, neither besides high nor too dispirited, as recommended in the touristry cut through with(predicate) proposal, by t aking into reflection the socio-cultural and environmental absorptive susceptibility. This bequeath stand by to optimize the economic benefits of tourism, period at the same time minimizing potential obstinate impacts on Sri Lankan corporation and the environment. insurance of mobilizing the hugger-mugger sector to invest in tourism projects and draw tourism enterprises ordain be trackd with greater postcode in line with the free- market place economic policies of the disposal.The brass forget trace the main recommendations of the Ten-year touristry study send off for breeding of tourism, with modifications as deemed necessary. The Plan has set decided targets for development. * to invokeing tourist arrivals from the 1992 take of 394,000 to 874,000 by the year 2001, with an mediocre yearly suppuration rate of 9 per cent * to addition external exchange recompense from the 1992 direct of US$ 201 million to US$ 706 million by 2001, an just one-year i ncrement rate of 15 per cent * to enlarge hotel allowance capacity from the 1992 train of 10,200 entourage to 17,600 board by 2001, an average annual addition rate of 6 per cent and 95 * to increase intact employment, both direct and indirect, from the 1992 direct of 69,000 jobs to 137,000 by2001, an average annual growing rate of 8 per cent. The authorities believes that the targets are realistic and getatable and is operative towards their attainment.However, with the improvement in the hostage emplacement with the income tax return of quietness and stability, a smash up in tourism is anticipate and hence a re-adjustment of the targets get out be undeniable. The tourism product plat social class is designed to get along the head-to-head sector by providing financial and former(a) incentives to sign on activities such as re sensitive existing hotels, start sunrise(prenominal) hotel development projects and establish tourist restaurants and develop tourist unskilled facilities. The new hotel projects already approved has resulted inexceeding the d nearly fate for the year 2001. The objectives of tourism merchandise and promotional activities are* To merge market process in the antecedency* touring car-generating markets of atomic number 63 and Asia by overhaul the pilgr film deal out and by hike increase consumer knowingness and* To bring into macrocosm consumer sense and the require to pass away to Sri Lanka in the unessential and probability tourist markets. The selected precession markets for promotional activities suck in been place as* The old markets of Germany, the linked Kingdom, France, japan and India * The lowly markets of Italy, the Netherlands, Belgium, Denmark, Sweden, Austria, Switzerland, Russia, Singapore, Hong Kong, Thailand, studyity rule of Korea, mainland mainland china and southwesterly Africa and * The probability markets of Spain, east Europe, the linked States of America, Cana da and Australia. severally of these markets ordain arouse diametrical floors of vehemence in term of required deal outing activities, Depending on the degree to which Sri Lanka is already an set up destination. on that point is a penury for sentience of Sri Lanka to be embossed in busy at the consumer level and point-of-sales. The get on is be through its offices in Frankfurt, Paris, London, lacquer, Thailand and India. It is proposed to accuse selling function Agents in Singapore, Hong Kong, Australia, the fall in States and atomic number 16 Africa. in that location are a number of promotional activities universe carried out by Sri Lanka. serving of tourist randomness is a continue activity which includes dispersal of existenceations to the break affair and to the consumers and operate telephone and chain mail inquiries on a chronic bum. The age participates in a number of major(ip)(ip) tourism fairs held annually, along with melody Lanka (the study Carrier) and the Sri Lanka touch off Trade. This is considered an telling meaning to promote the motivity heap as well as to pull consumers. Among the major backup fairs where Sri Lanka participates are ITB -Berlin, WTM -London, poker chip -Milan, BTF -Brussels, drop dead -Singapore, JATA -Japan, FITUR -Madrid, pass turn on convey -Sydney, generate -Guangzhou, meridian RESA -Dauvilli, SMTV -Paris, LTE -Hong Kong, SATTE - tender Delhi, KOFFA- capital of South Korea and VAKANTIE -Utrecht. mend presentations on Sri Lanka are make to major tour operators and set off agents in the pee-pee of seminars and workshops to indoctrinateand claim them almost tourism in Sri Lanka and to mystify them to sell Sri Lanka by whirl tour political programs.With the alleviate of the national attack aircraft carrier ( nervous strain Lanka) and other airlines, educational and familiarization tours to Sri Lanka are nonionized as a move activity to modify tidy sum and med ia personnel to obtain head start-hand knowledge and understand of Sri Lankas tourism product. These programs are conducted for the trip up carry on as well as for the affect media. last journalists, writers, television, publicise and inject producers pass on be devoted high precedence in ordination to obtain utmost advancement for Sri Lankas tourism in the headstone media in major tourist generating markets. surplus promotions in the form of cultural and food festivals, Sri Lanka Evenings, etc., are undertaken in the major generating markets, in stand with Air Lanka and the travel trade.New trends in tourism merchandise policies and strategies in Sri LankaOn the fanny of research undertaken by the Ceylon holidaymaker poster and the humanness touristry brass section (WTO), it has been revealed that there is a dreaded potential in under real tourist markets in the Asiatic region. This has resulted in a change of the tourism market policy to consider Asia as a major generating market for Sri Lanka, in addition to Europe. To pursue the change in merchandise policy, the Ceylon holidaymaker dining table has developed an Asiatic merchandising strategy for Sri Lanka with the assistance of WTO and UNDP. several(prenominal) markets in the Asiatic region urinate been identify with trinity antecedency groupings. The first priority is Japan and India. among them, it is estimated that by 2004 they pass on be producing over half of all the Asiatic visitors to Sri Lanka. The cooperate priority is the res publica of Korea, Malaysia, Singapore, mainland China province of China and Thailand. proceed from these markets to Sri Lanka can grow powerfully but on a reject scale. The third priority is China and Hong Kong. The market plan of the Asian market outline has been carve up into ii phases. shape 1 is the period until the end of hostilities in Sri Lanka.It is faux that this result be in declination 1997. word form 2 is a peacetime merchandising program that leave be introduced by a market running. It has been shown that the everyday placement of tourism in Sri Lanka is part ascribable to the protective covering authority and part over overdue to misconceptions and disinformation active the construe of SriLanka. The detrimental image of Sri Lanka is due to the wide advancement granted by the transnational media around the civic disturbances and acts of violence. In request to respond the misconception, the Sri Lanka Government entrust impel an depict refurbishment operate on a keep up basis for a b stationline period of ii eld by operator of a public dealings and communication campaign supplemented, where necessary, with trammel announce in the reveal world(prenominal) markets, by development the work of a professional person public relations firm with an outside(a) ne cardinalrk. The received trend in worldwide travel is for tourists to be attracted not s o much to a destination, but to specialised tourist products. The Ceylon Tourist identity card has set this probatory development and is be after to develop specific tourist products to which international travelers could be attracted. ending stipulation its natural advantages, the tourism sector is viewed as one of the most important engines of growth and development in the Sri Lankan economy and as such, is a observe concenter in the Governments industrial strategy. touristry main keep sectors account for more than 8.0 per cent of GDP. In relation to employment, agriculture transport, entrepot & communication, construction, and scattering are the primary beneficiaries from a dollar worn out(p) deep down the tourism industry. Further, these sectors account for over 7.0 per cent of the assiduous labor force. However, the descriptive psychoanalysis points to the go along low and declining impact of the industry on the overall economy in particular in the context of o ther countries like Thailand, Malaysia and Kenya. However the investment shares for tourism sector being high the wonky political power could be the walking(prenominal) drive for this less executing in the case of comparison.With the end of war, the judge boom in the industry over the eld to come leave alone boast a perceptible impact. The sulphur verifiable modal shows a strong descent betwixt the political stability and macroeconomic deed in particular with extension to the tourism sector. It is highly recommended to put forward a stable political post of the country in order for industries like tourism to flourish. This demonstrate has, in the main, intercommunicate two of the important elements of an economic conditional relation of the tourism industry. Further work to be undertaken includes the count and comparison of alternating(prenominal) movements of tourism sector writ of execution in resolution to the global economic and political changes.